Micron Reports Results for the First Quarter of Fiscal 2022
BOISE, Idaho, Dec. 21, 2021 — Micron Technology, Inc. has announced results for its first quarter of fiscal 2022, which ended Dec. 2, 2021.
Fiscal Q1 2022 highlights
- Revenue of $7.69 billion versus $8.27 billion for the prior quarter and $5.77 billion for the same period last year
- GAAP net income of $2.31 billion, or $2.04 per diluted share
- Non-GAAP net income of $2.47 billion, or $2.16 per diluted share
- Operating cash flow of $3.94 billion versus $3.88 billion for the prior quarter and $1.97 billion for the same period last year
“Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” said Micron Technology President and CEO Sanjay Mehrotra. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers. As powerful secular trends including 5G, AI, and EV adoption fuel demand growth, our technology leadership and world-class execution position us to create significant shareholder value in fiscal 2022 and beyond.”
| Quarterly Financial Results | |||||||||||||||||||
| (in millions, except per share amounts) | GAAP(1) | Non-GAAP(2) | |||||||||||||||||
| FQ1-22 | FQ4-21 | FQ1-21 | FQ1-22 | FQ4-21 | FQ1-21 | ||||||||||||||
| Revenue | $ | 7,687 | $ | 8,274 | $ | 5,773 | $ | 7,687 | $ | 8,274 | $ | 5,773 | |||||||
| Gross margin | 3,565 | 3,912 | 1,736 | 3,616 | 3,964 | 1,784 | |||||||||||||
| percent of revenue | 46.4 | % | 47.3 | % | 30.1 | % | 47.0 | % | 47.9 | % | 30.9 | % | |||||||
| Operating expenses | 934 | 957 | 870 | 891 | 891 | 811 | |||||||||||||
| Operating income | 2,631 | 2,955 | 866 | 2,725 | 3,073 | 973 | |||||||||||||
| percent of revenue | 34.2 | % | 35.7 | % | 15.0 | % | 35.4 | % | 37.1 | % | 16.9 | % | |||||||
| Net income | 2,306 | 2,720 | 803 | 2,471 | 2,778 | 897 | |||||||||||||
| Diluted earnings per share | 2.04 | 2.39 | 0.71 | 2.16 | 2.42 | 0.78 | |||||||||||||
Investments in capital expenditures, net(2) were $3.27 billion for the first quarter of 2022, which resulted in adjusted free cash flows(2) of $671 million. Micron repurchased approximately 3.6 million shares of its common stock for $259 million during the first quarter of fiscal 2022 and ended the quarter with cash, marketable investments, and restricted cash of $11.48 billion, for a net cash(2) position of $4.46 billion.
On December 17, 2021, Micron’s Board of Directors declared a quarterly dividend of $0.10 per share, payable in cash on January 18, 2022, to shareholders of record as of the close of business on January 3, 2022.
Business Outlook
The following table presents Micron’s guidance for the second quarter of 2022:
| FQ2-22 | GAAP(1) Outlook | Non-GAAP(2) Outlook |
| Revenue | $7.5 billion ± $200 million | $7.5 billion ± $200 million |
| Gross margin | 45.0% ± 1% | 46.0% ± 1% |
| Operating expenses | $1,058 million ± $25 million | $975 million ± $25 million |
| Diluted earnings per share | $1.83 ± $0.10 | $1.95 ± $0.10 |
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Investor Webcast
Micron will host a conference call on Monday, Dec. 20, 2021 at 2:30 p.m. MT to discuss its first quarter financial results and provide forward-looking guidance for its second 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 transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron and Crucial brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.
Source: Micron Technology, Inc.
