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

BOISE, Idaho, June 25, 2019 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2019, which ended May 30, 2019.

Fiscal Q3 2019 Highlights

  • Revenue of $4.79 billion versus $7.80 billion for the same period last year
  • GAAP net income of $840 million, or $0.74 per diluted share
  • Non-GAAP net income of $1.20 billion, or $1.05 per diluted share
  • Operating cash flow of $2.71 billion versus $4.26 billion for the same period last year
  • Share repurchases of $2.66 billion under the authorized buyback program in the first nine months of 2019

"Micron's improved competitive position and strong execution helped us deliver solid results despite a challenging environment," said Micron Technology President and CEO Sanjay Mehrotra. "While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance."

Quarterly Financial Results
(in millions, except per share amounts) GAAP (1)  Non-GAAP (2)
FQ3-19 FQ2-19 FQ3-18  FQ3-19 FQ2-19 FQ3-18
Revenue$4,788 $5,835 $7,797  $4,788 $5,835 $7,797 
Gross margin$1,828 $2,864 $4,723  $1,884 $2,928 $4,750 
percent of revenue 38.2%  49.1%  60.6%   39.3%  50.2%  60.9%  
Operating income $ 1,010   $ 1,957   $ 3,953     $ 1,110   $ 2,110   $ 4,017  
percent of revenue   21.1 %     33.5 %     50.7 %       23.2 %     36.2 %     51.5 %  
Net income attributable to Micron $ 840   $ 1,619   $ 3,823     $ 1,198   $ 1,971   $ 3,898  
Diluted earnings per share $ 0.74   $ 1.42   $ 3.10     $ 1.05   $ 1.71   $ 3.15  

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