Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2024
Industry-leading technology and products address the growing demand for AI solutions
BOISE, Idaho, Dec. 20, 2023 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2024, which ended November 30, 2023.
Fiscal Q1 2024 highlights
-- Revenue of $4.73 billion versus $4.01 billion for the prior quarter and
$4.09 billion for the same period last year
-- GAAP net loss of $1.23 billion, or $1.12 per diluted share
-- Non-GAAP net loss of $1.05 billion, or $0.95 per diluted share
-- Operating cash flow of $1.40 billion versus $249 million for the prior
quarter and $943 million for the same period last year
“Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” said Micron Technology President and CEO Sanjay Mehrotra. “We expect our business fundamentals to improve throughout 2024, with record industry TAM projected for calendar 2025. Our industry-leading High Bandwidth Memory for data center AI applications illustrates the strength of our technology and product roadmaps, and we are well positioned to capitalize on the immense opportunities artificial intelligence is fueling across end markets.”
Quarterly Financial Results
GAAP(1) Non-GAAP(2)
-------------- ------------------------------------
(in millions,
except per
share
amounts) FQ1-24 FQ4-23 FQ1-23 FQ1-24 FQ4-23 FQ1-23
-------------- ----------- ----------- ---------- ----------- ----------- ----------
Revenue $ 4,726 $ 4,010 $4,085 $ 4,726 $ 4,010 $4,085
Gross margin (35) (435) 893 37 (366) 934
percent of
revenue (0.7%) (10.8%) 21.9% 0.8% (9.1%) 22.9%
Operating
expenses 1,093 1,037 1,102 992 842 999
Operating
income
(loss) (1,128) (1,472) (209) (955) (1,208) (65)
percent of
revenue (23.9%) (36.7%) (5.1%) (20.2%) (30.1%) (1.6%)
Net income
(loss) (1,234) (1,430) (195) (1,048) (1,177) (39)
Diluted
earnings
(loss) per
share (1.12) (1.31) (0.18) (0.95) (1.07) (0.04)
Investments in capital expenditures, net(2) were $1.73 billion for the first quarter of 2024, which resulted in adjusted free cash flows(2) of negative $333 million for the first quarter of 2024. Micron ended the quarter with cash, marketable investments, and restricted cash of $9.84 billion. On December 20, 2023, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 18, 2024, to shareholders of record as of the close of business on January 2, 2024.
Business Outlook
The following table presents Micron’s guidance for the second quarter of 2024:
FQ2-24 GAAP(1) Outlook Non-GAAP(2) Outlook
Revenue $5.30 billion +/- $200 $5.30 billion +/- $200
million million
Gross margin 12.0% +/- 1.5% 13.0% +/- 1.5%
Operating expenses $1.07 billion +/- $15 $950 million +/- $15
million million
Diluted earnings (loss) ($0.45) +/- $0.07 ($0.28) +/- $0.07
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 Wednesday, December 20, 2023 at 2:30 p.m. Mountain Time 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 us on X @MicronTech.
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(R) and Crucial(R) brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G 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.
(c) 2023 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, technology trends and developments, our addressable market, and our financial and operating results, including our guidance for the second quarter of 2024. 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 our upcoming 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)
1st Qtr. 4th Qtr. 1st Qtr.
November 30, August 31, December 1,
2023 2023 2022
--------------------------- -------------- ------------ ---------------
Revenue $ 4,726 $ 4,010 $ 4,085
Cost of goods sold 4,761 4,445 3,192
--------- ------- --------
Gross margin (35) (435) 893
Research and development 845 719 849
Selling, general, and
administrative 263 219 251
Restructure and asset
impairments -- 4 13
Other operating (income)
expense, net (15) 95 (11)
--------- ------- --------
Operating income (loss) (1,128) (1,472) (209)
Interest income 132 134 88
Interest expense (132) (129) (51)
Other non-operating income
(expense), net (27) 9 (4)
--------- ------- --------
(1,155) (1,458) (176)
Income tax (provision)
benefit (73) 24 (8)
Equity in net income (loss)
of equity method
investees (6) 4 (11)
--------- ------- --------
Net income (loss) $ (1,234) $ (1,430) $ (195)
========= ======= ========
Earnings (loss) per share
Basic $ (1.12) $ (1.31) $ (0.18)
Diluted (1.12) (1.31) (0.18)
Number of shares used in
per share calculations
Basic 1,100 1,095 1,090
Diluted 1,100 1,095 1,090
MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
November 30, August 31,
As of 2023 2023
-------------------------------------------- -------------- --------------
Assets
Cash and equivalents $ 8,075 $ 8,577
Short-term investments 973 1,017
Receivables 2,943 2,443