Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2020

Rhea-AI Summary

Micron Technology, Inc. (Nasdaq: MU) reported its fiscal Q3 2020 results, showing revenue of $5.44 billion, up from $4.80 billion in Q2 and $4.79 billion year-over-year. GAAP net income reached $803 million or $0.71 per diluted share. Non-GAAP net income was $941 million or $0.82 per share. Operating cash flow stood at $2.02 billion. Micron forecasted Q4 revenues between $5.75 billion and $6.25 billion with an anticipated gross margin of 34.5% ± 1.5%. The company highlighted ongoing advancements in DRAM and NAND technologies.

Positive

• Revenue growth to $5.44 billion from $4.80 billion in Q2.
• GAAP net income rose to $803 million, indicating a strong performance.
• Operating cash flow increased to $2.02 billion, stable compared to prior quarter.
• Forecasted Q4 revenue guidance of $5.75 - $6.25 billion suggests continued growth.

Negative

• Gross margin declined to 32.4% from 38.2% year-over-year.
• Operating expenses increased to $875 million compared to $818 million last year.

BOISE, Idaho, June 29, 2020 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2020, which ended May 28, 2020.

Fiscal Q3 2020 highlights

• Revenue of $5.44 billion versus $4.80 billion for the prior quarter and $4.79 billion for the same period last year
• GAAP net income of $803 million, or $0.71 per diluted share
• Non-GAAP net income of $941 million, or $0.82 per diluted share
• Operating cash flow of $2.02 billion versus $2.00 billion for the prior quarter and $2.71 billion for the same period last year

“Micron’s exceptional execution in the fiscal third quarter drove strong sequential revenue and EPS growth, despite challenges in the macro environment,” said Micron Technology President and CEO Sanjay Mehrotra. “We are ramping the industry’s most advanced DRAM technology into production and have delivered more than 75% of our NAND volume as high-value solutions, supported by record SSD revenue in the quarter. Our portfolio momentum positions us exceedingly well to leverage the long-term growth across our end markets.”

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Quarterly Financial Results
(in millions, except per share amounts)	GAAP(1)		Non-GAAP(2)
FQ3-20	FQ2-20	FQ3-19		FQ3-20	FQ2-20	FQ3-19
39%; width:39%; min-width:39%;">Revenue	1%; width:1%; min-width:1%;">$	7%; width:7%; min-width:7%;">5,438	2%; width:2%; min-width:2%;">	1%; width:1%; min-width:1%;">$	7%; width:7%; min-width:7%;">4,797	2%; width:2%; min-width:2%;">	1%; width:1%; min-width:1%;">$	7%; width:7%; min-width:7%;">4,788	2%; width:2%; min-width:2%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	7%; width:7%; min-width:7%;">5,438	2%; width:2%; min-width:2%;">	1%; width:1%; min-width:1%;">$	7%; width:7%; min-width:7%;">4,797	2%; width:2%; min-width:2%;">	1%; width:1%; min-width:1%;">$	7%; width:7%; min-width:7%;">4,788	2%; width:2%; min-width:2%;">
Gross margin	1,763		1,355		1,828			1,804		1,398		1,884
percent of revenue	32.4	%	28.2	%	38.2	%		33.2	%	29.1	%	39.3	%
Operating expenses	875		915		818			823		856		774
Operating income	888		440		1,010			981		542		1,110
percent of revenue	16.3	%	9.2	%	21.1	%		18.0	%	11.3	%	23.2	%
Net income attributable to Micron	803		405		840			941		517		1,198
Diluted earnings per share	0.71		0.36		0.74			0.82		0.45		1.05

Investments in capital expenditures, net⁽²⁾ were $1.92 billion for the third quarter of fiscal 2020, which resulted in adjusted free cash flows⁽²⁾ of $101 million. Micron repurchased approximately 929,000 shares of its common stock for $40 million during the third quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $9.29 billion, for a net cash⁽²⁾ position of $2.60 billion.

