Micron Technologies (NASDAQ:MU) took some bruising in early Friday markets, after the release of fourth-quarter results.
Revenues for the quarter ending with August totaled $4.87 billion versus $4.79 billion for the prior quarter and $8.44 billion for the same period last year
GAAP net income was $561 million, or $0.49 per diluted share. Non-GAAP net income was $637 million, or $0.56 per diluted share
Operating cash flow of $2.23 billion versus $2.71 billion for the prior quarter and $5.16 billion for the same period last year
Investments in capital expenditures, net of amounts funded by partners, were $1.97 billion for the fourth quarter of 2019 and $9.11 billion for the full year of 2019, which resulted in adjusted free cash flows of $263 million for the fourth quarter of 2019 and $4.08 billion for the full year of 2019.
Micron repurchased an aggregate of 67 million shares of its common stock for $2.66 billion during 2019 and ended the fourth quarter with cash, marketable investments, and restricted cash of $9.25 billion, for a net cash(4) position of $3.40 billion.
According to CEO Sanjay Mehrotra, "Micron delivered fourth quarter results ahead of expectations, capping a fiscal 2019 in which we executed well in a challenging environment, significantly improved our competitive position, and returned cash to shareholders through share repurchases,
"We are encouraged by signs of improving industry demand, but are mindful of continued near-term macroeconomic and trade uncertainties. As markets recover, Micron is well positioned to address the robust secular demand for memory and storage solutions."
MU shares opened Friday down $3.28, or 6.8%, to $45.32
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