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MICRON TECHNOLOGY INC 8-K Report, Regulation FD Disclosure (May 27, 2020)

Reports
Regulation FD
Filing Date
Filed May 27, 2020
Period End
May 27, 2020
Security
MU
In the record · 2016–202610-K1110-Q348-K171

MU filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 171 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jul ’17Jul ’17
  2. Material agreement8-K · Jul ’19Jul ’19
  3. Restructuring8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed May 27, 2020. Cited figures are marked; the original filing is the authoritative source.

Micron Technology, Inc. (MU) filed an 8-K on May 27, 2020, to update its financial guidance for the third fiscal quarter ending May 28, 2020.

The company provided a new outlook for revenue and profitability, reflecting its most recent performance expectations. This update comes from remarks made by the CEO at the 2020 Bernstein Strategic Decisions Conference, offering investors timely insight into the company's near-term financial trajectory. The updated guidance projects revenue between $5.2 billiona and $5.4 billion.

On a non-GAAP basis, which excludes certain non-cash expenses like stock-based compensation and amortization, the company expects gross margin to be between 33% and 34%, and diluted earnings per share to range from $0.75 to $0.80b. Investors should note the reconciliation provided for non-GAAP adjustments, which outlines specific expense add-backs that influence the non-GAAP figures.

02—Key points

Key Highlights

  1. Micron updated its Q3 fiscal year 2020 guidance (ending May 28, 2020) at the Bernstein Strategic Decisions Conference.
  2. Projected Q3 revenue is between $5.2 billion and $5.4 billion.
  3. Expected Q3 GAAP gross margin is 32% - 33%.
  4. Expected Q3 non-GAAP gross margin is 33% - 34%, reflecting a 1% adjustment.
  5. Projected Q3 GAAP diluted earnings per share (EPS) is $0.61 - $0.66.
  6. Projected Q3 non-GAAP diluted EPS is $0.75 - $0.80, with specific adjustments for stock-based compensation, other operating expenses, and debt discount amortization.
  7. The guidance does not include impacts from potential future business combinations, divestitures, or other significant transactions.

03—Questions

Frequently Asked Questions

  1. What is the key takeaway from this 8-K filing?

    The key takeaway is that Micron updated its financial outlook for the third fiscal quarter of 2020, providing investors with revised revenue and earnings per share projections.

  2. What are the main financial figures Micron is guiding for in Q3 FY2020?

    Micron is guiding for Q3 FY2020 revenue between $5.2 billion and $5.4 billion, with non-GAAP diluted EPS expected to be between $0.75 and $0.80.

  3. What is the difference between GAAP and non-GAAP guidance provided?

    The non-GAAP guidance adjusts for certain items such as stock-based compensation, other operating expenses, amortization of debt discount, and tax effects. For Q3 FY2020, these adjustments are expected to increase gross margin by approximately 1% and increase diluted EPS by about $0.14.

  4. Does this guidance include any potential future events?

    No, the guidance explicitly states it does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, or other significant transactions, as the timing and impact of such events are uncertain.

04—Continue

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