Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2021, which ended March 4, 2021.
Fiscal Q2 2021 highlights
-- Revenue of $6.24 billion versus $5.77 billion for the prior quarter and
$4.80 billion for the same period last year
-- GAAP net income of $603 million, or $0.53 per diluted share
-- Non-GAAP net income of $1.13 billion, or $0.98 per diluted share
-- Operating cash flow of $3.06 billion versus $1.97 billion for the prior
quarter and $2.00 billion for the same period last year
“Micron’s strong fiscal second quarter performance reflects rapidly improving market conditions and continued solid execution,” said Micron Technology President and CEO Sanjay Mehrotra. “Our technology leadership in both DRAM and NAND places Micron in an excellent position to capitalize on the secular demand driven by AI and 5G, and to deliver new levels of user experience and innovation across the data center and intelligent edge.”
Quarterly Financial Results
GAAP(1) Non-GAAP(2)
-------------- ---------------------------------- ----------------------------------
(in millions,
except per
share
amounts) FQ2-21 FQ1-21 FQ2-20 FQ2-21 FQ1-21 FQ2-20
-------------- ---------- ---------- ---------- ---------- ---------- ----------
Revenue $6,236 $5,773 $4,797 $6,236 $5,773 $4,797
Gross margin 1,649 1,736 1,355 2,054 1,784 1,398
percent of
revenue 26.4% 30.1% 28.2% 32.9% 30.9% 29.1%
Operating
expenses 986 870 915 797 811 856
Operating
income 663 866 440 1,257 973 542
percent of
revenue 10.6% 15.0% 9.2% 20.2% 16.9% 11.3%
Net income
attributable
to Micron 603 803 405 1,128 897 517
Diluted
earnings per
share 0.53 0.71 0.36 0.98 0.78 0.45
Investments in capital expenditures, net(2) were $2.88 billion for the second quarter of 2021, which resulted in adjusted free cash flows(2) of $174 million. Micron ended the quarter with cash, marketable investments, and restricted cash of $8.57 billion, for a net cash(2) position of $1.95 billion.
Business Outlook
The following table presents Micron’s guidance for the third quarter of 2021:
FQ3-21 GAAP(1) Outlook Non-GAAP(2) Outlook
$7.1 billion +/- $200 $7.1 billion +/- $200
Revenue million million
Gross margin 40.5% +/- 1% 41.5% +/- 1%
$930 million +/- $25 $875 million +/- $25
Operating expenses million million
Interest (income)
expense, net $27 million $25 million
Diluted earnings per $1.52 +/- $0.07 $1.62 +/- $0.07
share
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, March 31, 2021, at 2:30 p.m. MT to discuss its second quarter financial results and provide forward-looking guidance for its third 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.
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(R) and Crucial(R) 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.
