For the third quarter of fiscal 2011, the company repaid $327 million debt and had cash and short-term investments of $2.4 billion. Micron reported operating cash of $589 million and capital expenditure at $534 million for the period.
Consolidated gross margin improved sequentially to 22% from 19% on lower manufacturing costs. Net income stood at $75 million on total revenue of $2.1 billion.During the quarter, the company sold its wafer fabrication facility in Japan to Tower Semiconductor. Analysts polled by Bloomberg project 78% upside over the next one year. The stock is trading at 8.7 times its estimated 2012 earnings and 57% of analysts have a buy rating on it.