Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2021
Industry’s first 176-layer NAND in production
BOISE, Idaho, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2021, which ended Dec. 3, 2020.
Fiscal Q1 2021 highlights
- Revenue of
$5.77 billion versus$6.06 billion for the prior quarter and$5.14 billion for the same period last year - GAAP net income of
$803 million , or$0.71 per diluted share - Non-GAAP net income of
$897 million , or$0.78 per diluted share - Operating cash flow of
$1.97 billion versus$2.27 billion for the prior quarter and$2.01 billion for the same period last year
“Micron delivered outstanding fiscal first quarter results, driven by focused execution and strong end-market demand,” said Micron Technology President and CEO Sanjay Mehrotra. “We are excited about the strengthening DRAM industry fundamentals. For the first time in our history, Micron is simultaneously leading on DRAM and NAND technologies, and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI, 5G, cloud, and the intelligent edge.”
| Quarterly Financial Results | |||||||||||||||||||
| (in millions, except per share amounts) | GAAP(1) | Non-GAAP(2) | |||||||||||||||||
| FQ1-21 | FQ4-20 | FQ1-20 | FQ1-21 | FQ4-20 | FQ1-20 | ||||||||||||||
| Revenue | $ | 5,773 | $ | 6,056 | $ | 5,144 | $ | 5,773 | $ | 6,056 | $ | 5,144 | |||||||
| Gross margin | 1,736 | 2,068 | 1,366 | 1,784 | 2,111 | 1,405 | |||||||||||||
| percent of revenue | 30.1 | % | 34.1 | % | 26.6 | % | 30.9 | % | 34.9 | % | 27.3 | % | |||||||
| Operating expenses | 870 | 911 | 848 | 811 | 809 | 811 | |||||||||||||
| Operating income | 866 | 1,157 | 518 | 973 | 1,302 | 594 | |||||||||||||
| percent of revenue | 15.0 | % | 19.1 | % | 10.1 | % | 16.9 | % | 21.5 | % | 11.5 | % | |||||||
| Net income attributable to Micron | 803 | 988 | 491 | 897 | 1,229 | 548 | |||||||||||||
| Diluted earnings per share | 0.71 | 0.87 | 0.43 | 0.78 | 1.08 | 0.48 | |||||||||||||
Investments in capital expenditures, net(2) were
Business Outlook
The following table presents Micron’s guidance for the second quarter of 2021:
| FQ2-21 | GAAP(1) Outlook | Non-GAAP(2) Outlook |
| Revenue | ||
| Gross margin | ||
| Operating expenses | ||
| Interest (income) expense, net | ||
| Diluted earnings per share |
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Investor Webcast
Micron will host a conference call on Thursday, Jan. 7, 2021, at 2:30 p.m. MT to discuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.
About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions. Through our global brands — Micron® and Crucial® — our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, 3D XPoint™ memory, and NOR, is transforming how the world uses information to enrich life for all. Backed by more than 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking. Our common stock is traded on Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit micron.com.
Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.
| (1) | GAAP represents U.S. Generally Accepted Accounting Principles. |
| (2) | Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, net cash, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. |
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
| 1st Qtr. | 4th Qtr. | 1st Qtr. | |||||||||
| December 3, 2020 | September 3, 2020 | November 28, 2019 | |||||||||
| Revenue | $ | 5,773 | $ | 6,056 | $ | 5,144 | |||||
| Cost of goods sold | 4,037 | 3,988 | 3,778 | ||||||||
| Gross margin | 1,736 | 2,068 | 1,366 | ||||||||
| Research and development | 647 | 630 | 640 | ||||||||
| Selling, general, and administrative | 214 | 231 | 211 | ||||||||
| Other operating (income) expense, net | 9 | 50 | (3 | ) | |||||||
| Operating income | 866 | 1,157 | 518 | ||||||||
| Interest income | 10 | 13 | 44 | ||||||||
| Interest expense | (48 | ) | (50 | ) | (47 |
Micron Technology, Inc.
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