Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2020

DRAM portfolio strengthened with 1z ramp; High-value NAND shipments reach record levels in FY20

BOISE, Idaho, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2020, which ended Sept. 3, 2020.

Fiscal Q4 2020 highlights

  • Revenue of $6.06 billion versus $5.44 billion for the prior quarter and $4.87 billion for the same period last year
  • GAAP net income of $988 million, or $0.87 per diluted share
  • Non-GAAP net income of $1.23 billion, or $1.08 per diluted share
  • Operating cash flow of $2.27 billion versus $2.02 billion for the prior quarter and $2.23 billion for the same period last year

Fiscal 2020 highlights

  • Revenue of $21.44 billion versus $23.41 billion for the prior year
  • GAAP net income of $2.69 billion, or $2.37 per diluted share
  • Non-GAAP net income of $3.24 billion, or $2.83 per diluted share
  • Operating cash flow of $8.31 billion versus $13.19 billion for the prior year

“Micron delivered solid fiscal fourth quarter revenue and EPS resulting from strong DRAM sales in cloud, PC and gaming consoles and an extraordinary increase in QLC NAND shipments,” said Micron Technology President and CEO Sanjay Mehrotra. “We look forward to improving market conditions throughout calendar 2021, driven by 5G, cloud and automotive growth, and we are excited by the continued momentum in our product portfolio.”

Quarterly Financial Results
(in millions, except per share amounts) GAAP(1)  Non-GAAP(2)
FQ4-20 FQ3-20 FQ4-19  FQ4-20 FQ3-20 FQ4-19
        
Revenue$6,056 $5,438 $4,870  $6,056 $5,438 $4,870 
Gross margin2,068 1,763 1,395  2,111 1,804 1,491 
percent of revenue34.1%32.4%28.6% 34.9%33.2%30.6%
Operating expenses911 875 745  809 823 797 
Operating income1,157 888 650   1,302   981   694  
percent of revenue 19.1 % 16.3 % 13.3 %   21.5 % 18.0 % 14.3 %
Net income attributable to Micron 988   803   561     1,229   941   637  
Diluted earnings per share 0.87   0.71   0.49     1.08   0.82   0.56  

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