Micron Q3 2024 Earnings Report
Key Takeaways
Micron Technology, Inc. reported Q3 2024 results with revenue of $6.81 billion, GAAP net income of $332 million ($0.30 per diluted share), and non-GAAP net income of $702 million ($0.62 per diluted share). The company's performance was boosted by strong AI demand, particularly in the data center sector, and gains in high-margin products.
Revenue reached $6.81 billion, surpassing the prior quarter's $5.82 billion and the prior year's $3.75 billion.
GAAP net income was $332 million, or $0.30 per diluted share.
Non-GAAP net income was $702 million, or $0.62 per diluted share.
Operating cash flow was $2.48 billion, significantly higher than the prior quarter's $1.22 billion and the prior year's $24 million.
Micron
Micron
Forward Guidance
Micron provides guidance for Q4 2024, projecting revenue of $7.60 billion ± $200 million, a GAAP gross margin of 33.5% ± 1.0%, and GAAP diluted earnings per share of $0.61 ± $0.08.
Positive Outlook
- Revenue is expected to be $7.60 billion ± $200 million.
- Gross margin is projected to be 33.5% ± 1.0% on a GAAP basis and 34.5% ± 1.0% on a non-GAAP basis.
- Operating expenses are estimated to be $1.19 billion ± $15 million on a GAAP basis and $1.06 billion ± $15 million on a non-GAAP basis.
- Diluted earnings per share are forecasted to be $0.61 ± $0.08 on a GAAP basis and $1.08 ± $0.08 on a non-GAAP basis.
- The guidance reflects continued strong demand and improved market conditions.
Challenges Ahead
- The guidance is subject to various risks and uncertainties.
- Potential business combinations, divestitures, and restructuring activities could impact results.
- Balance sheet valuation adjustments may affect financial performance.
- Strategic investments and financing transactions could influence outcomes.
- The timing and impact of significant transactions are dependent on future events that may be uncertain or outside of Micron's control.