Press release
Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2022
Delivers strong profitability and over $1 billion in free cash flow BOISE, Idaho, March 29, 2022 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU)
About this update from Micron Technology, Inc.
[{"type":"text","content":"Delivers strong profitability and over $1 billion in free cash flow BOISE, Idaho, March 29, 2022 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2022, which ended March 3, 2022. Fiscal Q2 2022 highlights Revenue of $7.79 billion versus $7.69 billion for the prior quarter and $6.24 billion for the same period last yearGAAP net income of $2.26 billion, or $2.00 per diluted shareNon-GAAP net income of $2.44 billion, or $2.14 per diluted shareOperating cash flow of $3.63 billion versus $3.94 billion for the prior quarter and $3.06 billion for the same period last year “Micron’s excellent second quarter results exceeded the high end of our guidance for both revenue and margin, reflecting our strong execution,” said Micron Technology President and CEO Sanjay Mehrotra. “We’re leading the industry in technology across DRAM and NAND, and our product portfolio momentum is accelerating. With outstanding first half results, Micron is on track to deliver record revenue and robust profitability in fiscal 2022.” Quarterly Financial Results(in millions, except per share amounts)GAAP(1) Non-GAAP(2)FQ2-22FQ1-22FQ2-21 FQ2-22FQ1-22FQ2-21 Revenue$7,786 $7,687 $6,236 $7,786 $7,687 $6,236 Gross margin 3,676 3,565 1,649 3,724 3,616 2,054 percent of revenue 47.2% 46.4% 26.4% 47.8% 47.0% 32.9%Operating expenses 1,130 934 986 974 891 797 Operating income 2,546 2,631 663 2,750 2,725 1,257 percent of revenue 32.7% 34.2% 10.6% 35.3% 35.4% 20.2%Net income 2,263 2,306 603 2,444 2,471 1,128 Diluted earnings per share 2.00 2.04 0.53 2.14 2.16 0.98 Investments in capital expenditures, net(2) were $2.60 billion for the second quarter of 2022, which resulted in adjusted free cash flow(2) of $1.03 billion. Micron repurchased approximately 4.8 million shares of its common stock for $408 million during the second quarter of fiscal 2022 and ended the quarter with cash, marketable investments, and restricted cash of $11.95 billion, for a net cash(2) position of $4.87 billion. On March 29, 2022, our Board of Directors declared a quarterly dividend of $0.10 per share, payable in cash on April 26, 2022, to shareholders of record as of the close of business on April 11, 2022. Business Outlook The following table presents Micron’s guidance for the third quarter of 2022: FQ3-22GAAP(1) OutlookNon-GAAP(2) Outlook...