Non-GAAP earnings of $2.97 with $7.91b of revenue
Operating cash flow of $4.81 billion compared with $3.64 billion for the same period last year
Net positive cash of $3.07 cash with cash, marketable investments, and restricted cash of $7.21 billion
Bought 42m shares for $1.8b
Micron Technology, Inc., Reports Results for the First Quarter of Fiscal 2019
Strong execution drives record revenue in mobile, automotive, and industrial markets
GLOBENEWSWIRE 4:01 PM ET 12/18/2018
Symbol Last Price Change |
| MU | 34.11 | +0.23 (+0.68%) | | QUOTES AS OF 04:00:01 PM ET 12/18/2018 |
BOISE, Idaho, Dec. 18, 2018 (GLOBE NEWSWIRE) -- Micron Technology, Inc.(MU), today announced results for its first quarter of fiscal 2019, which ended Nov. 29, 2018.
Fiscal Q1 2019 Highlights
- Revenue of $7.91 billion, up 16 percent compared with the same period last year
- GAAP net income of $3.29 billion, or $2.81 per diluted share
- Non-GAAP net income of $3.51 billion, or $2.97 per diluted share
- Operating cash flow of $4.81 billion compared with $3.64 billion for the same period last year
- Share repurchases of $1.80 billion under the authorized buyback program
“Micron reported strong profitability in the fiscal first quarter, highlighted by double-digit year-over-year revenue growth across our major markets and solid business execution,” Micron Technology(MU) President and CEO Sanjay Mehrotra said. “Despite weak near-term industry supply-demand dynamics entering calendar 2019, Micron is well-positioned to deliver healthy profitability throughout the year. We remain bullish on the long-term secular growth trends driving the memory and storage industry.”
| Quarterly Financial Results | | (in millions, except per share amounts) | GAAP (1) | | Non-GAAP (2) | | FQ1-19 | FQ4-18 | FQ1-18 | | FQ1-19 | FQ4-18 | FQ1-18 | | Revenue | $ | 7,913 | | $ | 8,440 | | $ | 6,803 | | | $ | 7,913 | | $ | 8,440 | | $ | 6,803 | | | Gross margin | $ | 4,615 | | $ | 5,151 | | $ | 3,747 | | | $ | 4,670 | | $ | 5,179 | | $ | 3,769 | | | percent of revenue | | 58.3% | | | 61.0% | | | 55.1% | | | | 59.0% | | | 61.4% | | | 55.4% | | | Operating income | $ | 3,759 | | $ | 4,377 | | $ | 3,097 | | | $ | 3,887 | | $ | 4,439 | | $ | 3,157 | | | percent of revenue | | 47.5% | | | 51.9% | | | 45.5% | | | | 49.1% | | | 52.6% | | | 46.4% | | | Net income attributable to Micron | $ | 3,293 | | $ | 4,325 | | $ | 2,678 | | | $ | 3,508 | | $ | 4,313 | | $ | 2,994 | | | Diluted earnings per share | $ | 2.81 | | $ | 3.56 | | $ | 2.19 | | | $ | 2.97 | | $ | 3.53 | | $ | 2.45 | |
Investments in capital expenditures, net of amounts funded by partners, were $2.48 billion for the first quarter of 2019, which resulted in adjusted free cash flows(3) of $2.33 billion. Micron repurchased an aggregate of 42 million shares of its common stock for $1.80 billion during the quarter in connection with its $10 billion share repurchase authorization. The company ended the first quarter in a record net cash position of $3.07 billion with cash, marketable investments, and restricted cash of $7.21 billion.
Micron will host a conference call on Tuesday, Dec. 18, 2018 at 2:30 p.m. MT to discuss financial results and provide forward-looking guidance for fiscal second quarter. The call, audio, and slides will be available online at investors.micron.com . A webcast replay will be available on our website until Dec. 18, 2019. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 3349486) beginning at 5:30 p.m. MT, Dec. 18, 2018 and continuing through Dec. 25, 2018. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech. |
