Micron Technology Inc. Reports Consolidated Earnings Results for the First Quarter Ended November 28, 2013; Provides Capital Spending Guidance for 2014
January 07, 2014 at 09:07 pm
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Micron Technology Inc. reported consolidated earnings results for the first quarter ended November 28, 2013. For the quarter, the company reported net sales of $4,042 million against $1,834 million a year ago. Operating loss was $551 million against $97 million a year ago. Net income attributable to the company was $358 million against net loss attributable to the company was $275 million a year ago. Diluted earnings per share were $0.30 against diluted loss per share was $0.27 a year ago. Net cash provided by operating activities was $1,507 million against $236 million a year ago. Expenditures for property, plant and equipment was $526 million against $434 million a year ago. Payments on equipment purchase contracts were $143 million against $104 million a year ago. Revenues from sales of NAND Flash products were 8% higher in the first quarter of fiscal 2014 compared to the fourth quarter of fiscal 2013 primarily due to an 11% increase in sales volume offset by a slight decrease in average selling prices. Non-GAAP net income attributable to the company was $881 million against $317 million a year ago. Non-GAAP diluted earnings per share were $0.77 against $0.29 a year ago. Cash flows from operations for the first quarter of fiscal 2014 were $1.51 billion, while investments in capital expenditures were $669 million. Free cash flow was $838 million in the first quarter.
Capital spending for 2014 fiscal year is still expected to be between $2.6 billion and $3.2 billion.
Micron Technology, Inc. specializes in the design, manufacturing and marketing of semiconductors. The group's products include memory products (dynamic memories, flash memories, etc.) and semiconductor systems. Net sales break down by market as follows:
- IT infrastructure (36.7%): computers, network systems, graphics systems and cloud servers;
- phones and mobile devices (23.4%): smartphones, tablets and mobile devices;
- storage media (16.4%): mainly fixed and removable data storage components;
- other (23.5%): primarily automotive, connected home and consumer electronics and industries markets.
As of 31/08/2023, the group has 11 manufacturing sites worldwide.
Net sales are distributed geographically as follows: the United States (50.2%), Taiwan (17.4%), China (14%), Japan (6.4%), Hong Kong (2.1%), Asia/Pacific (4.8%), Europe (4.4%) and other (0.7%).
Micron Technology Inc. Reports Consolidated Earnings Results for the First Quarter Ended November 28, 2013; Provides Capital Spending Guidance for 2014