Micron Technology, Inc., Reports Results for The Fourth Quarter and Full Year of 2017

Revenues for the fourth quarter of 2017 were 10 percent higher compared to the third quarter of 2017, with DRAM sales volumes 5 percent higher and NAND sales volumes 3 percent higher. DRAM and NAND average selling prices for the quarter increased 8 percent and 5 percent, respectively. Our overall consolidated gross margin of 50.7 percent for the fourth quarter of 2017 was higher compared to 46.9 percent in the third quarter due to expansion of margins for DRAM products.

Investments in capital expenditures, net of amounts funded by partners, were $1.51 billion for the fourth quarter of 2017 and $5.13 billion for the full year of 2017. We ended the fourth quarter with cash, marketable investments, and restricted cash of $6.15 billion.

We will host a conference call on Tuesday, September 26, 2017 at 2:30 p.m. MT to discuss our financial results. The call, audio, and slides will be available online at investors.micron.com. A webcast replay will be available on our website until September 26, 2018. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 76102815) beginning at 5:30 p.m. MT, Tuesday, September 26, 2017 and continuing through Tuesday, October 3, 2017. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.

We are a world leader in innovative memory solutions. Through our global brands – Micron®, Crucial®, and Ballistix® – our broad portfolio of high-performance memory technologies, including DRAM, NAND, NOR Flash, and 3D XPoint™ memory, is transforming how the world uses information. Backed by more than 35 years of technology leadership, our memory solutions enable the world's most innovative computing, consumer, enterprise storage, data center, mobile, embedded, and automotive applications. Our common stock is traded on the NASDAQ under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com.

The Micron logo and Micron symbol are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.

This press release contains forward-looking statements regarding the industry and our strategic position and financial results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.

(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of certain activities which our management excludes in analyzing our operating results and understanding trends in our earnings. Non-GAAP also includes the impact on shares used in per share calculations of our outstanding capped call transactions and from the exclusion of stock-based compensation. Fiscal 2016 amounts have been adjusted to conform with current period presentation to exclude stock-based compensation and the amortization of acquisition related intangibles from our non-GAAP reporting. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

 
MICRON TECHNOLOGY, INC.
CONSOLIDATED FINANCIAL SUMMARY
(in millions except per share amounts)
         
   4th Qtr.  3rd Qtr.  4th Qtr.  Year Ended
   August 31,
2017
  June 1,
2017
  September 1,
2016
  August 31,
2017
  September 1,
2016
Net sales $6,138  $5,566  $3,217  $20,322  $12,399 
Cost of goods sold 3,026  2,957  2,638  11,886  9,894 
Gross margin 3,112  2,609  579  8,436  2,505 
Selling, general, and administrative 193  204  157  743  659 
Research and development 447  434  411  1,824  1,617 
Restructure and asset impairments (1) (27) 12   51     18     67  
Other operating (income) expense, net   (3 )   (4 )   (8 )   (17 )   (6 )
Operating income (loss)   2,502     1,963     (32 )   5,868     168  
Interest income (expense), net (2)   (132 )   (143 )   (126 )   (560 )   (395 )
Other non-operating income (expense), net (2)   (49 )   (83 )   (10 )   (112 )   (54 )
Income tax (provision) benefit (3)   47     (92 )   (3 )   (114 )   (19 )
Equity in net income (loss) of equity method investees   1     2     1     8     25  
Net (income) attributable to noncontrolling interests   (1 )           (1 )   (1 )
Net income (loss) attributable to Micron   $ 2,368     $ 1,647     $ (170 )   $ 5,089     $ (276 )
                     
Earnings (loss) per share                    
Basic   $ 2.13     $ 1.49     $ (0.16 )   $ 4.67     $ (0.27 )
Diluted   1.99     1.40     (0.16 )   4.41     (0.27 )
                     
Number of shares used in per share calculations                    
Basic   1,109     1,106     1,037     1,089     1,036  
Diluted   1,187     1,177     1,037     1,154     1,036  

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