Micron posts in-line earnings and revenue, with guidance slightly below what has been publicly posted. But since the stock is up almost $2 AH at the moment, my guess is that "real" expectations were lower than Wall Street analysts have said so far. We'll see what happens after the CC concludes.
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 margin | 1,366 | | 1,395 | | 4,615 | | | 1,405 | | 1,491 | | 4,670 | | | percent of revenue | 26.6 | % | 28.6 | % | 58.3 | % | | 27.3 | % | 30.6 | % | 59.0 | % | | Operating expenses | 848 | | 745 | | 856 | | | 811 | | 797 | | 783 | | | Operating income | 518 | | 650 | | 3,759 | | | 594 | | 694 | | 3,88 | | | percent of revenue | 10.1 | % | 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 | |
Investments in capital expenditures, net of amounts funded by partners, were $1.93 billion for the first quarter of fiscal 2020, which resulted in adjusted free cash flows(3) of $79 million. Micron repurchased an aggregate of 1 million shares of its common stock for $50 million during the first quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $8.31 billion, for a net cash(4) position of $2.66 billion.
Business Outlook
The following table presents Micron’s guidance for the second quarter of fiscal 2020:
| FQ2-20 | GAAP (1) Outlook | Non-GAAP (2) Outlook | | | | | | Revenue | $4.5 billion - $4.8 billion | $4.5 billion - $4.8 billion | | Gross margin | 26% ± 1.5% | 27% ± 1.5% | | Operating expenses | $878 million ± $25 million | $825 million ± $25 million | | Interest (income) expense, net | $5 million | $0 million | | Diluted earnings per share | $0.25 ± $0.06 | $0.35 ± $0.06 |
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Investor Webcast
Micron will host a conference call on Wednesday, December 18, 2019 at 2:30 p.m. MT to discuss its first fiscal quarter financial results and provide forward-looking guidance for its second fiscal quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.
continues at investors.micron.com |
