Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2020

BOISE, 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.

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 year
  • GAAP net income of $491 million, or $0.43 per diluted share
  • Non-GAAP net income of $548 million, or $0.48 per diluted share
  • Operating 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)
FQ1-20 FQ4-19 FQ1-19  FQ1-20 FQ4-19 FQ1-19
        
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 Micron 491   561   3,293     548   637   3,508  
Diluted earnings per share 0.43   0.49   2.81     0.48   0.56   2.97  

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