Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2023

(2) were $1.01 billion for the fourth quarter of 2023 and $7.01 billion for the full year of 2023, which resulted in adjusted free cash flows(2) of negative $758 million for the fourth quarter of 2023 and negative $5.45 billion for the full year of 2023. Micron ended the year with cash, marketable investments, and restricted cash of $10.52 billion. On September 27, 2023, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 25, 2023, to shareholders of record as of the close of business on October 10, 2023.

Business Outlook

The following table presents Micron’s guidance for the first quarter of 2024:

FQ1-24 GAAP (1) Outlook Non-GAAP (2) Outlook
   
Revenue$4.40 billion ± $200 million$4.40 billion ± $200 million
Gross margin(6.0%) ± 2.0%(4.0%) ± 2.0%
Operating expenses$1.01 billion ± $15 million$900 million ± $15 million
Diluted earnings (loss) per share($1.24) ± $0.07($1.07) ± $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 Wednesday, September 27, 2023 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 @MicronTech on Twitter at twitter.com/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® and Crucial® 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.

© 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, 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, 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 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 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 31,
2023
June 1,
2023
September 1,
2022
August 31,
2023
September 1,
2022
      
Revenue$ 4,010   $ 3,752   $ 6,643   $ 15,540   $ 30,758  
Cost of goods sold   4,445     4,420     4,021     16,956     16,860  
Gross margin   (435 )   (668 )   2,622     (1,416 )   13,898  
           
Research and development   719     758     839     3,114     3,116  
Selling, general, and administrative   219     219     280     920     1,066  
Restructure and asset impairments   4     68     5     171     48  
Other operating (income) expense, net   95     48     (23 )   124     (34 )
Operating income (loss)   (1,472 )   (1,761 )   1,521     (5,745 )   9,702  
           
Interest income   134     127     54     468     96  
Interest expense   (129 )   (119 )   (45 )   (388 )   (189 )
Other non-operating income (expense), net   9         23     7     (38 )
    (1,458 )   (1,753 )   1,553     (5,658 )   9,571  
           
Income tax (provision) benefit   24     (139 )   (56 )   (177 )   (888 )
Equity in net income (loss) of equity method investees   4     (4 )   (5 )   2     4  
Net income (loss) $ (1,430 ) $ (1,896 ) $ 1,492   $ (5,833 ) $ 8,687  
           
Earnings (loss) per share          
Basic $ (1.31 ) $ (1.73 ) $ 1.36   $ (5.34 ) $ 7.81  
Diluted   (1.31 )   (1.73 )   1.35     (5.34 )   7.75  
           
Number of shares used in per share calculations          
Basic   1,095     1,094     1,097     1,093     1,112  
Diluted   1,095     1,094     1,106     1,093     1,122  
                               

MICRON TECHNOLOGY, INC.

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