Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2019

September 27, 2019

BOISE, Idaho, Sept. 27, 2019 — Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2019, which ended August 29, 2019.

Fiscal Q4 2019 highlights

  • Revenues of $4.87 billion versus $4.79 billion for the prior quarter and $8.44 billion for the same period last year
  • GAAP net income of $561 million, or $0.49 per diluted share
  • Non-GAAP net income of $637 million, or $0.56 per diluted share
  • Operating cash flow of $2.23 billion versus $2.71 billion for the prior quarter and $5.16 billion for the same period last year

Fiscal 2019 highlights

  • Revenues of $23.41 billion versus $30.39 billion for the prior fiscal year
  • GAAP net income of $6.31 billion, or $5.51 per diluted share
  • Non-GAAP net income of $7.31 billion, or $6.35 per diluted share
  • Operating cash flow of $13.19 billion versus $17.40 billion for the prior fiscal year
  • Share repurchases of $2.66 billion under the authorized buyback program

“Micron delivered fourth quarter results ahead of expectations, capping a fiscal 2019 in which we executed well in a challenging environment, significantly improved our competitive position, and returned cash to shareholders through share repurchases,” said Micron Technology President and CEO Sanjay Mehrotra. “We are encouraged by signs of improving industry demand, but are mindful of continued near-term macroeconomic and trade uncertainties. As markets recover, Micron is well positioned to address the robust secular demand for memory and storage solutions.”

Quarterly Financial Results
(in millions, except per share amounts) GAAP (1) Non-GAAP (2)
FQ4-19 FQ3-19 FQ4-18 FQ4-19 FQ3-19 FQ4-18
Revenue $ 4,870 $ 4,788 $ 8,440 $ 4,870 $ 4,788 $ 8,440
Gross margin $ 1,395 $ 1,828 $ 5,151 $ 1,491 $ 1,884 $ 5,179
percent of revenue 28.6% 38.2% 61.0% 30.6% 39.3% 61.4%
Operating expenses $ 745 $ 818 $ 774 $ 797 $ 774 $ 740
Operating income $ 650 $ 1,010 $ 4,377 $ 694 $ 1,110 $ 4,439
percent of revenue 13.3% 21.1% 51.9% 14.3% 23.2% 52.6%
Net income attributable to Micron $ 561 $ 840 $ 4,325 $ 637 $ 1,198 $ 4,313
Diluted earnings per share $ 0.49 $ 0.74 $ 3.56 $ 0.56 $ 1.05 $ 3.53
Annual Financial Results
(in millions, except per share amounts) GAAP (1) Non-GAAP (2)
FY 19 FY 18 FY 19 FY 18
Revenue $ 23,406 $ 30,391 $ 23,406 $ 30,391
Gross margin $ 10,702 $ 17,891 $ 10,973 $ 17,994
percent of revenue 45.7% 58.9% 46.9% 59.2%
Operating expenses $ 3,326 $ 2,897 $ 3,172 $ 2,751
Operating income $ 7,376 $ 14,994 $ 7,801 $ 15,243
percent of revenue 31.5% 49.3% 33.3% 50.2%
Net income attributable to Micron $ 6,313 $ 14,135 $ 7,314 $ 14,700
Diluted earnings per share $ 5.51 $ 11.51 $ 6.35 $ 11.95

Investments in capital expenditures, net of amounts funded by partners, were $1.97 billion for the fourth quarter of 2019 and $9.11 billion for the full year of 2019, which resulted in adjusted free cash flows(3) of $263 million for the fourth quarter of 2019 and $4.08 billion for the full year of 2019. Micron repurchased an aggregate of 67 million shares of its common stock for $2.66 billion during 2019 and ended the fourth quarter with cash, marketable investments, and restricted cash of $9.25 billion, for a net cash(4) position of $3.40 billion.

Business Outlook

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

FQ1-20 GAAP (1) Outlook Non-GAAP (2) Outlook
Revenue  $5.0 billion ± $200 million $5.0 billion ± $200 million
Gross margin 25.5% ± 1.5% 26.5% ± 1.5%
Operating expenses $818 million ± $25 million $780 million ± $25 million
Diluted earnings per share $0.42 ± $0.07 $0.46 ± $0.07

Micron expects investments in capital expenditures, net of amounts funded by partners, to be in the range of $7 billion to $8 billion for fiscal 2020. 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 Thursday, September 26, 2019 at 2:30 p.m. MT to discuss financial results and provide forward-looking guidance for its fiscal first quarter. The call, audio, and slides will be available online at investors.micron.com. A webcast replay will be available on the website until September 26, 2020. 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, Crucial, and Ballistix – our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory, is transforming how the world uses information to enrich life. Backed by 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, machine learning, and autonomous vehicles, in key market segments like data center, networking, automotive, industrial, mobile, graphics, and client. Our common stock is traded on the Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit micron.com.


Source: Micron Technology, Inc. 

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