Advanced Computing in the Age of AI|Thursday, July 9, 2020
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Micron Technology Reports Results for the Third Quarter of Fiscal 2020 

BOISE, Idaho, June 30, 2020 — Micron Technology, Inc. announced results for its third quarter of fiscal 2020, which ended May 28, 2020.

Fiscal Q3 2020 highlights

  • Revenue of $5.44 billion versus $4.80 billion for the prior quarter and $4.79 billion for the same period last year
  • GAAP net income of $803 million, or $0.71 per diluted share
  • Non-GAAP net income of $941 million, or $0.82 per diluted share
  • Operating cash flow of $2.02 billion versus $2.00 billion for the prior quarter and $2.71 billion for the same period last year

“Micron’s exceptional execution in the fiscal third quarter drove strong sequential revenue and EPS growth, despite challenges in the macro environment,” said Micron Technology President and CEO Sanjay Mehrotra. “We are ramping the industry’s most advanced DRAM technology into production and have delivered more than 75% of our NAND volume as high-value solutions, supported by record SSD revenue in the quarter. Our portfolio momentum positions us exceedingly well to leverage the long-term growth across our end markets.”

Quarterly Financial Results
(in millions, except per share amounts) GAAP(1) Non-GAAP(2)
FQ3-20 FQ2-20 FQ3-19 FQ3-20 FQ2-20 FQ3-19
Revenue $ 5,438 $ 4,797 $ 4,788 $ 5,438 $ 4,797 $ 4,788
Gross margin 1,763 1,355 1,828 1,804 1,398 1,884
percent of revenue 32.4 % 28.2 % 38.2 % 33.2 % 29.1 % 39.3 %
Operating expenses 875 915 818 823 856 774
Operating income 888 440 1,010 981 542 1,110
percent of revenue 16.3 % 9.2 % 21.1 % 18.0 % 11.3 % 23.2 %
Net income attributable to Micron 803 405 840 941 517 1,198
Diluted earnings per share 0.71 0.36 0.74 0.82 0.45 1.05

Investments in capital expenditures, net(2) were $1.92 billion for the third quarter of fiscal 2020, which resulted in adjusted free cash flows(2) of $101 million. Micron repurchased approximately 929,000 shares of its common stock for $40 million during the third quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $9.29 billion, for a net cash(2) position of $2.60 billion.

Business Outlook

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

FQ4-20 GAAP(1) Outlook Non-GAAP(2) Outlook
Revenue $5.75 billion – $6.25 billion $5.75 billion – $6.25 billion
Gross margin 34.5% ± 1.5% 35.5% ± 1.5%
Operating expenses $900 million ± $25 million $850 million ± $25 million
Interest (income) expense, net $33 million $30 million
Diluted earnings per share $0.88 ± $0.10 $1.05 ± $0.10

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 Monday, June 29, 2020 at 2:30 p.m. MT to discuss its third fiscal quarter financial results and provide forward-looking guidance for its fourth fiscal quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. 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 and Crucial — our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, 3D XPoint memory, and NOR, is transforming how the world uses information to enrich life. Backed by more than 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking. 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

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