Micron Guides Up

February 6, 2018

Micron Technology made updated guidance for its second quarter of fiscal 2018, ending March 1, 2018.

For the fiscal second quarter, on a non-GAAP basis, the company now expects:

Revenue in the range of $7.20 billion to $7.35 billion compared to prior guidance of $6.80 billion to $7.20 billion.

Earnings per share ranging between $2.70 and $2.75 per share compared to prior guidance of $2.51 to $2.65 per share, based on 1,241 million diluted shares.

"We continue to execute well against our strategic priorities as we undergo our chief financial officer transition," said Sanjay Mehrotra, president and CEO of Micron. "We look forward to sharing more details in our fiscal second quarter earnings conference call."

Micron Technology also appointed David Zinsner as senior vice president and chief financial officer, effective Feb. 19, 2018. Zinsner succeeds Ernie Maddock, who is retiring from Micron but will remain with the company as an adviser through early June to ensure a smooth transition. Zinsner will report directly to Sanjay Mehrotra, president and CEO.

"On behalf of the company, I want to thank Ernie for his significant contributions to Micron," Mehrotra said. "He has helped position the company for continued strong growth, and we wish him the best in his future endeavors."

"I am fortunate to have been a part of Micron's progress over the last few years," Maddock said. "My focus now is on supporting Dave and Sanjay during the transition period to ensure a seamless and effective handoff."

Zinsner joins Micron with over 20 years of financial and operations experience in the semiconductor and technology industry. He most recently served as president and chief operating officer at Affirmed Networks. Prior to that, Zinsner was senior vice president of finance and chief financial officer for eight years at Analog Devices, and before that, he was senior vice president and chief financial officer for four years at Intersil Corp.

"Dave brings a great combination of financial expertise and executive experience to Micron and has a strong track record of achieving outstanding results," Mehrotra said. "We look forward to his leadership in driving our financial strategy and delivering significant value to our shareholders."

"I am very excited to be joining Micron at a time when the company is uniquely positioned to take advantage of growing demand for memory and storage solutions across a wide range of industries," Zinsner said. "I look forward to working with the Micron team to capitalize on those trends and to take the company to the next level."

Zinsner holds a master's degree in business administration, finance and accounting from Vanderbilt University and a bachelor's degree in industrial management from Carnegie Mellon University.

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