BOISE, Idaho, Dec. 18, 2018 (GLOBE NEWSWIRE) -- Micron Technology, Inc., (NASDAQ: MU) today announced results for its first quarter of fiscal 2019, which ended Nov. 29, 2018.
Fiscal Q1 2019 Highlights
- Revenue of $7.91 billion, up 16 percent compared with the same period last year
- GAAP net income of $3.29 billion, or $2.81 per diluted share
- Non-GAAP net income of $3.51 billion, or $2.97 per diluted share
- Operating cash flow of $4.81 billion compared with $3.64 billion for the same period last year
- Share repurchases of $1.80 billion under the authorized buyback program
“Micron reported strong profitability in the fiscal first quarter, highlighted by double-digit year-over-year revenue growth across our major markets and solid business execution,” Micron Technology President and CEO Sanjay Mehrotra said. “Despite weak near-term industry supply-demand dynamics entering calendar 2019, Micron is well-positioned to deliver healthy profitability throughout the year. We remain bullish on the long-term secular growth trends driving the memory and storage industry.”
| Quarterly Financial Results | |||||||||||||||||||||||||
| (in millions, except per share amounts) | GAAP (1) | Non-GAAP (2) | |||||||||||||||||||||||
| FQ1-19 | FQ4-18 | FQ1-18 | FQ1-19 | FQ4-18 | FQ1-18 | ||||||||||||||||||||
| Revenue | $ | 7,913 | $ | 8,440 | $ | 6,803 | $ | 7,913 | $ | 8,440 | $ | 6,803 | |||||||||||||
| Gross margin | $ | 4,615 | $ | 5,151 | $ | 3,747 | $ | 4,670 | $ | 5,179 | $ | 3,769 | |||||||||||||
| percent of revenue | 58.3% | 61.0% | 55.1% | 59.0% | 61.4% | 55.4% | |||||||||||||||||||
| Operating income | $ | 3,759 | $ | 4,377 | $ | 3,097 | $ | 3,887 | $ | 4,439 | $ | 3,157 | |||||||||||||
| percent of revenue | 47.5% | 51.9% | 45.5% | 49.1% | 52.6% | 46.4% | |||||||||||||||||||
| Net income attributable to Micron | $ | 3,293 | $ | 4,325 | $ | 2,678 | $ | 3,508 | $ | 4,313 | $ | 2,994 | |||||||||||||
| Diluted earnings per share | $ | 2.81 | $ | 3.56 | $ | 2.19 | $ | 2.97 | $ | 3.53 | $ | 2.45 | |||||||||||||
Investments in capital expenditures, net of amounts funded by partners, were $2.48 billion for the first quarter of 2019, which resulted in adjusted free cash flows(3) of $2.33 billion. Micron repurchased an aggregate of 42 million shares of its common stock for $1.80 billion during the quarter in connection with its $10 billion share repurchase authorization. The company ended the first quarter in a record net cash position of $3.07 billion with cash, marketable investments, and restricted cash of $7.21 billion.
Micron will host a conference call on Tuesday, Dec. 18, 2018 at 2:30 p.m. MT to discuss financial results and provide forward-looking guidance for fiscal second quarter. The call, audio, and slides will be available online at investors.micron.com. A webcast replay will be available on our website until Dec. 18, 2019. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 3349486) beginning at 5:30 p.m. MT, Dec. 18, 2018 and continuing through Dec. 25, 2018. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech .
