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

BOISE, Idaho, June 29, 2020 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2020, which ended May 28, 2020.

Fiscal Q3 2020 highlights

  • Revenue of $5.44 billion versus $4.80 billion for the prior quarter and $4.79 billion for the same period last year
  • GAAP net income of $803 million, or $0.71 per diluted share
  • Non-GAAP net income of $941 million, or $0.82 per diluted share
  • Operating cash flow of $2.02 billion versus $2.00 billion for the prior quarter and $2.71 billion for the same period last year

“Micron’s exceptional execution in the fiscal third quarter drove strong sequential revenue and EPS growth, despite challenges in the macro environment,” said Micron Technology President and CEO Sanjay Mehrotra. “We are ramping the industry’s most advanced DRAM technology into production and have delivered more than 75% of our NAND volume as high-value solutions, supported by record SSD revenue in the quarter. Our portfolio momentum positions us exceedingly well to leverage the long-term growth across our end markets.”

 
Quarterly Financial Results
(in millions, except per share amounts) GAAP(1)  Non-GAAP(2)
FQ3-20 FQ2-20 FQ3-19  FQ3-20 FQ2-20 FQ3-19
        
Revenue$5,438 $4,797 $4,788  $5,438 $4,797 $4,788 
Gross margin1,763 1,355 1,828  1,804 1,398 1,884 
percent of revenue32.4%28.2%38.2% 33.2%29.1%39.3%
Operating expenses875 915 818  823 856 774 
Operating income888 440 1,010  981 542 1,110 
percent of revenue16.3%9.2%21.1% 18.0%11.3% 23.2 %
Net income attributable to Micron 803   405   840     941   517   1,198  
Diluted earnings per share 0.71   0.36   0.74     0.82   0.45   1.05  
                           

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