Micron Tops Forecasts
June 29, 2020
Micron Technology reported results
for its third quarter of fiscal 2020, which ended May 28, 2020. The firm
had revenue rose 13.6% to $5.44 billion, besting expectations of $5.31
billion. Micron noted earnings of 82 cents per share, above estimates of
77 cents per share.
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.”
Investments in capital expenditures, net were $1.92 billion for the third quarter of fiscal 2020, which resulted in adjusted free cash flows 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.