Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2024
BOISE, Idaho, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (NASDAQ:MU) today announced results for its fourth quarter and full year of fiscal 2024, which ended August 29, 2024.
Fiscal Q4 2024 highlights
Revenue of $7.75 billion versus $6.81 billion for the prior quarter and $4.01 billion for the same period last year
GAAP net income of $887 million, or $0.79 per diluted share
Non-GAAP net income of $1.34 billion, or $1.18 per diluted share
Operating cash flow of $3.41 billion versus $2.48 billion for the prior quarter and $249 million for the same period last year
Fiscal 2024 highlights
Revenue of $25.11 billion versus $15.54 billion for the prior year
GAAP net income of $778 million, or $0.70 per diluted share
Non-GAAP net income of $1.47 billion, or $1.30 per diluted share
Operating cash flow of $8.51 billion versus $1.56 billion for the prior year
"Micron delivered 93% year-over-year revenue growth in fiscal Q4, as robust AI demand drove a strong ramp of our data center DRAM products and our industry-leading high bandwidth memory. Our NAND revenue record was led by data center SSD sales, which exceeded $1 billion in quarterly revenue for the first time," said Micron Technology President and CEO Sanjay Mehrotra. "We are entering fiscal 2025 with the best competitive positioning in Micron's history. We forecast record revenue in fiscal Q1 and a substantial revenue record with significantly improved profitability in fiscal 2025."
Quarterly Financial Results
(in millions, except per share amounts)
GAAP(1)
Non-GAAP(2)
FQ4-24
FQ3-24
FQ4-23
FQ4-24
FQ3-24
FQ4-23
Revenue
$
7,750
$
6,811
$
4,010
$
7,750
$
6,811
$
4,010
Gross margin
2,737
1,832
(435
)
2,826
1,917
(366
)
percent of revenue
35.3
%
26.9
%
(10.8
%)
36.5
%
28.1
%
(9.1
%)
Operating expenses
1,215
1,113
1,037
1,081
976
842
Operating income (loss)
1,522
719
(1,472
)
1,745
941
(1,208
)
percent of revenue
19.6
%
10.6
%
(36.7
%)
22.5
%
13.8
%
(30.1
%)
Net income (loss)
887
332
(1,430
)
1,342
702
(1,177
)
Diluted earnings (loss) per share
0.79
0.30
(1.31
)
1.18
0.62
(1.07
)
Annual Financial Results
(in millions, except per share amounts)
GAAP(1)
Non-GAAP(2)
FY-24
FY-23
FY-24
FY-23
Revenue
$
25,111
$
15,540
$
25,111
$
15,540
Gross margin
5,613
(1,416
)
5,943
(1,196
)
percent of revenue
22.4
%
(9.1
%)
23.7
%
(7.7
%)
Operating expenses
4,309
4,329
4,008
3,623
Operating income (loss)
1,304
(5,745
)
1,935
(4,819
)
percent of revenue
5.2
%
(37.0
%)
7.7
%
(31.0
%)
Net income (loss)
778
(5,833
)
1,472
(4,862
)
Diluted earnings (loss) per share
0.70
(5.34
)
1.30
(4.45
)
Investments in capital expenditures, net(2) were $3.08 billion for the fourth quarter of 2024 and $8.12 billion for the full year of 2024, which resulted in adjusted free cash flows(2) of $323 million for the fourth quarter of 2024 and $386 million for the full year of 2024. Micron ended the year with cash, marketable investments, and restricted cash of $9.16 billion. On September 25, 2024, Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 23, 2024, to shareholders of record as of the close of business on October 7, 2024.
Business Outlook
The following table presents Micron's guidance for the first quarter of 2025:
FQ1-25
GAAP(1) Outlook
Non-GAAP(2) Outlook
Revenue
$8.70 billion ± $200 million
$8.70 billion ± $200 million
Gross margin
38.5% ± 1.0%
39.5% ± 1.0%
Operating expenses
$1.211 billion ± $15 million
$1.085 billion ± $15 million
Diluted earnings per share
$1.54 ± $0.08
$1.74 ± $0.08
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 Wednesday, September 25, 2024 at 2:30 p.m. Mountain Time to discuss its fourth quarter financial results and provide forward-looking guidance for its first 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 us on X
About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities, from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (NASDAQ:MU), visit micron.com.
© 2024 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property 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, including our guidance for the first quarter and full year fiscal 2025. 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, including 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 investors.micron.com/risk-factor. 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 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, 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)
4th Qtr.
3rd Qtr.
4th Qtr.
Year Ended
August 29,2024
May 30,2024
August 31,2023
August 29,2024
August 31,2023
Revenue
$
7,750
$
6,811
$
4,010
$
25,111
$
15,540
Cost of goods sold
5,013
4,979
4,445
19,498
16,956
Gross margin
2,737
1,832
(435
)
5,613
(1,416
)
Research and development
903
850
719
3,430
3,114
Selling, general, and administrative
295
291
219
1,129
920
Restructure and asset impairments
1
—
4
1
171
Other operating (income) expense, net
16
(28
)
95
(251
)
124
Operating income (loss)
1,522
719
(1,472
)
1,304
(5,745
)
Interest income
131
136
134
529
468
Interest expense
(136
)
(150
)
(129
)
(562
)
(388
)
Other non-operating income (expense), net
(7
)
10
9
(31
)
7
1,510
715
(1,458
)
1,240
(5,658
)
Income tax (provision) benefit
(623
)
(377
)
24
(451
)
(177
)
Equity in net income (loss) of equity method investees
—
(6
)
4
(11
)
2
Net income (loss)
$
887
$
332
$
(1,430
)
$
778
$
(5,833
)
Earnings (loss) per share
Basic
$
0.80
$
0.30
$
(1.31
)
$
0.70
$
(5.34
)
