Monday, October 5th 2020

Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2020

Micron Technology, Inc. (Nasdaq: MU) announced results for its fourth quarter and full year of fiscal 2020, which ended Sept. 3, 2020. "Micron delivered solid fiscal fourth quarter revenue and EPS resulting from strong DRAM sales in cloud, PC and gaming consoles and an extraordinary increase in QLC NAND shipments," said Micron Technology President and CEO Sanjay Mehrotra. "We look forward to improving market conditions throughout calendar 2021, driven by 5G, cloud and automotive growth, and we are excited by the continued momentum in our product portfolio."

Investments in capital expenditures, net were $2.16 billion for the fourth quarter of 2020 and $7.95 billion for the full year of 2020, which resulted in adjusted free cash flows of $111 million for the fourth quarter of 2020 and $361 million for the full year of 2020. Micron repurchased approximately 824,000 shares of its common stock for $41 million during the fourth quarter of 2020 and 3.6 million shares of its common stock for $176 million during the full year of 2020 and ended the year with cash, marketable investments, and restricted cash of $9.26 billion, for a net cash position of $2.61 billion.
Fiscal Q4 2020 highlights
  • Revenue of $6.06 billion versus $5.44 billion for the prior quarter and $4.87 billion for the same period last year
  • GAAP net income of $988 million, or $0.87 per diluted share
  • Non-GAAP net income of $1.23 billion, or $1.08 per diluted share
  • Operating cash flow of $2.27 billion versus $2.02 billion for the prior quarter and $2.23 billion for the same period last year
Fiscal 2020 highlights
  • Revenue of $21.44 billion versus $23.41 billion for the prior year
  • GAAP net income of $2.69 billion, or $2.37 per diluted share
  • Non-GAAP net income of $3.24 billion, or $2.83 per diluted share
  • Operating cash flow of $8.31 billion versus $13.19 billion for the prior year
Business Outlook
The following table presents Micron's guidance for the first quarter of 2021:
Further information regarding Micron's business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
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