Micron Reports Results for the Second Quarter of Fiscal 2021

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Micron Technology 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
(in millions, except per share amounts)GAAP(1) Non-GAAP(2)
FQ2-21FQ1-21FQ2-20 FQ2-21FQ1-21FQ2-20
        
Revenue$6,236 $5,773 $4,797  $6,236 $5,773 $4,797 
Gross margin1,649 1,736 1,355  2,054 1,784 1,398 
percent of revenue26.4%30.1%28.2% 32.9%30.9%29.1%
Operating expenses986 870 915  797 811 856 
Operating income663 866 440  1,257 973 542 
percent of revenue10.6%15.0%9.2% 20.2%16.9%11.3%
Net income attributable to Micron603 803 405  1,128 897 517 
Diluted earnings per share0.53 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:

FQ3-21GAAP(1) OutlookNon-GAAP(2) Outlook
   
Revenue$7.1 billion ± $200 million$7.1 billion ± $200 million
Gross margin40.5% ± 1%41.5% ± 1%
Operating expenses$930 million ± $25 million$875 million ± $25 million
Interest (income) expense, net$27 million$25 million
Diluted earnings per share$1.52 ± $0.07$1.62 ± $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.

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