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.