Business Outlook

The following table presents Micron’s guidance for the fourth quarter of fiscal 2020:

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50%; width:50%; min-width:50%;">FQ4-20	25%; width:25%; min-width:25%;">GAAP(1) Outlook	25%; width:25%; min-width:25%;">Non-GAAP(2) Outlook
Revenue	$5.75 billion - $6.25 billion	$5.75 billion - $6.25 billion
Gross margin	34.5% ± 1.5%	35.5% ± 1.5%
Operating expenses	$900 million ± $25 million	$850 million ± $25 million
Interest (income) expense, net	$33 million	$30 million
Diluted earnings per share	$0.88 ± $0.10	$1.05 ± $0.10

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 Monday, June 29, 2020 at 2:30 p.m. MT to discuss its third fiscal quarter financial results and provide forward-looking guidance for its fourth fiscal 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. 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 the 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 the industry, our strategic position, and 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.

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3%; width:3%; min-width:3%;">	97%; width:97%; min-width:97%;">
(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)

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	3rd Qtr.	2nd Qtr.	3rd Qtr.	Nine Months Ended
	May 28, 2020	February 27, 2020	May 30, 2019	May 28, 2020	May 30, 2019
46%; width:46%; min-width:46%;">Revenue	1%; width:1%; min-width:1%;">$	8%; width:8%; min-width:8%;">5,438	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	8%; width:8%; min-width:8%;">4,797	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	8%; width:8%; min-width:8%;">4,788	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	8%; width:8%; min-width:8%;">15,379	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	8%; width:8%; min-width:8%;">18,536	1%; width:1%; min-width:1%;">
Cost of goods sold	3,675			3,442			2,960			10,895			9,229
Gross margin	1,763			1,355			1,828			4,484			9,307
Selling, general, and administrative	216			223			206			650			624
Research and development	649			681			606			1,970			1,818
Other operating (income) expense, net	10			11			6			18			139
Operating income	888			440			1,010			1,846			6,726
Interest income	23			34			52			101			148
Interest expense	(51	)		(46	)		(29	)		(144	)		(89	)
Other non-operating income (expense), net	10			(1	)		(317	)		55			(392	)
	870			427			716			1,858			6,393
Income tax (provision) benefit	(68	)		(21	)		135			(144	)		(622	)
Equity in net income (loss) of equity method investees	3			1			—			6			1
Net income	805			407			851			1,720			5,772
Net income attributable to noncontrolling interests	(2	)		(2	)		(11	)		(21	)		(20	)
Net income attributable to Micron	$	803			$	405			$	840			$	1,699			$	5,752
Earnings per share
Basic	$	0.72			$	0.37			$	0.76			$	1.53			$	5.15
Diluted	0.71			0.36			0.74			1.50			5.01
Number of shares used in per share calculations
Basic	1,111			1,111			1,105			1,110			1,117
Diluted	1,129			1,133			1,129			1,131			1,148

MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)

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As of	May 28, 2020	February 27, 2020	August 29, 2019
Assets
62%; width:62%; min-width:62%;">Cash and equivalents	1%; width:1%; min-width:1%;">$	10%; width:10%; min-width:10%;">8,267	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	10%; width:10%; min-width:10%;">7,118	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	10%; width:10%; min-width:10%;">7,152	1%; width:1%; min-width:1%;">
Short-term investments	391			363			803
Receivables	3,603			3,049			3,195
Inventories	5,405			5,208			5,118
Other current assets	233			238			235
Total current assets	17,899			15,976			16,503
Long-term marketable investments	577			586			1,164
Property, plant, and equipment	30,081			29,647			28,240
Intangible assets	332			332			340
Deferred tax assets	775			764			837
Goodwill	1,228			1,228			1,228
Operating lease right-of-use assets	599			605			—
Other noncurrent assets	514			510			575
Total assets	$	52,005			$	49,648			$	48,887
Liabilities and equity
Accounts payable and accrued expenses	$	5,364			$	5,077			$	4,626
Current debt	330			237			1,310
Other current liabilities	491			508			454
Total current liabilities	6,185			5,822			6,390
Long-term debt	6,356			5,188			4,541
Noncurrent operating lease liabilities	540			548			—
Noncurrent unearned government incentives	553			586			636
Other noncurrent liabilities	453			383			452
Total liabilities	14,087			12,527			12,019
Commitments and contingencies
Redeemable noncontrolling interest	98			98			98
Micron shareholders’ equity
Common stock	119			119			118
Additional capital	8,764			8,725			8,214
Retained earnings	32,402			31,602			30,761
Treasury stock	(3,454	)		(3,414	)		(3,221	)
Accumulated other comprehensive income (loss)	(11	)		(9	)		9
Total Micron shareholders’ equity	37,820			37,023			35,881
Noncontrolling interest in subsidiary	—			—			889
Total equity	37,820			37,023			36,770
Total liabilities and equity	$	52,005			$	49,648			$	48,887

