Summary
Micron Technology, Inc. reported a significant turnaround in its fiscal year 2017, concluding on August 30, 2017, with a substantial increase in net sales and a return to profitability after a net loss in the prior year. Net sales grew by an impressive 64% year-over-year, reaching $20.32 billion, driven by strong market conditions and increased demand across all its operating segments, particularly in enterprise, mobile, client, and SSD storage. This strong performance translated into a healthy gross margin of 42% and operating income of $5.87 billion, a marked improvement from the previous year's $168 million. The company successfully integrated the acquisition of Inotera, which bolstered its DRAM capabilities, and continued to invest heavily in research and development, spending $1.82 billion to drive innovation in technologies like 3D NAND and 3D XPoint memory. The company ended the fiscal year with a solid cash position and a clear focus on expanding its high-value product offerings, positioning itself favorably for continued growth in the dynamic memory and storage market.
Financial Highlights
29 data points| Revenue | $20.32B |
| Cost of Revenue | $11.89B |
| Gross Profit | $8.44B |
| R&D Expenses | $1.82B |
| SG&A Expenses | $743.00M |
| Operating Income | $5.87B |
| Interest Expense | $601.00M |
| Net Income | $5.09B |
| EPS (Basic) | $4.67 |
| EPS (Diluted) | $4.41 |
| Shares Outstanding (Basic) | 1.09B |
| Shares Outstanding (Diluted) | 1.15B |
Key Highlights
- 1Net sales surged by 64% to $20.32 billion in fiscal year 2017, recovering from a decline in the previous year.
- 2Gross margin improved significantly to 42% in fiscal year 2017, up from 20% in fiscal year 2016, reflecting favorable pricing and cost reductions.
- 3Operating income saw a dramatic increase to $5.87 billion in fiscal year 2017, a substantial rebound from $168 million in fiscal year 2016.
- 4The company made significant capital expenditures of $4.73 billion in fiscal year 2017, primarily for property, plant, and equipment, to support growth and technological advancements.
- 5Micron completed the acquisition of the remaining 67% interest in Inotera, strengthening its DRAM manufacturing capabilities.
- 6Research and development expenses increased to $1.82 billion, underscoring the company's commitment to innovation in advanced memory and storage technologies.
- 7The company's stock price experienced significant growth throughout the fiscal year, as indicated by its performance graph, with prices ranging from $16.62 to $32.50 in 2017.