Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2022

Micron Ships the Industry’s First 176-Layer QLC NAND in Volume and Unveils the 2400 PCIe Gen4 Client SSD

Micron Ships the Industry’s First 176-Layer QLC NAND in Volume and Unveils the 2400 PCIe Gen4 Client SSD

Listen to this Article

Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2022, which ended Dec. 2, 2021.

Fiscal Q1 2022 highlights

  • Revenue of $7.69 billion versus $8.27 billion for the prior quarter and $5.77 billion for the same period last year
  • GAAP net income of $2.31 billion, or $2.04 per diluted share
  • Non-GAAP net income of $2.47 billion, or $2.16 per diluted share
  • Operating cash flow of $3.94 billion versus $3.88 billion for the prior quarter and $1.97 billion for the same period last year

“Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” said Micron Technology President and CEO Sanjay Mehrotra. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers. As powerful secular trends including 5G, AI, and EV adoption fuel demand growth, our technology leadership and world-class execution position us to create significant shareholder value in fiscal 2022 and beyond.”

Quarterly Financial Results
(in millions, except per share amounts) GAAP(1)   Non-GAAP(2)
FQ1-22 FQ4-21 FQ1-21   FQ1-22 FQ4-21 FQ1-21
               
Revenue $ 7,687   $ 8,274   $ 5,773     $ 7,687   $ 8,274   $ 5,773  
Gross margin 3,565   3,912   1,736     3,616   3,964   1,784  
percent of revenue 46.4 % 47.3 % 30.1 %   47.0 % 47.9 % 30.9 %
Operating expenses 934   957   870     891   891   811  
Operating income 2,631   2,955   866     2,725   3,073   973  
percent of revenue 34.2 % 35.7 % 15.0 %   35.4 % 37.1 % 16.9 %
Net income 2,306   2,720   803     2,471   2,778   897  
Diluted earnings per share 2.04   2.39   0.71     2.16   2.42   0.78  

Investments in capital expenditures, net(2) were $3.27 billion for the first quarter of 2022, which resulted in adjusted free cash flows(2) of $671 million. Micron repurchased approximately 3.6 million shares of its common stock for $259 million during the first quarter of fiscal 2022 and ended the quarter with cash, marketable investments, and restricted cash of $11.48 billion, for a net cash(2) position of $4.46 billion.

On December 17, 2021, Micron’s Board of Directors declared a quarterly dividend of $0.10 per share, payable in cash on January 18, 2022, to shareholders of record as of the close of business on January 3, 2022.

Business Outlook

The following table presents Micron’s guidance for the second quarter of 2022:

FQ2-22 GAAP(1) Outlook Non-GAAP(2) Outlook
     
Revenue $7.5 billion ± $200 million $7.5 billion ± $200 million
Gross margin 45.0% ± 1% 46.0% ± 1%
Operating expenses $1,058 million ± $25 million $975 million ± $25 million
Diluted earnings per share $1.83 ± $0.10

Leave a Reply