Micron Reports Financial Results for the Second Quarter of Fiscal 2015
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.
