Strong Demand Fuels Micron Earnings Growth

Micron Technology Inc. reported record third-quarter earnings that more than doubled year-earlier totals as demand for its primary computer chip remained strong and production skyrocketed.

The company said on Thursday that net income for the three months that ended June 1 hit $220.2 million on record three-month sales of $761.2 million. That compared with profits of $104.3 million on $426.4 million in sales during the March-May period of 1994. Secondquarter profits last winter were $183.5 million on sales of $628.5 million.

The strong performance translated into per-share earnings of $1.02, up 108 percent from a year ago, and for the second straight quarter the company paid a nickela-share cash dividend.

Micron, which split its stock twofor-one last month, said profit for the first nine months of its fiscal year totaled $563 million, a 117 percent increase from the $258.6 million earned during the nine months that ended on June 2, 1994.

Micron reported a one-time gain of $29 million from the creation of Micron Electronics Inc. But the gain was nearly offset by $25 million set aside to handle contingencies involving product and process rights.