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

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Nine months ended	May 28, 2020	May 30, 2019
Cash flows from operating activities
71%; width:71%; min-width:71%;">Net income	1%; width:1%; min-width:1%;">$	12%; width:12%; min-width:12%;">1,720	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	12%; width:12%; min-width:12%;">5,772	1%; width:1%; min-width:1%;">
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation expense and amortization of intangible assets	4,083			4,008
Amortization of debt discount and other costs	20			39
Stock-based compensation	239			176
(Gain) loss on debt prepayments, repurchases, and conversions	(40	)		386
Change in operating assets and liabilities
Receivables	(461	)		2,373
Inventories	(286	)		(1,315	)
Accounts payable and accrued expenses	700			(703	)
Deferred income taxes, net	26			195
Other	34			25
Net cash provided by operating activities	6,035			10,956
Cash flows from investing activities
Expenditures for property, plant, and equipment	(5,943	)		(7,752	)
Purchases of available-for-sale securities	(793	)		(3,814	)
Proceeds from sales of available-for-sale securities	1,157			1,271
Proceeds from maturities of available-for-sale securities	636			626
Proceeds from government incentives	140			668
Other	(48	)		16
Net cash provided by (used for) investing activities	(4,851	)		(8,985	)
Cash flows from financing activities
Repayments of debt	(4,286	)		(2,376	)
Acquisition of noncontrolling interest in IMFT	(744	)		—
Payments to acquire treasury stock	(203	)		(2,727	)
Payments on equipment purchase contracts	(49	)		(54	)
Proceeds from issuance of debt	5,000			1,800
Other	147			27
Net cash provided by (used for) financing activities	(135	)		(3,330	)
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash	(8	)		6
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,041			(1,353	)
Cash, cash equivalents, and restricted cash at beginning of period	7,279			6,587
Cash, cash equivalents, and restricted cash at end of period	$	8,320			$	5,234

MICRON TECHNOLOGY, INC.
NOTES
(Unaudited)

Property, Plant, and Equipment

We periodically assess the estimated useful lives of our property, plant, and equipment. Based on our assessment of planned technology node transitions, capital spending, and re-use rates, we revised the estimated useful lives of the existing equipment in our NAND wafer fabrication facilities and our research and development facilities from five years to seven years as of the beginning of the first quarter of fiscal 2020. This revision reduced our aggregate depreciation expense by approximately $510 million in the first nine months of fiscal 2020, of which approximately $150 million remained capitalized in inventory as of the end of the third quarter of fiscal 2020. Adjusting for the effect of the reduced amount of depreciation expense remaining in inventory, the revision in estimated useful lives benefited both operating income and net income by approximately $160 million and diluted earnings per share by approximately $0.14 for the third quarter of fiscal 2020, and benefited both operating income and net income by approximately $360 million and diluted earnings per share by approximately $0.32 for the first nine months of fiscal 2020.

Adoption of Lease Accounting Standard

In the first quarter of fiscal 2020, we adopted ASU 2016-02 – Leases (as amended, “ASC 842”), which amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right-of-use asset and corresponding lease liability, measured at the present value of lease payments. In adoption, we applied the modified retrospective method and elected to not recast prior periods. As a result, we recognized $567 million for operating lease liabilities and right-of-use assets and reclassified an additional $66 million of other balances to right-of-use assets to conform to the new presentation requirements of ASC 842.

