Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2024


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 million$5.30 billion ± $200 million
Gross margin12.0% ± 1.5%13.0% ± 1.5%
Operating expenses$1.07 billion ± $15 million$950 million ± $15 million
Diluted earnings (loss) per share($0.45) ± $0.07($0.28) ± $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, 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® 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, 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,
2023
August 31,
2023
December 1,
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  



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