Press release
Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2020
Solid results through challenging environment; well-positioned for anticipated recovery starting in the fiscal third quarter BOISE, Idaho, Dec. 18, 2019
About this update from Micron Technology, Inc.
[{"type":"text","content":"Solid results through challenging environment; well-positioned for anticipated recovery starting in the fiscal third quarter\nBOISE, Idaho, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2020, which ended November 28, 2019.\n Fiscal Q1 2020 highlights Revenues of $5.14 billion versus $4.87 billion for the prior quarter and $7.91 billion for the same period last yearGAAP net income of $491 million, or $0.43 per diluted shareNon-GAAP net income of $548 million, or $0.48 per diluted shareOperating cash flow of $2.01 billion versus $2.23 billion for the prior quarter and $4.81 billion for the same period last year \"Micron posted solid first quarter results, delivering good profitability and positive free cash flow. With our strong execution and improving industry conditions, we are optimistic that Micron's fiscal second quarter will be the cyclical bottom for our financial performance,\" said Micron Technology President and CEO Sanjay Mehrotra. \"Our significantly improved competitive position, dramatically stronger product portfolio, structurally higher profitability and investment-grade balance sheet position Micron very well to drive long-term shareholder value.\" Quarterly Financial Results(in millions, except per share amounts)GAAP (1) Non-GAAP (2)FQ1-20FQ4-19FQ1-19 FQ1-20FQ4-19FQ1-19 Revenue$5,144 $4,870 $7,913 $5,144 $4,870 $7,913 Gross margin1,366 1,395 4,615 1,405 1,491 4,670 percent of revenue26.6%28.6%58.3% 27.3%30.6%59.0%Operating expenses848 745 856 811 797 783 Operating income518 650 3,759 594 694 3,88 percent of revenue10.1%13.3%47.5% 11.5%14.3%49.1%Net income attributable to Micron491 561 3,293 548 637 3,508 Diluted earnings per share0.43 0.49 2.81 0.48 0.56 2.97 Investments in capital expenditures, net of amounts funded by partners, were $1.93 billion for the first quarter of fiscal 2020, which resulted in adjusted free cash flows(3) of $79 million. Micron repurchased an aggregate of 1 million shares of its common stock for $50 million during the first quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $8.31 billion, for a net cash(4) position of $2.66 billion. Business Outlook The following table presents Micron’s guidance for the second quarter of fiscal 2020: FQ2-20GAAP (1) OutlookN...