Fiscal 2021 marks record year for mobile, auto and industrial markets
BOISE, Idaho, Sept. 28, 2021 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2021, which ended Sept. 2, 2021.
Fiscal Q4 2021 highlights
- Revenue of $8.27 billion versus $7.42 billion for the prior quarter and $6.06 billion for the same period last year
- GAAP net income of $2.72 billion, or $2.39 per diluted share
- Non-GAAP net income of $2.78 billion, or $2.42 per diluted share
- Operating cash flow of $3.88 billion versus $3.56 billion for the prior quarter and $2.27 billion for the same period last year
Fiscal 2021 highlights
- Revenue of $27.71 billion versus $21.44 billion for the prior year
- GAAP net income of $5.86 billion, or $5.14 per diluted share
- Non-GAAP net income of $6.98 billion, or $6.06 per diluted share
- Operating cash flow of $12.47 billion versus $8.31 billion for the prior year
“Micron’s outstanding fourth quarter execution capped a year of several key milestones,” said Micron Technology President and CEO Sanjay Mehrotra. “In fiscal 2021, we established DRAM and NAND technology leadership, drove record revenues across multiple markets, and initiated a quarterly dividend. The demand outlook for 2022 is strong, and Micron is delivering innovative solutions to our customers, fueling our long-term growth.”
Quarterly Financial Results
| GAAP(1) | Non-GAAP(2) | ||||||||||||||||||
| (in millions, except per share amounts) | FQ4-21 | FQ3-21 | FQ4-20 | FQ4-21 | FQ3-21 | FQ4-20 | |||||||||||||
| Revenue | $ | 8,274 | $ | 7,422 | $ | 6,056 | $ | 8,274 | $ | 7,422 | $ | 6,056 | |||||||
| Gross margin | 3,912 | 3,126 | 2,068 | 3,964 | 3,185 | 2,111 | |||||||||||||
| percent of revenue | 47.3 | % | 42.1 | % | 34.1 | % | 47.9 | % | 42.9 | % | 34.9 | % | |||||||
| Operating expenses | 957 | 1,327 | 911 | 891 | 821 | 809 | |||||||||||||
| Operating income | 2,955 | 1,799 | 1,157 | 3,073 | 2,364 | 1,302 | |||||||||||||
| percent of revenue | 35.7 | % | 24.2 | % | 19.1 | % | 37.1 | % | 31.9 | % | 21.5 | % | |||||||
| Net income attributable to Micron | 2,720 | 1,735 | 988 | 2,778 | 2,173 | 1,229 | |||||||||||||
| Diluted earnings per share | 2.39 | 1.52 | 0.87 | 2.42 | 1.88 | 1.08 |
Annual Financial Results
| GAAP(1) | Non-GAAP(2) | ||||||||||||
| (in millions, except per share amounts) | FY 21 | FY 20 | FY 21 | FY 20 | |||||||||
| Revenue | $ | 27,705 | $ | 21,435 | $ | 27,705 | $ | 21,435 | |||||
| Gross margin | 10,423 | 6,552 | 10,987 | 6,718 | |||||||||
| percent of revenue | 37.6 | % | 30.6 | % | 39.7 | % | 31.3 | % | |||||
| Operating expenses | 4,140 | 3,549 | 3,320 | 3,299 | |||||||||
| Operating income | 6,283 | 3,003 | 7,667 | 3,419 | |||||||||
| percent of revenue | 22.7 | % | 14.0 | % | 27.7 | % | 16.0 | % | |||||
| Net income attributable to Micron | 5,861 | 2,687 | 6,976 | 3,235 | |||||||||
| Diluted earnings per share | 5.14 | 2.37 | 6.06 | 2.83 |
Investments in capital expenditures, net(2) were $2.01 billion for the fourth quarter of 2021 and $9.72 billion for the full year of 2021, which resulted in adjusted free cash flows(2) of $1.88 billion for the fourth quarter of 2021 and $2.75 billion for the full year of 2021. Micron repurchased approximately 13.9 million shares of its common stock for $1.05 billion during the fourth quarter of 2021 and 15.6 million shares of its common stock for $1.20 billion during the full year of 2021 and ended the year with cash, marketable investments, and restricted cash of $10.46 billion, for a net cash(2) position of $3.69 billion.
Business Outlook
The following table presents Micron’s guidance for the first quarter of 2022:
| FQ1-22 | GAAP(1) Outlook | Non-GAAP(2) Outlook |
| Revenue | $7.65 billion ± $200 million | $7.65 billion ± $200 million |
| Gross margin | 46.0% ± 1% | 47.0% ± 1% |
| Operating expenses | $986 million ± $25 million | $915 million ± $25 million |
| Diluted earnings per share | $2.00 ± $0.10 | $2.10 ± $0.10 |
