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 | |||||||||||||
