Summary
Micron Technology Inc. (MU) reported strong performance in its fiscal year ending September 1, 2021, with total revenue increasing by 29% to $27.7 billion, driven by significant growth in both DRAM and NAND sales. The company achieved industry leadership in its 176-layer NAND and 1α (1-alpha) DRAM technologies, launching products based on these advancements. This technological progress, coupled with strong demand in key markets like cloud servers and mobile devices due to evolving work-from-home and 5G trends, contributed to a notable improvement in gross margin to 38%. The company is strategically focusing on memory and storage innovations, exemplified by its decision to cease development of 3D XPoint technology and its agreement to sell the associated Lehi facility for $900 million. Despite ongoing supply chain constraints and the general uncertainty surrounding the COVID-19 pandemic, Micron demonstrated resilience. The company continued its capital expenditure program, with significant investments planned for next-generation technologies and capacity expansion, indicating a commitment to future growth and technological advancement in the dynamic semiconductor industry.
Financial Highlights
53 data points| Revenue | $27.70B |
| Cost of Revenue | $17.28B |
| Gross Profit | $10.42B |
| R&D Expenses | $2.66B |
| SG&A Expenses | $894.00M |
| Operating Income | $6.28B |
| Interest Expense | $183.00M |
| Net Income | $5.86B |
| EPS (Basic) | $5.23 |
| EPS (Diluted) | $5.14 |
| Shares Outstanding (Basic) | 1.12B |
| Shares Outstanding (Diluted) | 1.14B |
Key Highlights
- 1Revenue increased by 29% to $27.7 billion in fiscal year 2021, primarily driven by strong DRAM and NAND sales.
- 2Micron achieved industry leadership with its 176-layer NAND and 1α (1-alpha) DRAM technologies, introducing products based on these advancements.
- 3Gross margin improved significantly to 38% in fiscal year 2021, up from 31% in fiscal year 2020, reflecting higher average selling prices for DRAM and cost reductions.
- 4The company is divesting its 3D XPoint technology and related Lehi facility for $900 million, sharpening its focus on core memory and storage solutions.
- 5Strong demand was observed in key markets such as cloud servers and mobile devices, fueled by work-from-home trends and 5G adoption.
- 6Micron announced a significant capital expenditure plan of $11 billion to $12 billion for fiscal year 2022, focusing on next-generation NAND and DRAM, and EUV lithography.
- 7The company managed ongoing supply chain constraints and the impacts of the COVID-19 pandemic while maintaining operational capacity.