Micron Technology Tops Forecasts
December 19, 2019
Micron Technology reported results for its first quarter of fiscal 2020, which ended November 28, 2019.
The firm had revenue of $5.14 billion versus $4.87 billion for the prior quarter and $7.91 billion for the same period last year. Micron 's GAAP net income came in at of $491 million, or $0.43 per diluted share. Non-GAAP net income of $548 million was or $0.48 per diluted share.
Investors were looking for revenue of $5.01 billion with an EPS of 47 cents.
"Micron posted solid first quarter results, delivering good profitability and positive free cash flow. With our strong execution and improving industry conditions, we are optimistic that Micron's fiscal second quarter will be the cyclical bottom for our financial performance," said Micron Technology President and CEO Sanjay Mehrotra. "Our significantly improved competitive position, dramatically stronger product portfolio, structurally higher profitability and investment-grade balance sheet position Micron very well to drive long-term shareholder value."
Investments in capital expenditures, net of amounts funded by partners, were $1.93 billion for the first quarter of fiscal 2020, which resulted in adjusted free cash flows(3) of $79 million. Micron repurchased an aggregate of 1 million shares of its common stock for $50 million during the first quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $8.31 billion, for a net cash(4) position of $2.66 billion.