Summary
Micron Technology Inc. reported strong financial results for the first quarter of fiscal year 2021, ending December 3, 2020. Revenue increased by 12% year-over-year to $5.77 billion, driven by robust growth in both DRAM and NAND product sales. This top-line growth, coupled with improved manufacturing cost efficiencies, led to a significant increase in operating income and net income. Diluted earnings per share rose to $0.71, up from $0.43 in the prior year's comparable quarter, demonstrating improved profitability. The company's balance sheet remains solid with total assets of $53.69 billion. While cash and equivalents saw a decrease from the prior quarter, this was largely due to significant capital expenditures for property, plant, and equipment, which are crucial for future technology transitions and product enablement. Management anticipates continued strength in demand for memory and storage solutions, supporting positive future outlooks, though the company remains mindful of ongoing market volatility and global economic factors.
Financial Highlights
50 data points| Revenue | $6.24B |
| Cost of Revenue | $4.59B |
| Gross Profit | $1.65B |
| R&D Expenses | $641.00M |
| SG&A Expenses | $214.00M |
| Operating Income | $663.00M |
| Interest Expense | $42.00M |
| Net Income | $603.00M |
| EPS (Basic) | $0.54 |
| EPS (Diluted) | $0.53 |
| Shares Outstanding (Basic) | 1.12B |
| Shares Outstanding (Diluted) | 1.14B |
Key Highlights
- 1Revenue for the first quarter of fiscal year 2021 increased 12% year-over-year to $5.77 billion, compared to $5.14 billion in the prior year's first quarter.
- 2Gross margin improved to 30% from 27% in the first quarter of fiscal year 2020, indicating better cost management and pricing power.
- 3Operating income more than doubled year-over-year, reaching $866 million, up from $518 million in the prior year's first quarter.
- 4Net income attributable to Micron grew substantially to $803 million, or $0.71 per diluted share, compared to $491 million, or $0.43 per diluted share, in the prior year's first quarter.
- 5Capital expenditures were substantial at $2.74 billion for the quarter, reflecting significant investment in property, plant, and equipment for future growth and technology advancements.
- 6The Compute and Networking Business Unit (CNBU) showed strong revenue growth of 29% year-over-year, highlighting demand in client, graphics, and cloud server markets.