마이크론 2019년3분기(3월-5월말) 실적 발표

2019.06.25

http://investors.micron.com/static-files/7fb0041e-42aa-44b7-939f-21e58083a1e7

 

Dram

Anticipate healthy Y/Y bit demand growth in 2HCY19

▪ CY2019 bit demand growth in mid-teens;

industry bit supply growth tracking to mid-to-high teens

▪ Continuing with previously announced 5% idling of wafer starts

마이크론은 2019년 하반기에는 전년대비 건전한 디램 빗그로스를 예상.

마이크론은 2019년 전체로는 10% 중반대의 디램 빗그로스를 예상하고 시장 전체로는

10%중반에서 후반 사이의 빗그로를 예상.

전에 언급한 디램 웨이퍼 5% 감산 지속할 것이다.

 

NAND

CY2019 bit demand growth in mid-30s; industry bit supply growth in high-30s

▪ Targeting bit shipments to grow close to industry bit demand growth rate

▪ Reducing our wafer starts by ~10%, an increase from 5% previously

마이크론의 2019년 낸드 빗그로스는 30%중반대 예상하고 산업 전체로는 30%후반대 예상.

낸드웨이퍼 투입 감축: 지난번 5% 감소에서 10%감소로 확대.

 

디램 매출은 전체 매출의 64%차지: 64% of overall company revenue in FQ3-19

▪ Revenue down 19% Q/Q and down 45% Y/Y 매출은 전분기 대비 19%하락, 전년 동기대비 45%하락

▪ ASPs approached down 20% Q/Q 디램 판매가 전분기대비 20% 하락.

▪ Shipment quantities relatively flat Q/Q , 31% of overall company revenue in FQ3-19

 

낸드

▪ Revenue down 18% Q/Q and down 25% Y/Y 낸드 매출은 전분기대비 18% 하락, 전년비 25% 하락.

▪ ASPs down mid-teens percent range Q/Q 판매가는 전분기대비 10% 중반대 하락.

▪ Bit shipments down mid-single-digit percent range Q/Q

빗그로스는 전분기 대비 한자릿수 중반대 하락

 

Non-GAAP Operatin Results

 

Revenue: $4.8 billion
Gross Margin: 39%
Net Income: $1.2 billion
Diluted EPS: $1.05
Operating Expenses: $774 million
Operating Income: $1.1 billion
Cash from Operations: $2.7 billion

 

2019년 4분기(6월-8월말) 예상 실적

갭 ( 조정  논갭)

Revenue $4.5 billion ± $200 million 

매출은 45억달러(플러스 마이너스 2억달러)
Gross margin 27% ±1.5% (2% A / 29% ± 1.5%)

매출총이익은 27%(논갭은 29%)
Operating expenses $723 million ± $25 million ($62 million B/ $785 million ± $25 million )

영업비용은 7.23억달러

Diluted EPS* $0.41 ± $0.07 /$0.04 A,B,C / $0.45 ± $0.07
주당 순이익은 0.41달러(논갭은 0.45달러)
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https://www.barrons.com/articles/micron-stock-earnings-51561498893?siteid=

yhoof2&yptr=yahoo

On its conference call, the company said the current industry environment is difficult, but it predicted memory demand will improve later this calendar year. Micron also cited lower inventory levels at cloud computing vendors and likely better demand from the laptop computer market

클라우드 컴퓨팅회사들의 재고가 감소하고있고

랩탑 컴퓨터 시장이 더 좋아지는 것같다.

Micron said it resumed some shipments to Chinese telecom equipment maker Huawei Technologies in the past two weeks. Many analysts had expected U.S. restrictions would stop Micron from selling to Huawei. Micron said last month that Huawei represented 13% of total revenue in the first half of fiscal 2019.

Micron forecast an adjusted earnings-per-share range of 38 cents to 52 cents for its fourth fiscal quarter, versus the consensus estimate of 58 cents, according to FactSet. The company also said sales for the quarter would be $4.3 billion to $4.7 billion, compared with the $4.6 billion average forecast. It said capex for fiscal 2020 will be “meaningfully lower” than fiscal 2019.

