Delivers strong profitability and over $1 billion in free cash flow
Bangalore, India March 31, 2022— 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 year
• GAAP net income of $2.26 billion, or $2.00 per diluted share
• Non-GAAP net income of $2.44 billion, or $2.14 per diluted share
• Operating 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.”
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:
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
