Micron Technology Reports Results for the Third Quarter of Fiscal 2022
BOISE, Idaho, June 30, 2022 — Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2022, which ended June 2, 2022.
Fiscal Q3 2022 highlights
- Revenue of $8.64 billion versus $7.79 billion for the prior quarter and $7.42 billion for the same period last year
- GAAP net income of $2.63 billion, or $2.34 per diluted share
- Non-GAAP net income of $2.94 billion, or $2.59 per diluted share
- Operating cash flow of $3.84 billion versus $3.63 billion for the prior quarter and $3.56 billion for the same period last year
“Micron delivered record revenue in the fiscal third quarter driven by our team’s excellent execution across technology, products and manufacturing,” said Micron Technology President and CEO Sanjay Mehrotra. “Recently, the industry demand environment has weakened, and we are taking action to moderate our supply growth in fiscal 2023. We are confident about the long-term secular demand for memory and storage and are well positioned to deliver strong cross-cycle financial performance.”
| Quarterly Financial Results | |||||||||||||||||||
| GAAP(1) | Non-GAAP(2) | ||||||||||||||||||
| (in millions, except per share amounts) | FQ3-22 | FQ2-22 | FQ3-21 | FQ3-22 | FQ2-22 | FQ3-21 | |||||||||||||
| Revenue | $ | 8,642 | $ | 7,786 | $ | 7,422 | $ | 8,642 | $ | 7,786 | $ | 7,422 | |||||||
| Gross margin | 4,035 | 3,676 | 3,126 | 4,097 | 3,724 | 3,185 | |||||||||||||
| percent of revenue | 46.7 | % | 47.2 | % | 42.1 | % | 47.4 | % | 47.8 | % | 42.9 | % | |||||||
| Operating expenses | 1,031 | 1,130 | 1,327 | 953 | 974 | 821 | |||||||||||||
| Operating income | 3,004 | 2,546 | 1,799 | 3,144 | 2,750 | 2,364 | |||||||||||||
| percent of revenue | 34.8 | % | 32.7 | % | 24.2 | % | 36.4 | % | 35.3 | % | 31.9 | % | |||||||
| Net income | 2,626 | 2,263 | 1,735 | 2,939 | 2,444 | 2,173 | |||||||||||||
| Diluted earnings per share | 2.34 | 2.00 | 1.52 | 2.59 | 2.14 | 1.88 | |||||||||||||
Investments in capital expenditures, net(2) were $2.53 billion for the third quarter of 2022, which resulted in adjusted free cash flow(2) of $1.31 billion. Micron repurchased approximately 13.8 million shares of its common stock for $981 million during the third quarter of fiscal 2022 and ended the quarter with cash, marketable investments, and restricted cash of $11.98 billion, for a net cash(2) position of $5.01 billion.
On June 30, 2022, our Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on July 26, 2022, to shareholders of record as of the close of business on July 11, 2022.
Business Outlook
The following table presents Micron’s guidance for the fourth quarter of 2022:
| FQ4-22 | GAAP(1) Outlook | Non-GAAP(2) Outlook |
| Revenue | $7.2 billion ± $400 million | $7.2 billion ± $400 million |
| Gross margin | 41.5% ± 1.5% | 42.5% ± 1.5% |
| Operating expenses | $1.13 billion ± $25 million | $1.05 billion ± $25 million |
| Diluted earnings per share | $1.52 ± $0.20 | $1.63 ± $0.20 |
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
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.
(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, net cash, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.
Source: Micron Technology, Inc.
