Micron Technology, Inc., Reports Results for the Second Quarter of Fiscal 2019

BOISE, Idaho, March 20, 2019 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU), today announced results for its second quarter of fiscal 2019, which ended Feb. 28, 2019.

Fiscal Q2 2019 Highlights

  • Revenue of $5.84 billion, versus $7.35 billion for the same period last year
  • GAAP net income of $1.62 billion, or $1.42 per diluted share
  • Non-GAAP net income of $1.97 billion, or $1.71 per diluted share
  • Operating cash flow of $3.44 billion versus $4.35 billion for the same period last year
  • Share repurchases of $702 million under the authorized buyback program

"Micron continues to execute well across a range of product, operational and financial initiatives against the backdrop of a challenging market environment," said Micron Technology President and CEO Sanjay Mehrotra. "These initiatives and our focus on high-value solutions, cost competitiveness and innovation will enable us to emerge even stronger as the market environment improves."

Quarterly Financial Results

 
  GAAP (1)  Non-GAAP (2)
(in millions, except per share amounts) FQ2-19 FQ1-19 FQ2-18  FQ2-19 FQ1-19 FQ2-18
Revenue$5,835 $7,913 $7,351  $5,835 $7,913 $7,351 
Gross margin$2,864 $4,615 $4,270  $2,928 $4,670 $4,296 
percent of revenue49.1% 58.3% 58.1%  50.2% 59.0% 58.4% 
Operating income$1,957 $3,759 $3,567  $2,110 $3,887 $3,630 
percent of revenue33.5% 47.5% 48.5%  36.2% 49.1% 49.4% 
Net income attributable to Micron$1,619 $3,293 $3,309  $1,971 $3,508 $3,495 
Diluted earnings per share$1.42 $2.81 $2.67  $1.71 $2.97 $2.82 

Investments in capital expenditures, net of amounts funded by partners, were $2.45 billion for the second quarter of 2019, which resulted in adjusted free cash flow(3) of $988 million. Micron repurchased an aggregate of 21 million shares of its common stock for $702 million during the quarter in connection with its $10 billion share repurchase authorization. The company ended the second quarter with cash, marketable investments, and restricted cash of $9.22 billion for a net cash(4) position of $2.99 billion.

Micron will host a conference call on Wednesday, March 20, 2019 at 2:30 p.m. MT to discuss financial results and provide forward-looking guidance for its fiscal third quarter. The call, audio, and slides will be available online at investors.micron.com. A webcast replay will be available on our website until March 20, 2020. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 7383577) beginning at 5:30 p.m. MT, March 20, 2019 and continuing through March 27, 2019. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech .

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