Micron Profit Jumps

Computer hardware maker Micron Electronics Inc. reported fiscal fourth-quarter profit that jumped 64%, far surpassing analysts’ expectations, as revenue rose by 50%. Nampa, Idaho-based Micron said its net income for the quarter ended Aug. 31 was $23 million, or 24 cents per diluted share, compared with $14 million, or 14 cents, in the year-earlier quarter. Analysts on average estimated earnings per share of 9 cents. Micron’s revenue increased to $500 million from $333 million. Excluding charges, Micron’s net income for the year rose to $48 million, or 50 cents per diluted share, from $37 million, or 38 cents per share, last year. The First Call consensus estimate was 35 cents per share. Micron’s net sales for 2000 were $1.56 billion, compared with $1.44 billion in 1999. Micron shares fell $1.50 to close at $10.88 on Nasdaq.