Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2019

BOISE, Idaho, Sept. 26, 2019 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2019, which ended August 29, 2019.

Fiscal Q4 2019 highlights

  • Revenues of $4.87 billion versus $4.79 billion for the prior quarter and $8.44 billion for the same period last year
  • GAAP net income of $561 million, or $0.49 per diluted share
  • Non-GAAP net income of $637 million, or $0.56 per diluted share
  • Operating cash flow of $2.23 billion versus $2.71 billion for the prior quarter and $5.16 billion for the same period last year

Fiscal 2019 highlights

  • Revenues of $23.41 billion versus $30.39 billion for the prior fiscal year
  • GAAP net income of $6.31 billion, or $5.51 per diluted share
  • Non-GAAP net income of $7.31 billion, or $6.35 per diluted share
  • Operating cash flow of $13.19 billion versus $17.40 billion for the prior fiscal year
  • Share repurchases of $2.66 billion under the authorized buyback program

"Micron delivered fourth quarter results ahead of expectations, capping a fiscal 2019 in which we executed well in a challenging environment, significantly improved our competitive position, and returned cash to shareholders through share repurchases," said Micron Technology President and CEO Sanjay Mehrotra. "We are encouraged by signs of improving industry demand, but are mindful of continued near-term macroeconomic and trade uncertainties. As markets recover, Micron is well positioned to address the robust secular demand for memory and storage solutions."

 
Quarterly Financial Results
(in millions, except per share amounts) GAAP (1)  Non-GAAP (2)
FQ4-19 FQ3-19 FQ4-18  FQ4-19 FQ3-19 FQ4-18
Revenue$4,870 $4,788 $8,440  $4,870 $4,788 $8,440 
Gross margin$1,395 $1,828 $5,151  $1,491 $1,884 $5,179 
percent of revenue28.6% 38.2% 61.0%  30.6% 39.3%  61.4 %  
Operating expenses $ 745   $ 818   $ 774     $ 797   $ 774   $ 740  
Operating income $ 650   $ 1,010   $ 4,377     $ 694   $ 1,110   $ 4,439  
percent of revenue 13.3 %   21.1 %   51.9 %     14.3 %   23.2 %   52.6 %  
Net income attributable to Micron $ 561   $ 840   $ 4,325     $ 637   $ 1,198   $ 4,313  
Diluted earnings per share $ 0.49   $ 0.74   $ 3.56     $ 0.56   $ 1.05   $ 3.53  

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