BOISE, Idaho, April 2 — Micron Technology, Inc., has announced results of operations for its second quarter of fiscal 2015, which ended March 5, 2015. Revenues for the second quarter of fiscal 2015 (a 13-week fiscal quarter) were $4.17 billion and were 9 percent lower compared to the first quarter of fiscal 2015 (a 14-week fiscal quarter) and 1 percent higher compared to the second quarter of fiscal 2014. Cash flows from operations were $1.25 billion for the second quarter of fiscal 2015. The first quarter of fiscal 2015 included an additional week, consistent with the company’s 52/53 week fiscal year. On a normalized basis, revenues for the second fiscal quarter of 2015 were down 2 percent sequentially.
“Micron posted another solid quarter in our fiscal Q2 2015,” said Micron CEO Mark Durcan. “We are pleased with our progress on technology and product migrations and remain confident in the performance of our business.”
GAAP Income and Per Share Data – On a GAAP basis, net income attributable to Micron shareholders for the second quarter of fiscal 2015 was $934 million, or $0.78 per diluted share, compared to net income of $1.00 billion, or $0.84 per diluted share, for the first quarter of fiscal 2015 and net income of $731 million, or $0.61 per diluted share, for the second quarter of fiscal 2014.
Non-GAAP Income and Per Share Data – On a non-GAAP basis, net income attributable to Micron shareholders for the second quarter of fiscal 2015 was $941 million, or $0.81 per diluted share, compared to net income of $1.14 billion, or $0.97 per diluted share, for the first quarter of fiscal 2015. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.
Revenues for the second quarter of fiscal 2015 were 9 percent lower compared to the first quarter of fiscal 2015 primarily due to declines in DRAM unit volumes as a result of one less week in the second quarter of fiscal 2015, and to decreases in average selling prices for both NAND and DRAM. The company’s overall consolidated gross margin of 34 percent for the second quarter of fiscal 2015 was down 2 percent compared to the first quarter of fiscal 2015 primarily due to lower average selling prices for NAND and DRAM, partially offset by lower manufacturing costs.
Investments in capital expenditures were $853 million for the second quarter of fiscal 2015. The company ended the second quarter of fiscal 2015 with cash and marketable investments of $6.35 billion.
The company will host a conference call Wednesday, April 1, 2015 at 2:30 p.m. MT to discuss its financial results. The call, audio, slides, other operational and financial information, and guidance will be available online at http://investors.micron.com/events.cfm. A webcast replay will be available on the company’s website until April 1, 2016. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 6063446) beginning at 5:30 p.m. MT, Wednesday, April 1, 2015 and continuing until 5:30 p.m. MT, Wednesday, April 8, 2015.
About Micron Technology, Inc.
Micron Technology, Inc., is a global leader in advanced semiconductor systems. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron’s memory solutions enable the world’s most innovative computing, consumer, enterprise storage, networking, mobile, embedded and automotive applications. Micron’s common stock is traded on the NASDAQ under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com.
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Source: Micron Technology, Inc.