Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2022 | Electronics Maker

Multiple end-market and product revenue records reflect broad portfolio momentum

BOISE, Idaho, June 30, 2022 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2022, which ended June 2, 2022.

Fiscal Q3 2022 highlights

Revenue of $8.64 billion versus $7.79 billion for the prior quarter and $7.42 billion for the same period last year

GAAP net income of $2.63 billion, or $2.34 per diluted share

Non-GAAP net income of $2.94 billion, or $2.59 per diluted share

Operating cash flow of $3.84 billion versus $3.63 billion for the prior quarter and $3.56 billion for the same period last year

“Micron delivered record revenue in the fiscal third quarter driven by our team’s excellent execution across technology, products and manufacturing,” said Micron Technology President and CEO Sanjay Mehrotra. “Recently, the industry demand environment has weakened, and we are taking action to moderate our supply growth in fiscal 2023. We are confident about the long-term secular demand for memory and storage and are well positioned to deliver strong cross-cycle financial performance.”

Quarterly Financial Results
	GAAP(1)		Non-GAAP(2)
(in millions, except per share amounts)	FQ3-22	FQ2-22	FQ3-21		FQ3-22	FQ2-22	FQ3-21
Revenue	$	8,642		$	7,786		$	7,422			$	8,642		$	7,786		$	7,422
Gross margin		4,035			3,676			3,126				4,097			3,724			3,185
percent of revenue		46.7	%		47.2	%		42.1	%			47.4	%		47.8	%		42.9	%
Operating expenses		1,031			1,130			1,327				953			974			821
Operating income		3,004			2,546			1,799				3,144			2,750			2,364
percent of revenue		34.8	%		32.7	%		24.2	%			36.4	%		35.3	%		31.9	%
Net income		2,626			2,263			1,735				2,939			2,444			2,173
Diluted earnings per share		2.34			2.00			1.52				2.59			2.14			1.88

Investments in capital expenditures, net(2) were $2.53 billion for the third quarter of 2022, which resulted in adjusted free cash flow(2) of $1.31 billion. Micron repurchased approximately 13.8 million shares of its common stock for $981 million during the third quarter of fiscal 2022 and ended the quarter with cash, marketable investments, and restricted cash of $11.98 billion, for a net cash(2) position of $5.01 billion.

On June 30, 2022, our Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on July 26, 2022, to shareholders of record as of the close of business on July 11, 2022.

Business Outlook

The following table presents Micron’s guidance for the fourth quarter of 2022:

FQ4-22	GAAP(1) Outlook	Non-GAAP(2) Outlook
Revenue	$7.2 billion ± $400 million	$7.2 billion ± $400 million
Gross margin	41.5% ± 1.5%	42.5% ± 1.5%
Operating expenses	$1.13 billion ± $25 million	$1.05 billion ± $25 million
Diluted earnings per share	$1.52 ± $0.20	$1.63 ± $0.20

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.