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Micron Technology profit misses consensus by 29.2% in fiscal Q2

Micron Technology Inc. said its normalized net income for the fiscal second quarter ended March 5 amounted to 51 cents per share, compared with the S&P Capital IQ consensus estimate of 72 cents per share.

EPS climbed 9.3% year over year from 47 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $610.3 million, an increase of 8.2% from $563.8 million in the second quarter ended Feb. 27, 2014.

The normalized profit margin rose to 14.7% from 13.7% in the year-earlier period.

Total revenue climbed on an annual basis to $4.17 billion from $4.11 billion, and total operating expenses increased from the prior-year period to $3.31 billion from $3.24 billion.

Reported net income grew 27.2% from the prior-year period to $932.0 million, or 78 cents per share, from $732.6 million, or 61 cents per share.