Micron Technology, Inc. (MU) swung to a net profit for the quarter ended Jun. 01, 2017. The company has made a net profit of $1,647 million, or $ 1.40 a share in the quarter, against a net loss of $215 million, or $0.21 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $1,896 million, or $1.62 a share compared with a net loss of $29 million, or $0.03 a share in the last year period. Revenue during the quarter surged 92.06 percent to $5,566 million from $2,898 million in the previous year period. Gross margin for the quarter expanded 2969 basis points over the previous year period to 46.87 percent. Operating margin for the quarter period stood at positive 35.27 percent as compared to a negative 0.93 percent for the previous year period.
Operating income for the quarter was $1,963 million, compared with an operating loss of $27 million in the previous year period.
"Micron delivered strong operational performance in the third quarter with free cash flow nearly double last quarter, which enabled us to retire $1 billion in debt. Our results reflect solid execution of our cost reduction plans and ongoing favorable industry supply and demand dynamics," said Micron President and CEO Sanjay Mehrotra. "The global trends taking shape today, including machine learning and big data analytics, are exciting and create significant opportunities for Micron. We are focused on positioning the company to realize these opportunities by investing in technology and products while also strengthening our balance sheet."
Operating cash flow improves significantly Micron Technology, Inc. has generated cash of $4,950 million from operating activities during the nine month period, up 117.87 percent or $2,678 million, when compared with the last year period. The company has spent $6,239 million cash to meet investing activities during the nine month period as against cash outgo of $1,642 million in the last year period.
Cash flow from financing activities was $1,207 million for the nine month period, down 29.13 percent or $496 million, when compared with the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
