BOISE, Idaho, March 20, 2019 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU), today announced results for its second quarter of fiscal 2019, which ended Feb. 28, 2019.
Fiscal Q2 2019 Highlights
- Revenue of $5.84 billion, versus $7.35 billion for the same period last year
- GAAP net income of $1.62 billion, or $1.42 per diluted share
- Non-GAAP net income of $1.97 billion, or $1.71 per diluted share
- Operating cash flow of $3.44 billion versus $4.35 billion for the same period last year
- Share repurchases of $702 million under the authorized buyback program
"Micron continues to execute well across a range of product, operational and financial initiatives against the backdrop of a challenging market environment," said Micron Technology President and CEO Sanjay Mehrotra. "These initiatives and our focus on high-value solutions, cost competitiveness and innovation will enable us to emerge even stronger as the market environment improves."
Quarterly Financial Results
| GAAP (1) | Non-GAAP (2) | ||||||||||||||||||||||||
| (in millions, except per share amounts) | FQ2-19 | FQ1-19 | FQ2-18 | FQ2-19 | FQ1-19 | FQ2-18 | |||||||||||||||||||
| Revenue | $ | 5,835 | $ | 7,913 | $ | 7,351 | $ | 5,835 | $ | 7,913 | $ | 7,351 | |||||||||||||
| Gross margin | $ | 2,864 | $ | 4,615 | $ | 4,270 | $ | 2,928 | $ | 4,670 | $ | 4,296 | |||||||||||||
| percent of revenue | 49.1% | 58.3% | 58.1% | 50.2% | 59.0% | 58.4% | |||||||||||||||||||
| Operating income | $ | 1,957 | $ | 3,759 | $ | 3,567 | $ | 2,110 | $ | 3,887 | $ | 3,630 | |||||||||||||
| percent of revenue | 33.5% | 47.5% | 48.5% | 36.2% | 49.1% | 49.4% | |||||||||||||||||||
| Net income attributable to Micron | $ | 1,619 | $ | 3,293 | $ | 3,309 | $ | 1,971 | $ | 3,508 | $ | 3,495 | |||||||||||||
| Diluted earnings per share | $ | 1.42 | $ | 2.81 | $ | 2.67 | $ | 1.71 | $ | 2.97 | $ | 2.82 | |||||||||||||
Investments in capital expenditures, net of amounts funded by partners, were $2.45 billion for the second quarter of 2019, which resulted in adjusted free cash flow(3) of $988 million. Micron repurchased an aggregate of 21 million shares of its common stock for $702 million during the quarter in connection with its $10 billion share repurchase authorization. The company ended the second quarter with cash, marketable investments, and restricted cash of $9.22 billion for a net cash(4) position of $2.99 billion.
Micron will host a conference call on Wednesday, March 20, 2019 at 2:30 p.m. MT to discuss financial results and provide forward-looking guidance for its fiscal third quarter. The call, audio, and slides will be available online at investors.micron.com. A webcast replay will be available on our website until March 20, 2020. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 7383577) beginning at 5:30 p.m. MT, March 20, 2019 and continuing through March 27, 2019. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech .
