Micron Technology, Inc. (NASDAQ: MU) reported in-line earnings for its first quarter, while sales exceeded estimates.
The Boise, Idaho-based technology company reported Thursday 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 was$491 million, or $0.43 per diluted share. Non-GAAP net income was $548 million, or $0.48 per diluted share
Operating cash flow came in at $2.01 billion versus $2.23 billion for the prior quarter and $4.81 billion for the same period last year.
Revenue guidance for the second quarter is in the range of $4.5 billion - $4.8 billion. Operating expenses are expected to be $878 million ± $25 million. Diluted earnings per share are deemed to be six-to-25-cent range.
"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 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."
Micron prides itself on being “an 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.”
Micron shares picked up $1.09, or 2.1%, to $54.13
