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Dec 03, 2020
Micron Q1 2021 Earnings Report
Micron's Q1 2021 financial results were announced, marked by strong end-market demand and focused execution.
Key Takeaways
Micron Technology, Inc. reported outstanding fiscal first quarter results, driven by focused execution and strong end-market demand. The company is excited about the strengthening DRAM industry fundamentals and leading on both DRAM and NAND technologies.
Revenue reached $5.77 billion, compared to $6.06 billion in the prior quarter and $5.14 billion in the same period last year.
GAAP net income was $803 million, or $0.71 per diluted share.
Non-GAAP net income amounted to $897 million, or $0.78 per diluted share.
Operating cash flow was $1.97 billion, versus $2.27 billion for the prior quarter and $2.01 billion for the same period last year.
Forward Guidance
Micron's guidance for the second quarter of 2021 includes revenue of $5.8 billion ± $200 million, a GAAP gross margin of 25% ± 1%, and GAAP diluted earnings per share of $0.41 ± $0.07.
Positive Outlook
- Revenue: $5.8 billion ± $200 million (GAAP and Non-GAAP)
- Gross Margin: 25% ± 1% (GAAP)
- Gross Margin: 31% ± 1% (Non-GAAP)
- Operating Expenses: $882 million ± $25 million (GAAP)
- Operating Expenses: $825 million ± $25 million (Non-GAAP)
Challenges Ahead
- Interest (income) expense, net: $37 million (GAAP)
- Interest (income) expense, net: $35 million (Non-GAAP)
- Diluted earnings per share: $0.41 ± $0.07 (GAAP)
- Diluted earnings per share: $0.75 ± $0.07 (Non-GAAP)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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