| | | Micron reported the second after the close--better than expected .82, revenue of 5.44b, cash flow of $2.2b. The headline numbers are certain excellent and the stock is flying at the moment, back over 50. In fact, almost up to 52.
full PR article at investors.micron.com
Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2020Strong execution drives higher profitability
GLOBENEWSWIRE 4:01 PM ET 6/29/2020
Symbol Last Price Change |
| MU | 49.145 | +0.655 (+1.35%) | | QUOTES AS OF 04:00:00 PM ET 06/29/2020 |
BOISE, Idaho, June 29, 2020 (GLOBE NEWSWIRE) -- Micron Technology, Inc.(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(MU) 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 margin | 1,763 | | 1,355 | | 1,828 | | | 1,804 | | 1,398 | | 1,884 | | | percent of revenue | 32.4 | % | 28.2 | % | 38.2 | % | | 33.2 | % | 29.1 | % | 39.3 | % | | Operating expenses | 875 | | 915 | | 818 | | | 823 | | 856 | | 774 | | | Operating income | 888 | | 440 | | 1,010 | | | 981 | | 542 | | 1,110 | | | percent of revenue | 16.3 | % | 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 | | | | | | | | | | | | | | | | | Investments in capital expenditures, net(2) were $1.92 billion for the third quarter of fiscal 2020, which resulted in adjusted free cash flows(2) of $101 million. Micron repurchased approximately 929,000 shares of its common stock for $40 million during the third quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $9.29 billion, for a net cash(2) position of $2.60 billion.
Business Outlook
The following table presents Micron’s guidance for the fourth quarter of fiscal 2020:
| FQ4-20 | GAAP(1) Outlook | Non-GAAP(2) Outlook | | | | | | Revenue | $5.75 billion - $6.25 billion | $5.75 billion - $6.25 billion | | Gross margin | 34.5% ± 1.5% | 35.5% ± 1.5% | | Operating expenses | $900 million ± $25 million | $850 million ± $25 million | | Interest (income) expense, net | $33 million | $30 million | | Diluted earnings per share | $0.88 ± $0.10 | $1.05 ± $0.10 | | | | | 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 Monday, June 29, 2020 at 2:30 p.m. MT to discuss its third fiscal quarter financial results and provide forward-looking guidance for its fourth 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. |
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