Micron Technology, Inc. Reports Results for the First Quarter of

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

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