Micron Technology Inc (MU) swung to a net profit for the quarter ended Mar. 02, 2017. The company has made a net profit of $0.89 million, or $ 0.77 a share in the quarter, against a net loss of $0.10 million, or $0.09 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $1.03 million, or $0.90 a share compared with $0.01 million or $0.01 a share, a year ago. Revenue during the quarter surged 58.42 percent to $4.65 million from $2.93 million in the previous year period. Gross margin for the quarter expanded 1693 basis points over the previous year period to 36.66 percent. Operating margin for the quarter period stood at positive 22.46 percent as compared to a negative 0.17 percent for the previous year period.
"Strong demand and limited industry supply for NAND and DRAM solutions, combined with significant progress on our cost reduction plan, produced excellent results for our second quarter," said Micron chief executive officer Mark Durcan. "I'm proud of the team's execution on critical technology and operational initiatives, which will allow us to continue to capitalize on market trends."
Operating cash flow improves significantly
Micron Technology Inc has generated cash of $2.54 million from operating activities during the first half, up 35.05 percent or $0.66 million, when compared with the last year period. The company has spent $5.37 million cash to meet investing activities during the first six months as against cash outgo of $1.03 million in the last year period.
Cash flow from financing activities was $2.34 million for the first six months as against cash outgo of $0.07 million in the last year period.
Working capital drops significantly
Micron Technology Inc has witnessed a decline in the working capital over the last year. It stood at $4.74 million as at Mar. 02, 2017, down 99.89 percent or $4,389.26 million from $4,394 million on Mar. 03, 2016. Current ratio was at 1.91 as on Mar. 02, 2017, down from 2 on Mar. 03, 2016.
Days sales outstanding went down to 21790 days for the quarter compared with 65241 days for the same period last year.
Days inventory outstanding has decreased to 46 days for the quarter compared with 97434 days for the previous year period.
Debt comes down significantly
Micron Technology Inc has recorded a decline in total debt over the last one year. It stood at $12.42 million as on Mar. 02, 2017, down 99.84 percent or $7,606.58 million from $7,619 million on Mar. 03, 2016. Total debt was 38.40 percent of total assets as on Mar. 02, 2017, compared with 30.70 percent on Mar. 03, 2016. Debt to equity ratio was at 0.82 as on Mar. 02, 2017, up from 0.58 as on Mar. 03, 2016.
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