BOISE, Idaho, Sept. 26, 2017 (GLOBE NEWSWIRE) -- Micron Technology, Inc., (NASDAQ:MU) today announced results of operations for its fourth quarter and full year of 2017, which ended August 31, 2017.
Fiscal Q4 2017 highlights
- Revenues of $6.14 billion, 91% higher compared with the same period last year
- GAAP net income of $2.37 billion, or $1.99 per diluted share
- Non-GAAP net income of $2.39 billion, or $2.02 per diluted share
Fiscal 2017 highlights
- Revenues of $20.32 billion, 64% higher compared with the prior fiscal year
- GAAP net income of $5.09 billion, or $4.41 per diluted share
- Non-GAAP net income of $5.65 billion, or $4.96 per diluted share
- Cash flows from operations of $8.15 billion
"Micron delivered exceptional fourth quarter and fiscal year results, reflecting solid execution and robust demand for our memory and storage solutions," said Micron President and CEO Sanjay Mehrotra. "We expect healthy industry fundamentals to continue into 2018, supported by increasingly diverse end markets and applications. We believe our focus on accelerating the deployment of advanced technologies and solutions will address our customers' evolving requirements, further strengthen our financial foundation, and enhance shareholder value."
| Quarterly Financial Results | |||||||||||||||||||||||||
| (in millions, except per share amounts) | GAAP (1) | Non-GAAP (2) | |||||||||||||||||||||||
| FQ4-17 | FQ3-17 | FQ4-16 | FQ4-17 | FQ3-17 | FQ4-16 | ||||||||||||||||||||
| Revenue | $ | 6,138 | $ | 5,566 | $ | 3,217 | $ | 6,138 | $ | 5,566 | $ | 3,217 | |||||||||||||
| Gross margin | $ | 3,112 | $ | 2,609 | $ | 579 | $ | 3,147 | $ | 2,671 | $ | 598 | |||||||||||||
| percent of revenue | 50.7% | 46.9% | 18.0% | 51.3% | 48.0% | 18.6% | |||||||||||||||||||
| Operating income (loss) | $ | 2,502 | $ | 1,963 | $ | (32 | ) | $ | 2,546 | $ | 2,071 | $ | 66 | ||||||||||||
| percent of revenue | 40.8% | 35.3% | (1.0)% | 41.5% | 37.2% | 2.1% | |||||||||||||||||||
| Net income (loss) attributable to Micron | $ | 2,368 | $ | 1,647 | $ | (170 | ) | $ | 2,386 | $ | 1,896 | $ | (9 | ) | |||||||||||
| Diluted earnings (loss) per share | $ | 1.99 | $ | 1.40 | $ | (0.16 | ) | $ | 2.02 | $ | 1.62 | $ | (0.01 | ) | |||||||||||
| Annual Financial Results | |||||||||||||||||||||
| (in millions, except per share amounts) | GAAP (1) | Non-GAAP (2) | |||||||||||||||||||
| FY 17 | FY 16 | FY 17 | FY 16 | ||||||||||||||||||
| Revenue | $ | 20,322 | $ | 12,399 | $ | 20,322 | $ | 12,399 | |||||||||||||
| Gross margin | $ | 8,436 | $ | 2,505 | $ | 8,639 | $ | 2,592 | |||||||||||||
| percent of revenue | 41.5% | 20.2% | 42.5% | 20.9% | |||||||||||||||||
| Operating income | $ | 5,868 | $ | 168 | $ | 6,232 | $ | 450 | |||||||||||||
| percent of revenue | 28.9% | 1.4% | 30.7% | 3.6% | |||||||||||||||||
| Net income (loss) attributable to Micron | $ | 5,089 | $ | (276 | ) | $ | 5,648 | $ | 273 | ||||||||||||
| Diluted earnings (loss) per share | $ | 4.41 | $ | (0.27 | ) | $ | 4.96 | $ | 0.26 | ||||||||||||
