BOISE, Idaho, March 22, 2018 (GLOBE NEWSWIRE) -- Micron Technology, Inc., (NASDAQ:MU) today announced results of operations for its second quarter of fiscal 2018, which ended March 1, 2018.
Fiscal Q2 2018 Highlights
- Revenues of $7.35 billion, up 58 percent compared with the same period last year
- GAAP net income of $3.31 billion, or $2.67 per diluted share
- Non-GAAP net income of $3.50 billion, or $2.82 per diluted share
- Operating cash flow of $4.35 billion, compared with $1.77 billion for the same period last year (adjusted for the Inotera acquisition)
"Micron executed exceptionally well in the second quarter, delivering record results and strong free cash flow driven by broad-based demand for our memory and storage solutions. Our performance was accentuated by an ongoing shift to high-value solutions as we grew sales to our cloud, mobile and automotive customers and set new records for SSDs and graphics memory," said Micron President and CEO Sanjay Mehrotra. "Secular technology trends are driving robust demand for memory and storage, and Micron is well-positioned to address these growing opportunities."
| Quarterly Financial Results | |||||||||||||||||||
| (in millions except per share amounts) | GAAP (1) | Non-GAAP (2) | |||||||||||||||||
| FQ2-18 | FQ1-18 | FQ2-17 | FQ2-18 | FQ1-18 | FQ2-17 | ||||||||||||||
| Net sales | $ | 7,351 | $ | 6,803 | $ | 4,648 | $ | 7,351 | $ | 6,803 | $ | 4,648 | |||||||
| Gross margin | $ | 4,270 | $ | 3,747 | $ | 1,704 | $ | 4,296 | $ | 3,769 | $ | 1,789 | |||||||
| percent of net sales | 58.1% | 55.1% | 36.7% | 58.4% | 55.4% | 38.5% | |||||||||||||
| Operating income | $ | 3,567 | $ | 3,097 | $ | 1,044 | $ | 3,630 | $ | 3,157 | $ | 1,177 | |||||||
| percent of net sales | 48.5% | 45.5% | 22.5% | 49.4% | 46.4% | 25.3% | |||||||||||||
| Net income attributable to Micron | $ | 3,309 | $ | 2,678 | $ | 894 | $ | 3,495 | $ | 2,994 | $ | 1,031 | |||||||
| Diluted earnings per share | $ | 2.67 | $ | 2.19 | $ | 0.77 | $ | 2.82 | $ | 2.45 | $ | 0.90 | |||||||
Revenues for the second quarter of 2018 were 8 percent higher compared to the first quarter of 2018, reflecting increased demand broadly across our products and end markets. Our overall consolidated gross margin of 58.1 percent for the second quarter of 2018 was higher compared to 55.1 percent for the first quarter of 2018 primarily due to execution across our product portfolio.
