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. 

Subscribe to HPCwire's Weekly Update!

Be the most informed person in the room! Stay ahead of the tech trends with industy updates delivered to you every week!

On the Spack Track @SC19

December 5, 2019

At the annual supercomputing conference, SC19 in Denver, Colorado, there were Spack events each day of the conference. As a reflection of its grassroots heritage, nine sessions were planned by more than a dozen thought leaders from seven organizations, including three U.S. national Department of Energy (DOE) laboratories and Sylabs... Read more…

By Elizabeth Leake

Intel’s New Hyderabad Design Center Targets Exascale Era Technologies

December 3, 2019

Intel's Raja Koduri was in India this week to help launch a new 300,000 square foot design and engineering center in Hyderabad, which will focus on advanced computing technologies for the AI and exascale era. "Over th Read more…

By Tiffany Trader

AWS Debuts 7nm 2nd-Gen Graviton Arm Processor

December 3, 2019

The “x86 Big Bang,” in which market dominance of the venerable Intel CPU has exploded into fragments of processor options suited to varying workloads, has now encompassed CPUs offered by the leading public cloud serv Read more…

By Doug Black

Medical Imaging Gets an AI Boost

December 3, 2019

AI technologies incorporated into diagnostic imaging tools have proven useful in eliminating confirmation bias, often outperforming human clinicians who may bring their own prejudices. Another issue slowing progress is t Read more…

By George Leopold

Ride on the Wild Side – Squyres SC19 Mars Rovers Keynote

December 2, 2019

Reminding us of the deep and enabling connection between HPC and modern science is an important part of the SC Conference mission. And yes, HPC is a science itself. At SC19, Steve Squyres’ opening keynote recounting th Read more…

By John Russell

AWS Solution Channel

Making High Performance Computing Affordable and Accessible for Small and Medium Businesses with HPC on AWS

High performance computing (HPC) brings a powerful set of tools to a broad range of industries, helping to drive innovation and boost revenue in finance, genomics, oil and gas extraction, and other fields. Read more…

IBM Accelerated Insights

AI Needs Intelligent HPC infrastructure

Artificial Intelligence (AI) has revolutionized entire industries and enables humanity to solve some of the most daunting challenges. To accomplish this, it requires massive amounts of data from heterogeneous sources that is processed it new ways that differs significantly from HPC applications. Read more…

NSCI Update – Adapting to a Changing Landscape

December 2, 2019

It was November of 2017 when we last visited the topic of the National Strategic Computing Initiative (NSCI). As you will recall, the NSCI was started with an Executive Order (E.O. No. 13702), that was issued by President Obama in July of 2015 and was followed by a Strategic Plan that was released in July of 2016. The question for November of 2017... Read more…

By Alex R. Larzelere

On the Spack Track @SC19

December 5, 2019

At the annual supercomputing conference, SC19 in Denver, Colorado, there were Spack events each day of the conference. As a reflection of its grassroots heritage, nine sessions were planned by more than a dozen thought leaders from seven organizations, including three U.S. national Department of Energy (DOE) laboratories and Sylabs... Read more…

By Elizabeth Leake

Intel’s New Hyderabad Design Center Targets Exascale Era Technologies

December 3, 2019

Intel's Raja Koduri was in India this week to help launch a new 300,000 square foot design and engineering center in Hyderabad, which will focus on advanced com Read more…

By Tiffany Trader

AWS Debuts 7nm 2nd-Gen Graviton Arm Processor

December 3, 2019

The “x86 Big Bang,” in which market dominance of the venerable Intel CPU has exploded into fragments of processor options suited to varying workloads, has n Read more…

By Doug Black

Ride on the Wild Side – Squyres SC19 Mars Rovers Keynote

December 2, 2019

Reminding us of the deep and enabling connection between HPC and modern science is an important part of the SC Conference mission. And yes, HPC is a science its Read more…

By John Russell

NSCI Update – Adapting to a Changing Landscape

December 2, 2019

It was November of 2017 when we last visited the topic of the National Strategic Computing Initiative (NSCI). As you will recall, the NSCI was started with an Executive Order (E.O. No. 13702), that was issued by President Obama in July of 2015 and was followed by a Strategic Plan that was released in July of 2016. The question for November of 2017... Read more…

By Alex R. Larzelere

Tsinghua University Racks Up Its Ninth Student Cluster Championship Win at SC19

November 27, 2019

Tsinghua University has done it again. At SC19 last week, the eight-time gold medal-winner team took home the top prize in the 2019 Student Cluster Competition Read more…

By Oliver Peckham

SC19: IBM Changes Its HPC-AI Game Plan

November 25, 2019

It’s probably fair to say IBM is known for big bets. Summit supercomputer – a big win. Red Hat acquisition – looking like a big win. OpenPOWER and Power processors – jury’s out? At SC19, long-time IBMer Dave Turek sketched out a different kind of bet for Big Blue – a small ball strategy, if you’ll forgive the baseball analogy... Read more…

By John Russell

How the Gordon Bell Prize Winners Used Summit to Illuminate Transistors

November 22, 2019

At SC19, the Association for Computing Machinery (ACM) awarded the prestigious Gordon Bell Prize to the Swiss Federal Institute of Technology (ETH) Zurich. The Read more…