.......................................................................................

 

Update with Q4 guidance:

The Q4 view has revenue within $200M of $4.5B (consensus: $4.56B) and EPS within $0.07 of $0.45 (consensus: $0.70). Gross margin expected within 1.9% of 29% (consensus: 34.8%) and opex within $25M of $785M.

Original post: Micron (NASDAQ:MU) earnings call includes a further reduction to CY19 NAND wafer starts.

CY19 DRAM forecast has "healthy" Y/Y bit demand growth in H2 with mid-teens growth for the full year, compared to the mid-to-high teens predicted for the industry. The company plans to stick with its 5% idling of wafer starts.

CY19 NAND bit growth is expected in the mid-30% range compared to the high-30s expected by the industry. Micron targets its bit growth to approach that of the industry.

The company is doubling its wafer start cuts from the 5% last quarter to 10%.

낸드 웨이퍼 투입량 감축 : 지난분기 5%에서 이번 분기 10%로 증가

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https://seekingalpha.com/news/3473723-micron-plus-4-percent-

q3-earnings-strength?dr=1#email_link

Update with segment performance info:

 

DRAM revenue was down 19% Q/Q and 45% Y/Y. ASPs were down nearly 20% Q/Q, and shipment quantities were relatively flat.

 

NAND revenue dropped 18% Q/Q and 25% Y/Y. ASPs were down in the mid-teens percentage range Q/Q, and shipments down mid-single digits.

 

More revenue: Compute and Networking, down 13% Q/Q and 48% Y/Y; Mobile, down 27% Q/Q and 33% Y/Y; Storage, down 20% Q/Q and 29% Y/Y; Embedded, down 12% Q/Q and 22% Y/Y.

 

Original post: Micron (NASDAQ:MU) +4.2% after Q3 beats that topped the highest earnings estimate with a reported $1.05 (consensus: $0.78).

 

Adjusted gross margin was 39.3%, down from last year's 60.9% but near the upper end of Micron's guidance.

 

Q3 capex totaled $2.21B, leading to FCF of $504M.

 

Another capex cut: "Micron's improved competitive position and strong execution helped us deliver solid results despite a challenging environment.

While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance," says CEO Sanjay Mehrotra.

"우리는 수요가 살아나고 있는 것을 보고 있다. 하지만 2020년 회계년도에 수요공급 균형을 맞추기 위해

캐펙스를 줄일 것이다"라고 메로트라 사장은 말했다.

 

Earnings call starts at 4:30 PM ET with a webcast here

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work through

https://finance.yahoo.com/news/micron-resumes-huawei-shipments-forecast-211705757.html

 

Micron’s announcement helped other chip shares gain. The Boise, Idaho-based company’s stock had been among the most hardest hit this year by concern that a trade war between would cut U.S. companies off from their largest market, China.

Mehrotra also said there are signs that demand is increasing as his customers work through

their stockpiles of unused parts.

 

Last quarter, the company said it would idle 5% of production for DRAM and NAND memory

chips because of weaker demand and reduce its planned capital expenses in the fiscal year

to about $9 billion.

Micron said Tuesday it intends to “meaningfully” reduce its spending on new plants and

equipment in its fiscal year 2020, in order to align increases in supply with demand levels.

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https://seekingalpha.com/filing/4543594

Fiscal Q3 2019 Highlights

• Revenue of $4.79 billion versus $7.80 billion for the same period last year

• GAAP net income of $840 million , or $0.74 per diluted share

• Non-GAAP net income of $1.20 billion , or $1.05 per diluted share

• Operating cash flow of $2.71 billion versus $4.26 billion for the same period last year

•	Share repurchases of $2.66 billion under the authorized buyback program in the first nine months of 2019

 

"Micron's improved competitive position and strong execution helped us deliver solid results despite a challenging environment," said Micron Technology President and CEO Sanjay Mehrotra. "While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance."

