Micron Technology, Inc., Reports Results for the Third Quarter of Fiscal 2018

BOISE, Idaho, June 20, 2018 (GLOBE NEWSWIRE) -- Micron Technology, Inc., (NASDAQ:MU) today announced results of operations for its third quarter of fiscal 2018, which ended May 31, 2018.

Fiscal Q3 2018 Highlights

  • Revenues of $7.80 billion, up 40 percent compared with the same period last year
  • GAAP net income of $3.82 billion, or $3.10 per diluted share
  • Non-GAAP net income of $3.90 billion, or $3.15 per diluted share
  • Operating cash flow of $4.26 billion, compared with $2.41 billion for the same period last year
  • Ended the quarter with a net cash positive position

"Micron delivered record results in financial performance for the third fiscal quarter, supported by strong execution and ongoing secular demand trends," said Micron President and CEO Sanjay Mehrotra. "We strengthened our competitive position and grew our revenue across virtually all of our high-value product segments. We set new records for revenue in SSDs, Mobile Managed NAND and Automotive solutions along with Cloud/Enterprise and Graphics DRAM Memory. We see ongoing momentum and healthy industry fundamentals in the fourth quarter to close out an exceptionally strong fiscal 2018."

Quarterly Financial Results
(in millions except per share amounts) GAAP (1)  Non-GAAP (2)
FQ3-18 FQ2-18 FQ3-17  FQ3-18 FQ2-18 FQ3-17
Net sales$7,797 $7,351 $5,566  $7,797 $7,351 $5,566 
Gross margin$4,723 $4,270 $2,609  $4,750 $4,296 $2,671 
percent of net sales60.6% 58.1% 46.9%  60.9% 58.4% 48.0% 
Operating income$3,953 $3,567 $1,963  $4,017 $3,630 $2,071 
percent of net sales50.7% 48.5% 35.3%  51.5% 49.4% 37.2% 
Net income attributable to Micron$3,823 $3,309 $1,647  $3,898 $3,495 $1,896 
Diluted earnings per share$3.10 $2.67 $1.40  $3.15 $2.82 $1.62 

Revenues for the third quarter of 2018 were 6 percent higher compared to the second quarter of 2018, reflecting increased demand broadly across our products and end markets. Our overall consolidated gross margin of 60.6 percent for the third quarter of 2018 was higher compared to 58.1 percent for the second quarter of 2018 primarily due to execution across our product portfolio.

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