Debt Activity

On April 24, 2020, we issued $1.25 billion aggregate principal amount of our 2.497% senior notes due 2023 in a public offering.

On March 13, 2020, we drew the $2.50 billion available under our revolving credit facility and on April 24, 2020, we repaid the $2.50 billion outstanding principal amount under our revolving credit facility. As of May 28, 2020, $2.50 billion was available to us under the revolving credit facility.

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)

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	3rd Qtr.	2nd Qtr.	3rd Qtr.
	May 28, 2020	February 27, 2020	May 30, 2019
62%; width:62%; min-width:62%;">GAAP gross margin	1%; width:1%; min-width:1%;">$	10%; width:10%; min-width:10%;">1,763	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	10%; width:10%; min-width:10%;">1,355	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	10%; width:10%; min-width:10%;">1,828	1%; width:1%; min-width:1%;">
Stock-based compensation	34			37			24
Start-up and preproduction costs	—			—			23
Other	7			6			9
Non-GAAP gross margin	$	1,804			$	1,398			$	1,884
GAAP operating expenses	$	875			$	915			$	818
Stock-based compensation	(48	)		(48	)		(34	)
Restructure and asset impairments	(4	)		(10	)		(9	)
Other	—			(1	)		(1	)
Non-GAAP operating expenses	$	823			$	856			$	774
GAAP operating income	$	888			$	440			$	1,010
Stock-based compensation	82			85			58
Start-up and preproduction costs	—			—			23
Restructure and asset impairments	4			10			9
Other	7			7			10
Non-GAAP operating income	$	981			$	542			$	1,110
GAAP net income attributable to Micron	$	803			$	405			$	840
Stock-based compensation	82			85			58
Start-up and preproduction costs	—			—			23
Restructure and asset impairments	4			10			9
Amortization of debt discount and other costs	4			6			10
(Gain) loss on debt repurchases and conversions	2			—			317
Other	7			7			13
Impact of U.S. income tax reform	—			—			(42	)
Estimated tax effects of above, non-cash changes in net deferred income taxes, and assessments of tax exposures	39			4			(30	)
Non-GAAP net income attributable to Micron	$	941			$	517			$	1,198
GAAP weighted-average common shares outstanding - Diluted	1,129			1,133			1,129
Adjustment for stock-based compensation and capped calls	13			11			6
Non-GAAP weighted-average common shares outstanding - Diluted	1,142			1,144			1,135
GAAP diluted earnings per share	$	0.71			$	0.36			$	0.74
Effects of the above adjustments	0.11			0.09			0.31
Non-GAAP diluted earnings per share	$	0.82			$	0.45			$	1.05

RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued

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	3rd Qtr.	2nd Qtr.	3rd Qtr.
	May 28, 2020	February 27, 2020	May 30, 2019
62%; width:62%; min-width:62%;">GAAP net cash provided by operating activities	1%; width:1%; min-width:1%;">$	10%; width:10%; min-width:10%;">2,023	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	10%; width:10%; min-width:10%;">2,001	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	10%; width:10%; min-width:10%;">2,711	1%; width:1%; min-width:1%;">
Investments in capital expenditures, net
Expenditures for property, plant, and equipment, net(1)	(1,937	)		(2,013	)		(2,345	)
Payments on equipment purchase contracts	(20	)		(18	)		(17	)
Amounts funded by partners	35			93			213
Adjusted free cash flow	$	101			$	63			$	562

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3%; width:3%; min-width:3%;">(1)	97%; width:97%; min-width:97%;">Expenditures for property, plant, and equipment, net include proceeds from sales of property, plant, and equipment of $7 million for the third quarter of fiscal 2020, $43 million for the second quarter of fiscal 2020, and $58 million for the third quarter of fiscal 2019.

