Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2022, which ended Dec. 2, 2021.
Fiscal Q1 2022 highlights
- Revenue of $7.69 billion versus $8.27 billion for the prior quarter and $5.77 billion for the same period last year
- GAAP net income of $2.31 billion, or $2.04 per diluted share
- Non-GAAP net income of $2.47 billion, or $2.16 per diluted share
- Operating cash flow of $3.94 billion versus $3.88 billion for the prior quarter and $1.97 billion for the same period last year
“Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” said Micron Technology President and CEO Sanjay Mehrotra. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers. As powerful secular trends including 5G, AI, and EV adoption fuel demand growth, our technology leadership and world-class execution position us to create significant shareholder value in fiscal 2022 and beyond.”
| Quarterly Financial Results | |||||||||||||||||||
| (in millions, except per share amounts) | GAAP(1) | Non-GAAP(2) | |||||||||||||||||
| FQ1-22 | FQ4-21 | FQ1-21 | FQ1-22 | FQ4-21 | FQ1-21 | ||||||||||||||
| Revenue | $ | 7,687 | $ | 8,274 | $ | 5,773 | $ | 7,687 | $ | 8,274 | $ | 5,773 | |||||||
| Gross margin | 3,565 | 3,912 | 1,736 | 3,616 | 3,964 | 1,784 | |||||||||||||
| percent of revenue | 46.4 | % | 47.3 | % | 30.1 | % | 47.0 | % | 47.9 | % | 30.9 | % | |||||||
| Operating expenses | 934 | 957 | 870 | 891 | 891 | 811 | |||||||||||||
| Operating income | 2,631 | 2,955 | 866 | 2,725 | 3,073 | 973 | |||||||||||||
| percent of revenue | 34.2 | % | 35.7 | % | 15.0 | % | 35.4 | % | 37.1 | % | 16.9 | % | |||||||
| Net income | 2,306 | 2,720 | 803 | 2,471 | 2,778 | 897 | |||||||||||||
| Diluted earnings per share | 2.04 | 2.39 | 0.71 | 2.16 | 2.42 | 0.78 | |||||||||||||
Investments in capital expenditures, net(2) were $3.27 billion for the first quarter of 2022, which resulted in adjusted free cash flows(2) of $671 million. Micron repurchased approximately 3.6 million shares of its common stock for $259 million during the first quarter of fiscal 2022 and ended the quarter with cash, marketable investments, and restricted cash of $11.48 billion, for a net cash(2) position of $4.46 billion.
On December 17, 2021, Micron’s Board of Directors declared a quarterly dividend of $0.10 per share, payable in cash on January 18, 2022, to shareholders of record as of the close of business on January 3, 2022.
Business Outlook
The following table presents Micron’s guidance for the second quarter of 2022:
| FQ2-22 | GAAP(1) Outlook | Non-GAAP(2) Outlook |
| Revenue | $7.5 billion ± $200 million | $7.5 billion ± $200 million |
| Gross margin | 45.0% ± 1% | 46.0% ± 1% |
| Operating expenses | $1,058 million ± $25 million | $975 million ± $25 million |
| Diluted earnings per share | $1.83 ± $0.10 |
