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May 30, 2024
Micron Q3 2024 Earnings Report
Micron's Q3 2024 performance was driven by robust AI demand and strong execution, exceeding revenue guidance.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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