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As of	May 28, 2020	February 27, 2020	August 29, 2019
62%; width:62%; min-width:62%;">Cash and short-term investments	1%; width:1%; min-width:1%;">$	10%; width:10%; min-width:10%;">8,658	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	10%; width:10%; min-width:10%;">7,481	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	10%; width:10%; min-width:10%;">7,955	1%; width:1%; min-width:1%;">
Current and noncurrent restricted cash	53			53			127
Long-term marketable investments	577			586			1,164
Current and long-term debt	(6,686	)		(5,425	)		(5,851	)
Net cash	$	2,602			$	2,695			$	3,395

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income attributable to Micron, diluted shares, diluted earnings per share, adjusted free cash flow, and net cash. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from numbers presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:

• Stock-based compensation;
• Flow-through of business acquisition-related inventory adjustments;
• Acquisition-related costs;
• Start-up and preproduction costs;
• Employee severance;
• Restructure and asset impairments;
• Amortization of debt discount and other costs, including the accretion of non-cash interest expense associated with our convertible debt and MMJ creditor debt;
• Gains and losses from debt repurchases and conversions;
• Gains and losses from business acquisition activities;
• Impact of U.S. income tax reform for the one-time transition tax, release of U.S. valuation allowance, and remeasurement of net deferred taxes reflecting lower U.S. corporate tax rates; and
• The estimated tax effects of above, non-cash changes in net deferred income taxes, and assessments of tax exposures.

Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income. Non-GAAP diluted shares also include the impact of capped calls, which are anti-dilutive in GAAP earnings per share but are expected to mitigate the dilutive effect of convertible notes, based on the average share price for the period the capped calls were outstanding.

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
(In millions, except per share amounts)

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		GAAP Outlook		Adjustments		Non-GAAP Outlook
34%; min-width:34%;">Revenue	20%; min-width:20%;">$5.75 billion - $6.25 billion	1%; min-width:1%;">	1%; min-width:1%;">	10%; min-width:10%;">—	11%; min-width:11%;">	11%; min-width:11%;">	1%; min-width:1%;">	20%; min-width:20%;">$5.75 billion - $6.25 billion
29%; width:29%; min-width:29%;">Gross margin	23%; width:23%; min-width:23%;">34.5% ± 1.5%	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	11%; width:11%; min-width:11%;">1%	1%; width:1%; min-width:1%;">	9%; width:9%; min-width:9%;">A	1%; width:1%; min-width:1%;">	23%; width:23%; min-width:23%;">35.5% ± 1.5%
Operating expenses	$900 million ± $25 million		$50 million		B		$850 million ± $25 million
Interest (income) expense, net	$33 million		$3 million		C		$30 million
Diluted earnings per share(1)	$0.88 ± $0.10				$0.17		A, B, C, D		$1.05 ± $0.10

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Non-GAAP Adjustments
A	Stock-based compensation – cost of goods sold		$	37
A	Other – cost of goods sold		7
B	Stock-based compensation – sales, general, and administrative		27
B	Stock-based compensation – research and development		23
C	Amortization of debt discount and other costs		3
D	Tax effects of the above items and non-cash changes in net deferred income taxes		99
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3%; width:3%; min-width:3%;">(1)	97%; width:97%; min-width:97%;">GAAP earnings per share based on approximately 1.13 billion diluted shares and non-GAAP earnings per share based on approximately 1.14 billion diluted shares.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

Contacts:

Farhan Ahmad
Investor Relations

(408) 834-1927

Erica Rodriguez Pompen
Media Relations

(408) 834-1873

FAQ

What were Micron's earnings for Q3 2020?

Micron reported GAAP net income of $803 million, or $0.71 per diluted share, for Q3 2020.

What is the forecast for Micron's Q4 2020 revenue?

Micron expects Q4 2020 revenue between $5.75 billion and $6.25 billion.

How did Micron's revenue in Q3 2020 compare to Q2?

In Q3 2020, Micron's revenue increased to $5.44 billion from $4.80 billion in Q2.

What were Micron's cash flow figures for Q3 2020?

Micron generated operating cash flow of $2.02 billion in Q3 2020.

What is Micron's projected gross margin for Q4 2020?

Micron anticipates a gross margin of 34.5% ± 1.5% for Q4 2020.