 

Quarterly Financial Results
(in millions, except per share amounts)	GAAP (1)																Non-GAAP (2)
	FQ3-19					FQ2-19					FQ3-18						FQ3-19					FQ2-19					FQ3-18
Revenue	$	4,788				$	5,835				$	7,797					$	4,788				$	5,835				$	7,797
Gross margin	$	1,828				$	2,864				$	4,723					$	1,884				$	2,928				$	4,750
percent of revenue	38.2		%			49.1		%			60.6		%				39.3		%			50.2		%			60.9		%
Operating income	$	1,010				$	1,957				$	3,953					$	1,110				$	2,110				$	4,017
percent of revenue	21.1		%			33.5		%			50.7		%				23.2		%			36.2		%			51.5		%
Net income attributable to Micron	$	840				$	1,619				$	3,823					$	1,198				$	1,971				$	3,898
Diluted earnings per share	$	0.74				$	1.42				$	3.10					$	1.05				$	1.71				$	3.15

 

Investments in capital expenditures, net of amounts funded by partners, were $2.21 billion for the third quarter of 2019 , which resulted in adjusted free cash flow (3) of $504 million . Micron repurchased an aggregate of 67 million shares of its common stock for $2.66 billion during the first nine months of 2019 in connection with its $10 billion share repurchase authorization. The company ended the third quarter with cash, marketable investments, and restricted cash of $7.93 billion for a net cash (4) position of $3.02 billion .

MICRON TECHNOLOGY, INC.

CONSOLIDATED FINANCIAL SUMMARY

(in millions, except per share amounts)

 

		3 rd Qtr.				2 nd Qtr.				3 rd Qtr.				Nine Months Ended
		May 30, 2019				February 28, 2019				May 31, 2018				May 30, 2019				May 31, 2018
Revenue (1)		$	4,788			$	5,835			$	7,797			$	18,536			$	21,951
Cost of goods sold		2,960				2,971				3,074				9,229				9,211
Gross margin		1,828				2,864				4,723				9,307				12,740
Selling, general, and administrative		206				209				211				624				598
Research and development		606				601				603				1,818				1,574
Other operating (income) expense, net		6				97				(44		)		139				(49		)
Operating income		1,010				1,957				3,953				6,726				10,617
Interest income (expense), net		23				31				(44		)		59				(206		)
Other non-operating income (expense), net (2)		(317		)		(84		)		(193		)		(392		)		(450		)
Income tax (provision) benefit (3)		135				(280		)		109				(622		)		(148		)
Equity in net income (loss) of equity method investees		—				1				(2		)		1				(1		)
Net income attributable to noncontrolling interests		(11		)		(6		)		—				(20		)		(2		)
Net income attributable to Micron		$	840			$	1,619			$	3,823			$	5,752			$	9,810
Earnings per share
Basic		$	0.76			$	1.45			$	3.30			$	5.15			$	8.53
Diluted		0.74				1.42				3.10				5.01				7.96
Number of shares used in per share calculations
Basic		1,105				1,114				1,159				1,117				1,150
Diluted		1,129				1,141				1,235				1,148				1,233

 

 

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CONSOLIDATED FINANCIAL SUMMARY, Continued

As of		May 30, 2019				February 28, 2019				August 30, 2018
Cash and short-term investments		$	6,689			$	7,533			$	6,802
Receivables (1)		3,257				4,416				5,478
Inventories		4,905				4,390				3,595
Total current assets (1)		15,066				16,550				16,039
Long-term marketable investments		1,167				1,614				473
Property, plant, and equipment		27,138				26,204				23,672
Restricted cash		77				76				81
Total assets		46,288				47,487				43,376
Accounts payable and accrued expenses		3,494				4,062				4,374
Current debt (2)(4)		1,346				2,634				859
Total current liabilities		5,397				7,361				5,754
Long-term debt (2)		3,563				3,604				3,777
Total Micron shareholders' equity (1)(2)(5)		35,323				34,567				32,294
Noncontrolling interests in subsidiaries (4)		867				863				870
Total equity		36,190				35,430				33,164