Micron Sales Rise 16% - Miss - Profits Beat

December 19, 2018

Micron Technology reported results for its first quarter of fiscal 2019, which ended Nov. 29, 2018.

Not counting certain items, Micron earned $2.97 per share with expectations set at $2.96 per share. Net sales rose 16 percent to $7.91 billion, with investors looking for $8.02 billion.

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.”

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.

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