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Micron Technology profit misses consensus by 42.0% in fiscal Q3

Micron Technology Inc. said its normalized net income for the fiscal third quarter ended June 4 was 33 cents per share, compared with the S&P Capital IQ consensus estimate of 56 cents per share.

EPS fell 30.9% year over year from 47 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $380.6 million, a decline of 32.0% from $560.0 million in the third quarter ended May 29, 2014.

The normalized profit margin dropped to 9.9% from 14.1% in the year-earlier period.

Total revenue declined year over year to $3.85 billion from $3.98 billion, and total operating expenses increased year over year to $3.23 billion from $3.14 billion.

Reported net income declined 39.1% year over year to $490.0 million, or 42 cents per share, from $805.0 million, or 68 cents per share.