Micron Technology, Inc., Reports Results for the Fourth Quarter

Micron Technology, Inc., Reports Results for the Fourth Quarter and Full Year of Fiscal 2018


	Year Ended									Year Ended
	August 30, 2018									August 31, 2017
	GAAP			Adj			Non-GAAP			GAAP			Adj			Non-GAAP
Net sales	$	30,391		$	—		$	30,391		$	20,322		$	—		$	20,322
Cost of goods sold	12,500			(103		)	12,397			11,886			(203		)	11,683
Gross margin	17,891			103			17,994			8,436			203			8,639
percent of revenue		58.9%						59.2%			41.5%						42.5%

Selling, general, and administrative	813			(61		)	752			743			(88		)	655
Research and development	2,141			(57		)	2,084			1,824			(55		)	1,769
Other operating (income) expense, net	(57		)	(28		)	(85		)	1			(18		)	(17		)
Operating expenses	2,897			(146		)	2,751			2,568			(161		)	2,407
Operating income (loss)	14,994			249			15,243			5,868			364			6,232
percent of revenue		49.3%						50.2%			28.9%						30.7%

Interest income (expense), net	(222		)	101			(121		)	(560		)	125			(435		)
Other non-operating income (expense), net	(465		)	465			—			(112		)	112			—
	14,307			815			15,122			5,196			601			5,797

Income tax (provision) benefit	(168		)	(250		)	(418		)	(114		)	(59		)	(173		)
Equity in net income (loss) of equity method investees	(1		)	—			(1		)	8			17			25
Net income (loss)	14,138			565			14,703			5,090			559			5,649

Net income (loss) attributable to noncontrolling interests	(3		)	—			(3		)	(1		)	—			(1		)
Net income (loss) attributable to Micron	$	14,135		$	565		$	14,700		$	5,089		$	559		$	5,648

Shares used in calculations	1,229			1			1,230			1,154			(14		)	1,140
Diluted earnings (loss) per share	$	11.51		$	0.44		$	11.95		$	4.41		$	0.55		$	4.96

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