Micron Tech Boosts Profit

But sales are down from a year earlier.
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Micron Technology

(MU) - Get Report

boosted second-quarter profit from a year ago but fell short of sales expectations for the quarter.

Micron, which reported after the bell on Monday, posted $193.2 million in net income, or 27 cents a share, for the second quarter ended March 2, 2006. Included in the results was a $230 million gain in operating income on the sale of NAND flash memory designs and related technology to

Intel

(INTC) - Get Report

.

For the same quarter last year, the company made $117.9 million, or 17 cents a share.

Thomson First Call analysts expected the company to make 6 cents a share. It wasn't immediately clear if the company's earnings per share and First Call estimates were comparable.

Revenue for the quarter totaled $1.23 billion, missing consensus expectations of $1.34 billion. Sales were also down compared with the year-ago quarter, when the company collected $1.31 billion.

Micron also said it began operations in

IM Flash Technologies

-- a joint venture between the company and Intel -- during the second quarter. The initial contributions from the companies included $500 million in cash from Intel.

Shares of the Boise, Idaho-based semiconductor manufacturer were up 1.4%, or 21 cents, to $15.12 in heavy after-hours trading. The stock closed down 2.2% to $14.91 during the regular session.

The company did not immediately offer guidance for the current quarter. Analysts predict the company will make 11 cents a share on sales of $1.38 billion.