Investor Webcast
Micron will host a conference call on Tuesday, Sept. 29, 2020 at 2:30 p.m. MT to discuss its fourth quarter financial results and provide forward-looking guidance for its first 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.
About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions. Through our global brands — Micron® and Crucial® — our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, 3D XPoint™ memory, and NOR, is transforming how the world uses information to enrich life for all. Backed by more than 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking. Our common stock is traded on Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit micron.com.
Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements regarding the industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.
| (1) | GAAP represents U.S. Generally Accepted Accounting Principles. |
| (2) | Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, net cash, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. |
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
| 4th Qtr. | 3rd Qtr. | 4th Qtr. | Year Ended | ||||||||||||
|
September 3,
2020 |
May 28,
2020 |
August 29,
2019 |
September 3,
2020 |
August 29,
2019 | |||||||||||
| Revenue | $ | 6,056 | $ | 5,438 | $ | 4,870 | $ | 21,435 | $ | 23,406 | |||||
| Cost of goods sold | 3,988 | 3,675 | 3,475 | 14,883 | 12,704 | ||||||||||
| Gross margin | 2,068 | 1,763 | 1,395 | 6,552 | 10,702 | ||||||||||
| Selling, general, and administrative | 231 | 216 | 212 | 881 | 836 | ||||||||||
| Research and development | 630 | 649 | 623 | 2,600 | 2,441 | ||||||||||
| Other operating (income) expense, net | 50 | 10 | (90) | 68 | 49 | ||||||||||
| Operating income | 1,157 | 888 | 650 | 3,003 | 7,376 | ||||||||||
| Interest income | 13 | 23 | 57 | 114 | 205 | ||||||||||
| Interest expense | (50) | (51) | (39) | (194) | (128) | ||||||||||
| Other non-operating income (expense), net | 5 | 10 | (13) | 60 | (405) | ||||||||||
| 1,125 | 870 | 655 | 2,983 | 7,048 | |||||||||||
| Income tax (provision) benefit | (136) | (68) | (71) | (280) | (693) | ||||||||||
| Equity in net income (loss) of equity method investees | 1 | 3 | 2 | 7 | 3 | ||||||||||
| Net income | 990 | 805 | 586 | 2,710 | 6,358 | ||||||||||
| Net income attributable to noncontrolling interests | (2) | (2) | (25) | (23) | (45) | ||||||||||
| Net income attributable to Micron | $ | 988 | $ | 803 | $ | 561 | $ | 2,687 | $ | 6,313 | |||||
| Earnings per share | |||||||||||||||
| Basic | $ | 0.89 | $ | 0.72 | $ | 0.51 | $ | 2.42 | $ | 5.67 | |||||
| Diluted | 0.87 | 0.71 | 0.49 | 2.37 | 5.51 | ||||||||||
| Number of shares used in per share calculations | |||||||||||||||
| Basic | 1,111 | 1,111 | 1,104 | 1,110 | 1,114 | ||||||||||
| Diluted | 1,131 | 1,129 | 1,128 | 1,131 | 1,143 | ||||||||||
