MICRON TECHNOLOGY, INC. REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 2020

Strong execution drives profitability and 13th consecutive quarter of free cash flow

BOISE, Idaho, March 25, 2020 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2020, which ended February 27, 2020.

Fiscal Q2 2020 highlights

  • Revenue of $4.80 billion versus $5.14 billion for the prior quarter and $5.84 billion for the same period last year
  • GAAP net income of $405 million, or $0.36 per diluted share
  • Non-GAAP net income of $517 million, or $0.45 per diluted share
  • Operating cash flow of $2.00 billion versus $2.01 billion for the prior quarter and $3.44 billion for the same period last year

“Micron delivered solid second quarter results and revenue at the high end of the guidance range, despite the unfolding COVID-19 pandemic,” said Micron Technology President and CEO Sanjay Mehrotra. “I am grateful to our team ​for the excellent business execution we have achieved during this unprecedented situation. Their resilience, together with Micron’s technology leadership, stronger product portfolio, and healthy balance sheet, give us confidence that we will emerge from this challenging time well-positioned to capture the robust long-term demand opportunities for memory and storage.”

 
Quarterly Financial Results
(in millions, except per share amounts) GAAP (1)  Non-GAAP (2)
FQ2-20 FQ1-20 FQ2-19  FQ2-20 FQ1-20 FQ2-19
        
Revenue$4,797  $5,144  $5,835   $4,797  $5,144  $5,835  
Gross margin1,355  1,366  2,864   1,398  1,405  2,928  
percent of revenue28.2 %26.6 %49.1 % 29.1 %27.3 %50.2 %
Operating expenses915  848  907   856  811  818  
Operating income440  518  1,957   542  594  2,110  
percent of revenue9.2 %10.1 %33.5 % 11.3  % 11.5  % 36.2  %
Net income attributable to Micron 405    491    1,619      517    548    1,971   
Diluted earnings per share 0.36    0.43    1.42      0.45    0.48    1.71   
                           

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