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