Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2021
BOISE, Idaho, July 1, 2021 -- Micron Technology, Inc. announced results for its third quarter of fiscal 2021, which ended June 3, 2021.
Fiscal Q3 2021 highlights
- Revenue of $7.42 billion versus $6.24 billion for the prior quarter and $5.44 billion for the same period last year
- GAAP net income of $1.74 billion, or $1.52 per diluted share
- Non-GAAP net income of $2.17 billion, or $1.88 per diluted share
- Operating cash flow of $3.56 billion versus $3.06 billion for the prior quarter and $2.02 billion for the same period last year
“Micron set multiple market and product revenue records in our third quarter and achieved the largest sequential earnings improvement in our history,” said Micron Technology President and CEO Sanjay Mehrotra. “Our industry-leading 1α DRAM and 176-layer NAND now represent a meaningful portion of our production, and Micron is in the best position ever to capitalize on the long-term demand trends across the data center, intelligent edge and user devices.”
| Quarterly Financial Results | ||||||||||||||||||
| GAAP(1) | Non-GAAP(2) | |||||||||||||||||
| (in millions, except per share amounts) | FQ3-21 | FQ2-21 | FQ3-20 | FQ3-21 | FQ2-21 | FQ3-20 | ||||||||||||
| Revenue | $ | 7,422 | $ | 6,236 | $ | 5,438 | $ | 7,422 | $ | 6,236 | $ | 5,438 | ||||||
| Gross margin | 3,126 | 1,649 | 1,763 | 3,185 | 2,054 | 1,804 | ||||||||||||
| percent of revenue | 42.1 | % | 26.4 | % | 32.4 | % | 42.9 | % | 32.9 | % | 33.2 | % | ||||||
| Operating expenses | 1,327 | 986 | 875 | 821 | 797 | 823 | ||||||||||||
| Operating income | 1,799 | 663 | 888 | 2,364 | 1,257 | 981 | ||||||||||||
| percent of revenue | 24.2 | % | 10.6 | % | 16.3 | % | 31.9 | % | 20.2 | % | 18.0 | % | ||||||
| Net income attributable to Micron | 1,735 | 603 | 803 | 2,173 | 1,128 | 941 | ||||||||||||
| Diluted earnings per share | 1.52 | 0.53 | 0.71 | 1.88 | 0.98 | 0.82 | ||||||||||||
Investments in capital expenditures, net(2) were $2.04 billion for the third quarter of 2021, which resulted in adjusted free cash flows(2) of $1.52 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $9.82 billion, for a net cash(2) position of $3.10 billion.
Business Outlook
The following table presents Micron’s guidance for the fourth quarter of 2021:
| FQ4-21 | GAAP(1) Outlook | Non-GAAP(2) Outlook |
| Revenue | $8.2 billion ± $200 million | $8.2 billion ± $200 million |
| Gross margin | 46.0% ± 1% | 47.0% ± 1% |
| Operating expenses | $955 million ± $25 million | $900 million ± $25 million |
| Diluted earnings per share | $2.23 ± $0.10 | $2.30 ± $0.10 |
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
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.
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Source: Micron Technology, Inc.
