Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2021

Investments in capital expenditures, net(2) were $2.78 billion for the first quarter of 2021. Micron ended the quarter with cash, marketable investments, and restricted cash of $8.36 billion, for a net cash(2) position of $1.73 billion.

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$5.8 billion ± $200 million$5.8 billion ± $200 million
Gross margin25% ± 1%31% ± 1%
Operating expenses$882 million ± $25 million$825 million ± $25 million
Interest (income) expense, net$37 million$35 million
Diluted earnings per share$0.41 ± $0.07$0.75 ± $0.07

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 )
Other non-operating income (expense), net 13     5     46  
  841     1,125     561  
       
Income tax (provision) benefit (51 )   (136 )   (55 )
Equity in net income (loss) of equity method investees 13     1     2  
Net income 803     990     508  
       
Net income attributable to noncontrolling interests     (2 )   (17 )
Net income attributable to Micron $ 803     $ 988     $ 491  
       
Earnings per share      
Basic $ 0.72     $ 0.89     $ 0.44  
Diluted 0.71     0.87     0.43  
       
Number of shares used in per share calculations      
Basic 1,115     1,111     1,107  
Diluted 1,135     1,131     1,129  
                 

MICRON TECHNOLOGY, INC.

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