Micron posted solid first quarter results, delivered solid profitability

Micron Technology, Inc. (Nasdaq: MU), industry leader in innovative memory and storage solutions. Through our global brands - Micron, Crucial, and Ballistix - 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 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.

Micron Technology, Inc. announced it's results for its first quarter of fiscal 2020, which ended November 28, 2019.

Fiscal Q1 2020 highlights

* Revenues of $5.14 billion versus $4.87 billion for the prior quarter and $7.91 billion for the same period last year

* GAAP net income of $491 million, or $0.43 per diluted share

* Non-GAAP net income of $548 million, or $0.48 per diluted share

* Operating cash flow of $2.01 billion versus $2.23 billion for the prior quarter and $4.81 billion for the same period last year

“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.