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Free Post Earnings Research Report: Micron Delivered Record-Breaking Q3 Results

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Stock Monitor: SMART Global Holdings Post Earnings Reporting

LONDON, UK / ACCESSWIRE / July 11, 2018 / If you want access to our free earnings report on Micron Technology, Inc. (NASDAQ: MU) ("Micron"), 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 third quarter fiscal 2018 operating and financial results on June 19, 2018. The chipmaker outperformed top- and bottom-line expectations. Additionally, the Company provided its guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for SMART Global Holdings, Inc. (NASDAQ: SGH), 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 third quarter of the fiscal year 2018, ended May 31, 2018, Micron's revenues surged 40% to a record $7.80 billion compared to $5.57 billion in Q3 FY17. The Company's revenue numbers surpassed analysts' estimates of $7.66 billion.

During Q3 FY18, Micron's operating income totaled $3.95 billion, with an operating margin of 50.7%, compared to $3.57 billion and 48.5%, respectively, in Q3 FY17.

For Q3 FY18, Micron posted a GAAP net income of $3.82 billion, or $3.10 per diluted share, compared to $1.65 billion, or $2.67 per diluted share, in Q3 FY17. The Company noted that its solid execution and healthy industry environment led to record non-GAAP earnings per share (EPS) of $3.15 in the reported quarter, up 94% from $1.82 in the prior year's same quarter.

Segment Results

During Q3 FY18, Micron's Compute and Networking Business Unit (CNBU) segment's revenues soared 67% to a record $4.0 billion on a y-o-y basis. The Company received broad-based demand for its memory solutions, with sales of both cloud server and graphics memory products more than doubling on a y-o-y basis. For the reported quarter, the CNBU segment's operating income increased 12% sequentially to $2.6 billion, or 66% of revenues.

For Q3 FY18, Micron's Mobile Business Unit (MBU) segment's revenues totaled a record $1.8 billion, up 55% on a y-o-y basis, fueled by the ongoing momentum for its Managed NAND products, with multiple customer qualifications underway for the Company's eMCP solutions. The MBU segment's operating income increased to $860 million, up from $304 million in the year ago comparable period.

Micron's Embedded Business Unit (EBU) segment generated record revenues of $897 million in Q3 FY18, up 28% on a y-o-y basis, driven by a demand for consumer and industrial applications, including set-top boxes, factory automation, and industrial drones. The segment's operating income was $386 million in the reported period. During Q3 FY18, Micron's Storage Business Unit, which is comprised of SSD, NAND components, and 3D XPoint, recorded sales of $1.1 billion.

Cash Matters

Micron's investments in capital expenditure, net of amounts funded by partners, were $2.10 billion in Q3 FY18, which resulted in an adjusted free cash flow of $2.16 billion. During the reported quarter, the Company repurchased or converted $2.31 billion principal amount of its debt, lowering the Company's total carrying value of debt to $7.34 billion exiting Q3 FY18.

Micron ended Q3 FY18 in a net cash positive position with cash, marketable investments, and restricted cash of $7.68 billion. The Company's operating cash flow was $4.26 billion in the reported quarter compared to $2.41 billion in the year earlier corresponding quarter.

Outlook

For the fourth quarter of the fiscal year 2018, Micron is forecasting revenues to be in the range of $8 billion to $8.4 billion, and its gross margin to be in the band of 59% to 62%. The Company is expecting adjusted EPS to be in the range of $3.30, plus or minus $0.07.

Stock Performance Snapshot

July 10, 2018 - At Tuesday's closing bell, Micron Technology's stock advanced 2.63%, ending the trading session at $55.74.

Volume traded for the day: 34.32 million shares.

Stock performance in the last three-month - up 10.42%; previous six-month period - up 22.37%; past twelve-month period - up 82.75%; and year-to-date - up 35.55%

After yesterday's close, Micron Technology's market cap was at $62.52 billion.

Price to Earnings (P/E) ratio was at 5.65.

The stock is part of the Technology sector, categorized under the Semiconductor- Memory Chips industry. This sector was up 0.2% at the end of the session.

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