Summary
Micron Technology, Inc. reported total revenue of $21.4 billion for the fiscal year ended September 3, 2020, a decrease from the prior year, primarily due to a decline in DRAM average selling prices, although NAND sales saw an increase driven by higher bit shipments. The company navigated a challenging market environment impacted by COVID-19, implementing various measures to protect its workforce and ensure business continuity, including shifting supply to meet increased demand in areas like data centers and cloud servers. Despite the revenue dip, Micron continued to invest heavily in R&D and technology development, highlighting progress in advanced DRAM nodes (1Znm and 1-alpha nm) and 128-layer 3D NAND. The company also advanced its high-value solutions and expanded its product portfolio, particularly in the graphics and storage markets. Significant capital expenditures were planned for the upcoming year, signaling continued investment in future growth and technological advancement. The company's financial position remained robust, with substantial cash and investments, and it continued its share repurchase program.
Financial Highlights
53 data points| Revenue | $21.43B |
| Cost of Revenue | $14.88B |
| Gross Profit | $6.55B |
| R&D Expenses | $2.60B |
| SG&A Expenses | $881.00M |
| Operating Income | $3.00B |
| Interest Expense | $194.00M |
| Net Income | $2.69B |
| EPS (Basic) | $2.42 |
| EPS (Diluted) | $2.37 |
| Shares Outstanding (Basic) | 1.11B |
| Shares Outstanding (Diluted) | 1.13B |
Key Highlights
- 1Total revenue for the fiscal year ended September 3, 2020, was $21.4 billion, a decrease from $23.4 billion in the prior year.
- 2Gross margin decreased to 31% from 46% in the prior year, primarily due to lower average selling prices.
- 3The company reported net income attributable to Micron of $2.69 billion, down from $6.31 billion in the prior year.
- 4Investments in R&D remained strong, with a focus on advanced DRAM nodes (1Znm and 1-alpha nm) and 128-layer 3D NAND technology.
- 5COVID-19 impacted demand, leading to shifts in supply towards data centers, cloud servers, and notebooks, while demand for smartphones and automotive products decreased.
- 6Micron acquired Intel's interest in the IMFT joint venture (now MTU) in October 2019.
- 7The company continued its share repurchase program, repurchasing $176 million in fiscal 2020 and $2.66 billion in fiscal 2019.