Micron Jumps on Q3 Results

Micron Technology, Inc. (NASDAQ:MU) reported better-than-expected results for its third quarter and issued a strong forecast for the current quarter.

The Boise, Idaho-based company revealed revenue of $5.44 billion versus $4.80 billion for the prior quarter and $4.79 billion for the same period last year. GAAP net income came out at $803 million, or $0.71 per diluted share. Non-GAAP net income was $941 million, or $0.82 per diluted share

Operating cash flow was $2.02 billion versus $2.00 billion for the prior quarter and $2.71 billion for the same period last year

CEO Sanjay Mehrotra said, "Micron’s exceptional execution in the fiscal third quarter drove strong sequential revenue and EPS growth, despite challenges in the macro environment.

"We are ramping the industry’s most advanced DRAM technology into production and have delivered more than 75% of our NAND volume as high-value solutions, supported by record SSD revenue in the quarter. Our portfolio momentum positions us exceedingly well to leverage the long-term growth across our end markets."

Investments in capital expenditures, net were $1.92 billion for the third quarter of fiscal 2020, which resulted in adjusted free cash flows of $101 million. Micron repurchased approximately 929,000 shares of its common stock for $40 million during the third quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $9.29 billion, for a net cash position of $2.60 billion.

Shares increased $2.76, or 5.6%, to $51.90.