Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2020

Investments in capital expenditures, net(2) were $1.92 billion for the third quarter of fiscal 2020, which resulted in adjusted free cash flows(2) of $101 million. Micron repurchased approximately 929,000 shares of its common stock for $40 million during the third quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $9.29 billion, for a net cash(2) position of $2.60 billion.

Business Outlook

The following table presents Micron’s guidance for the fourth quarter of fiscal 2020:

FQ4-20 GAAP(1) Outlook Non-GAAP(2) Outlook
   
Revenue$5.75 billion - $6.25 billion$5.75 billion - $6.25 billion
Gross margin34.5% ± 1.5%35.5% ± 1.5%
Operating expenses$900 million ± $25 million$850 million ± $25 million
Interest (income) expense, net$33 million$30 million
Diluted earnings per share$0.88 ± $0.10$1.05 ± $0.10
   

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Investor Webcast

Micron will host a conference call on Monday, June 29, 2020 at 2:30 p.m. MT to discuss its third fiscal quarter financial results and provide forward-looking guidance for its fourth fiscal quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions. Through our global brands — Micron® and Crucial® — our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, 3D XPoint™ memory, and NOR, is transforming how the world uses information to enrich life. Backed by more than 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking. Our common stock is traded on the Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit micron.com.

Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding the industry, our strategic position, and financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.

  
(1)GAAP represents U.S. Generally Accepted Accounting Principles.
(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, net cash, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.
  

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)

  3rd Qtr. 2nd Qtr. 3rd Qtr. Nine Months Ended
  May 28,
2020
February 27,
2020
May 30,
2019
May 28,
2020
May 30,
2019
      
Revenue$5,438  $4,797    $ 4,788     $ 15,379     $ 18,536  
Cost of goods sold 3,675     3,442     2,960     10,895     9,229  
Gross margin 1,763     1,355     1,828     4,484     9,307  
           
Selling, general, and administrative 216     223     206     650     624  
Research and development 649     681     606     1,970     1,818  
Other operating (income) expense, net 10     11     6     18     139  
Operating income 888     440     1,010     1,846     6,726  
           
Interest income 23     34     52     101     148  
Interest expense (51 )   (46 )   (29 )   (144 )   (89 )
Other non-operating income (expense), net 10     (1 )   (317 )   55     (392 )
  870     427     716     1,858     6,393  
           
Income tax (provision) benefit (68 )   (21 )   135     (144 )   (622 )
Equity in net income (loss) of equity method investees 3     1         6     1  
Net income 805     407     851     1,720     5,772  
           
Net income attributable to noncontrolling interests (2 )   (2 )   (11 )   (21 )   (20 )
Net income attributable to Micron $ 803     $ 405     $ 840     $ 1,699     $ 5,752  
           
Earnings per share          
Basic $ 0.72     $ 0.37     $ 0.76     $ 1.53     $ 5.15  
Diluted 0.71     0.36     0.74     1.50     5.01  
           
Number of shares used in per share calculations          
Basic 1,111     1,111     1,105     1,110     1,117  
Diluted 1,129     1,133     1,129     1,131     1,148  
                             

MICRON TECHNOLOGY, INC.

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