Micron Technology has announced results for its first quarter of fiscal 2021, which ended December 3, 2020.
Fiscal Q1 2021 highlights
- Revenue of $5.77 billion versus $6.06 billion for the prior quarter and $5.14 billion for the same period last year
- GAAP net income of $803 million, or $0.71 per diluted share
- Non-GAAP net income of $897 million, or $0.78 per diluted share
- Operating cash flow of $1.97 billion versus $2.27 billion for the prior quarter and $2.01 billion for the same period last year
Commenting on the development, Sanjay Mehrotra, President and CEO, Micron Technology, said,“Micron delivered outstanding fiscal first quarter results, driven by focused execution and strong end-market demand. We are excited about the strengthening DRAM industry fundamentals. For the first time in our history, Micron is simultaneously leading on DRAM and NAND technologies, and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI, 5G, cloud, and the intelligent edge.”
Quarterly Financial Results | |||||||||||||||||||
(in millions, except per share amounts) | GAAP(1) | Non-GAAP(2) | |||||||||||||||||
FQ1-21 | FQ4-20 | FQ1-20 | FQ1-21 | FQ4-20 | FQ1-20 | ||||||||||||||
Revenue | $ | 5,773 | $ | 6,056 | $ | 5,144 | $ | 5,773 | $ | 6,056 | $ | 5,144 | |||||||
Gross margin | 1,736 | 2,068 | 1,366 | 1,784 | 2,111 | 1,405 | |||||||||||||
percent of revenue | 30.1 | % | 34.1 | % | 26.6 | % | 30.9 | % | 34.9 | % | 27.3 | % | |||||||
Operating expenses | 870 | 911 | 848 | 811 | 809 | 811 | |||||||||||||
Operating income | 866 | 1,157 | 518 | 973 | 1,302 | 594 | |||||||||||||
percent of revenue | 15.0 | % | 19.1 | % | 10.1 | % | 16.9 | % | 21.5 | % | 11.5 | % | |||||||
Net income attributable to Micron | 803 | 988 | 491 | 897 | 1,229 | 548 | |||||||||||||
Diluted earnings per share | 0.71 | 0.87 | 0.43 | 0.78 | 1.08 | 0.48 |
Investments in capital expenditures, net 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 margin | 25% ± 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 |