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Industry News Release

The original press release can be found here. This version may be edited from the original.

BOISE, Idaho, March 23, 2017 (GLOBE NEWSWIRE) — Micron Technology, Inc., (NASDAQ:MU) today announced results of operations for its second quarter of fiscal 2017, which ended March 2, 2017. Revenues for the second quarter of fiscal 2017 were $4.65 billion and were 17 percent higher compared to the first quarter of fiscal 2017 and 58 percent higher compared to the second quarter of fiscal 2016.

“Strong demand and limited industry supply for NAND and DRAM solutions, combined with significant progress on our cost reduction plan, produced excellent results for our second quarter,” said Micron CEO Mark Durcan. “I’m proud of the team’s execution on critical technology and operational initiatives, which will allow us to continue to capitalize on market trends.”

GAAP Income and Per Share Data — On a GAAP(1) basis, gross margin was 36.7 percent and net income attributable to Micron shareholders was $894 million, or $0.77 per diluted share, for the second quarter of fiscal 2017 compared to gross margin of 25.5 percent and net income of $180 million, or $0.16 per diluted share, for the first quarter of fiscal 2017 and gross margin of 19.7 percent and a net loss of $97 million, or ($0.09) per diluted share, for the second quarter of fiscal 2016.

Non-GAAP Income and Per Share Data — On a non-GAAP(2) basis, gross margin was 38.5 percent and net income attributable to Micron shareholders was $1.03 billion, or $0.90 per diluted share, for the second quarter of fiscal 2017 compared to gross margin of 26.0 percent and net income of $335 million, or $0.32 per diluted share, for the first quarter of fiscal 2017 and gross margin of 20.4 percent and net income of $12 million, or $0.01 per diluted share, for the second quarter of fiscal 2016. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

The increase in the company’s revenues of 17 percent for the second quarter of fiscal 2017 compared to the first quarter of fiscal 2017 was due primarily to a 21 percent increase in DRAM average selling prices and an 18 percent increase in trade NAND sales volumes. The company’s overall consolidated GAAP gross margin of 36.7 percent for the second quarter of fiscal 2017 was 11.2 percentage points higher compared to the first quarter of fiscal 2017 primarily due to increases in DRAM average selling prices and manufacturing cost reductions for both NAND and DRAM.

Investments in capital expenditures, net of amounts funded by partners, were $1.17 billion for the second quarter of fiscal 2017. The company ended the second quarter of fiscal 2017 with cash, marketable investments, and restricted cash of $4.58 billion.