Micron Technology, Inc., Reports Results for the First Quarter of Fiscal 2019

BOISE, Idaho, Dec. 18, 2018 (GLOBE NEWSWIRE) -- Micron Technology, Inc., (NASDAQ: MU) today announced results for its first quarter of fiscal 2019, which ended Nov. 29, 2018.

Fiscal Q1 2019 Highlights

  • Revenue of $7.91 billion, up 16 percent compared with the same period last year
  • GAAP net income of $3.29 billion, or $2.81 per diluted share
  • Non-GAAP net income of $3.51 billion, or $2.97 per diluted share
  • Operating cash flow of $4.81 billion compared with $3.64 billion for the same period last year
  • Share repurchases of $1.80 billion under the authorized buyback program

“Micron reported strong profitability in the fiscal first quarter, highlighted by double-digit year-over-year revenue growth across our major markets and solid business execution,” Micron Technology President and CEO Sanjay Mehrotra said. “Despite weak near-term industry supply-demand dynamics entering calendar 2019, Micron is well-positioned to deliver healthy profitability throughout the year. We remain bullish on the long-term secular growth trends driving the memory and storage industry.”

Quarterly Financial Results
(in millions, except per share amounts) GAAP (1)  Non-GAAP (2)
FQ1-19 FQ4-18 FQ1-18  FQ1-19 FQ4-18 FQ1-18
Revenue$7,913 $8,440 $6,803  $7,913 $8,440 $6,803 
Gross margin$4,615 $5,151 $3,747  $4,670 $5,179 $3,769 
percent of revenue 58.3%  61.0%  55.1%   59.0%  61.4%  55.4% 
Operating income$3,759 $4,377 $3,097  $3,887 $4,439 $3,157 
percent of revenue 47.5%  51.9%  45.5%   49.1%  52.6%  46.4% 
Net income attributable to Micron$3,293 $4,325 $2,678  $3,508 $4,313 $2,994 
Diluted earnings per share$2.81 $3.56 $2.19  $2.97 $3.53 $2.45 

Investments in capital expenditures, net of amounts funded by partners, were $2.48 billion for the first quarter of 2019, which resulted in adjusted free cash flows(3) of $2.33 billion. Micron repurchased an aggregate of 42 million shares of its common stock for $1.80 billion during the quarter in connection with its $10 billion share repurchase authorization. The company ended the first quarter in a record net cash position of $3.07 billion with cash, marketable investments, and restricted cash of $7.21 billion.

Micron will host a conference call on Tuesday, Dec. 18, 2018 at 2:30 p.m. MT to discuss financial results and provide forward-looking guidance for fiscal second quarter. The call, audio, and slides will be available online at investors.micron.com. A webcast replay will be available on our website until Dec. 18, 2019. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 3349486) beginning at 5:30 p.m. MT, Dec. 18, 2018 and continuing through Dec. 25, 2018. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech .

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