Free Post Earnings Research Report: Micron’s Quarterly Revenues Surged 58%; Adjusted EPS Rocketed More Than 200%

Stock Monitor: SemiLEDs Post Earnings Reporting

LONDON, UK / ACCESSWIRE / April 24, 2018 / Active-Investors.com has just released a free earnings report on Micron Technology, Inc. (NASDAQ: MU) (“Micron”). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MU. The Company reported its second quarter fiscal 2018 operating and financial results on March 21, 2018. The Company reported better than expected revenues and earnings, and also provided guidance for the upcoming quarter. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for SemiLEDs Corporation (NASDAQ: LEDS), which also belongs to the Technology sector as the Company Micron Technology. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Micron Technology most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=MU

Earnings Highlights and Summary

For the second quarter of the fiscal year 2018, Micron’s revenues grew 58% to $7.35 billion compared to $4.64 billion in Q2 FY17, reflecting positive business environment and broad-based demand for the Company’s memory and storage solutions, particularly for cloud, enterprise, and mobile. Micron’s revenue numbers topped analysts’ estimates of $7.25 billion.

During Q2 FY18, Micron’s non-GAAP gross margin was 58.4%, up from 38.5% in Q2 FY17. The Company’s non-GAAP operating margin was 49% in the reported quarter compared to 25% in the prior year’s same period. For Q2 FY18, Micron’s non-GAAP operating expenses were $666 million, up approximately 9% on a y-o-y basis.

Micron recorded a GAAP net income of $3.31 billion, or $2.67 per diluted share, in Q2 FY18 compared to $894 million, or $0.77 per diluted share, in Q2 FY17. The Company’s non-GAAP earnings per share (EPS) were up 200% to $2.82 versus $0.90 in the prior year’s comparable quarter. Micron’s non-GAAP earnings surpassed Wall Street’s estimates of $2.71 per share.

Segment Results

During Q2 FY18, Micron’s Compute and Networking Business Unit’s revenues soared 93% to $3.7 billion. The segment’s cloud server revenues were up nearly 30% on a q-o-q basis, as hyperscale customers continued to invest in data center infrastructure and broaden their service offerings.

For Q2 FY18, Micron’s Mobile Business Unit achieved its highest-ever revenues and operating income of $1.6 billion and $689 million, respectively. These results compared to $1.1 billion of revenues and $170 million of operating income in Q2 FY17.

Micron’s Embedded Business Unit generated revenues of $829 million, up 41% on a y-o-y basis. The segment’s automotive business had a record quarter, driven by strong sales of ADAS and in-vehicle experience applications.

During Q2 FY18, Micron’s Storage Business Unit’s revenues were $1.3 billion, up 20% on a y-o-y basis, supported by record revenues in SSDs.

Cash Matters

During Q2 FY18, Micron generated cash from operations of $4.3 billion, which represented 59% of revenues for the reported quarter. This compared to $1.8 billion of cash from operations in Q2 FY17. The Company’s capital spending, net of third-party contributions, was $2.1 billion; resulting in a strong free cash flow, adjusted for third-party capital contributions, of $2.2 billion, or 30% of revenues, compared to $600 million in the year ago same period.

As a result of the strong free cash flow, Micron ended Q2 FY18 with approximately $8.7 billion in cash, marketable investments, and restricted cash. The face value of the Company’s debt increased by approximately $200 million to $9.5 billion.

Outlook

For the third quarter of the fiscal year 2018, Micron is forecasting revenues to be in the range of $7.2 billion to $7.6 billion, and non-GAAP gross margin to be in the band of 57% to 60%. The Company is expecting an increase in operating expenses, again associated with product and technology qualifications and the funding of its fourth-generation 3D NAND technology. Micron is estimating non-GAAP operating income to be in the range of $3.6 billion to $3.8 billion. For Q3 FY18, Micron is projecting non-GAAP EPS of $2.83, plus or minus $0.07.

Stock Performance Snapshot

April 23, 2018 – At Monday’s closing bell, Micron Technology’s stock declined 3.16%, ending the trading session at $49.02.

Volume traded for the day: 43.50 million shares.

Stock performance in the last three-month – up 14.32%; previous six-month period – up 18.66%; past twelve-month period – up 79.43%; and year-to-date – up 19.21%

After yesterday’s close, Micron Technology’s market cap was at $60.66 billion.

Price to Earnings (P/E) ratio was at 5.87.

The stock is part of the Technology sector, categorized under the Semiconductor- Memory Chips industry.

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