Press release
Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2020
DRAM portfolio strengthened with 1z ramp; High-value NAND shipments reach record levels in FY20 BOISE, Idaho, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Micron
About this update from Micron Technology, Inc.
[{"type":"text","content":"DRAM portfolio strengthened with 1z ramp; High-value NAND shipments reach record levels in FY20\n BOISE, Idaho, Sept. 29, 2020 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2020, which ended Sept. 3, 2020. 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 yearGAAP net income of $988 million, or $0.87 per diluted shareNon-GAAP net income of $1.23 billion, or $1.08 per diluted shareOperating 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 yearGAAP net income of $2.69 billion, or $2.37 per diluted shareNon-GAAP net income of $3.24 billion, or $2.83 per diluted shareOperating cash flow of $8.31 billion versus $13.19 billion for the prior year “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.” Quarterly Financial Results(in millions, except per share amounts)GAAP(1) Non-GAAP(2)FQ4-20FQ3-20FQ4-19 FQ4-20FQ3-20FQ4-19 Revenue$6,056 $5,438 $4,870 $6,056 $5,438 $4,870 Gross margin2,068 1,763 1,395 2,111 1,804 1,491 percent of revenue34.1%32.4%28.6% 34.9%33.2%30.6%Operating expenses911 875 745 809 823 797 Operating income1,157 888 650 1,302 981 694 percent of revenue19.1%16.3%13.3% 21.5%18.0%14.3%Net income attributable to Micron988 803 561 1,229 941 637 Diluted earnings per share0.87 0.71 0.49 1.08 0.82 0.56 Annual Financial Results(in millions, except per share amounts)GAAP(1) Non-GAAP(2)FY 20FY 19 FY 20FY 19 Revenue$21,435 $23,406 $21,435 $23,406 Gross margin6,552 10,702 6,718 10,973 percent of revenue30.6%45.7% 31.3%46.9%Operating expenses3,549 3,326 3,299 3,172 Operating income3,003 7,376 3,419 7,801 percent of revenue14.0%31.5% 16.0%33.3%Net income attributable to Micron2,687 6,313 3,235 7,314 Diluted earnings per share2.37 5.51 2.83 6.35 Investm...