By Oliver Peckham

Supercomputer-Powered AI Tackles a Key Fusion Energy Challenge

August 7, 2019

Fusion energy is the Holy Grail of the energy world: low-radioactivity, low-waste, zero-carbon, high-output nuclear power that can run on hydrogen or lithium. T Read more…

By Oliver Peckham

Using AI to Solve One of the Most Prevailing Problems in CFD

October 17, 2019

How can artificial intelligence (AI) and high-performance computing (HPC) solve mesh generation, one of the most commonly referenced problems in computational engineering? A new study has set out to answer this question and create an industry-first AI-mesh application... Read more…

By James Sharpe

Cray Wins NNSA-Livermore ‘El Capitan’ Exascale Contract

August 13, 2019

Cray has won the bid to build the first exascale supercomputer for the National Nuclear Security Administration (NNSA) and Lawrence Livermore National Laborator Read more…

By Tiffany Trader

DARPA Looks to Propel Parallelism

September 4, 2019

As Moore’s law runs out of steam, new programming approaches are being pursued with the goal of greater hardware performance with less coding. The Defense Advanced Projects Research Agency is launching a new programming effort aimed at leveraging the benefits of massive distributed parallelism with less sweat. Read more…

By George Leopold

D-Wave’s Path to 5000 Qubits; Google’s Quantum Supremacy Claim

September 24, 2019

On the heels of IBM’s quantum news last week come two more quantum items. D-Wave Systems today announced the name of its forthcoming 5000-qubit system, Advantage (yes the name choice isn’t serendipity), at its user conference being held this week in Newport, RI. Read more…

By John Russell

Ayar Labs to Demo Photonics Chiplet in FPGA Package at Hot Chips

August 19, 2019

Silicon startup Ayar Labs continues to gain momentum with its DARPA-backed optical chiplet technology that puts advanced electronics and optics on the same chip Read more…

By Tiffany Trader

AMD Launches Epyc Rome, First 7nm CPU

August 8, 2019

From a gala event at the Palace of Fine Arts in San Francisco yesterday (Aug. 7), AMD launched its second-generation Epyc Rome x86 chips, based on its 7nm proce Read more…

By Tiffany Trader

SC19: IBM Changes Its HPC-AI Game Plan

November 25, 2019

It’s probably fair to say IBM is known for big bets. Summit supercomputer – a big win. Red Hat acquisition – looking like a big win. OpenPOWER and Power processors – jury’s out? At SC19, long-time IBMer Dave Turek sketched out a different kind of bet for Big Blue – a small ball strategy, if you’ll forgive the baseball analogy... Read more…

By John Russell

Leading Solution Providers

ISC 2019 Virtual Booth Video Tour

CRAY
CRAY
DDN
DDN
DELL EMC
DELL EMC
GOOGLE
GOOGLE
ONE STOP SYSTEMS
ONE STOP SYSTEMS
PANASAS
PANASAS
VERNE GLOBAL
VERNE GLOBAL

Cray, Fujitsu Both Bringing Fujitsu A64FX-based Supercomputers to Market in 2020

November 12, 2019

The number of top-tier HPC systems makers has shrunk due to a steady march of M&A activity, but there is increased diversity and choice of processing compon Read more…

By Tiffany Trader

Crystal Ball Gazing: IBM’s Vision for the Future of Computing

October 14, 2019

Dario Gil, IBM’s relatively new director of research, painted a intriguing portrait of the future of computing along with a rough idea of how IBM thinks we’ Read more…

By John Russell

Intel Debuts New GPU – Ponte Vecchio – and Outlines Aspirations for oneAPI

November 17, 2019

Intel today revealed a few more details about its forthcoming Xe line of GPUs – the top SKU is named Ponte Vecchio and will be used in Aurora, the first plann Read more…

By John Russell

Kubernetes, Containers and HPC

September 19, 2019

Software containers and Kubernetes are important tools for building, deploying, running and managing modern enterprise applications at scale and delivering enterprise software faster and more reliably to the end user — while using resources more efficiently and reducing costs. Read more…

By Daniel Gruber, Burak Yenier and Wolfgang Gentzsch, UberCloud

Dell Ramps Up HPC Testing of AMD Rome Processors

October 21, 2019

Dell Technologies is wading deeper into the AMD-based systems market with a growing evaluation program for the latest Epyc (Rome) microprocessors from AMD. In a Read more…

By John Russell

SC19: Welcome to Denver

November 17, 2019

A significant swath of the HPC community has come to Denver for SC19, which began today (Sunday) with a rich technical program. As is customary, the ribbon cutt Read more…

By Tiffany Trader

When Dense Matrix Representations Beat Sparse

September 9, 2019

In our world filled with unintended consequences, it turns out that saving memory space to help deal with GPU limitations, knowing it introduces performance pen Read more…

By James Reinders

With the Help of HPC, Astronomers Prepare to Deflect a Real Asteroid

September 26, 2019

For years, NASA has been running simulations of asteroid impacts to understand the risks (and likelihoods) of asteroids colliding with Earth. Now, NASA and the European Space Agency (ESA) are preparing for the next, crucial step in planetary defense against asteroid impacts: physically deflecting a real asteroid. Read more…

By Oliver Peckham

  • arrow
  • Click Here for More Headlines
  • arrow
Do NOT follow this link or you will be banned from the site!
Share This