Micron Technology Inc Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results
Intellectia.AI2024-09-26
Micron Technology, Inc. Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results
BOISE, Idaho, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (NASDAQ: MU) today announced its financial results for the fourth quarter and full fiscal year of 2024, which concluded on August 29, 2024.
Key Financial Metrics
| Metric | Q4 FY2024 | Q3 FY2024 | Q4 FY2023 | YoY Change | QoQ Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Revenue | $7.75 billion | $6.81 billion | $4.01 billion | +93% | +14% | $7.63 billion |
| Non-GAAP EPS | $1.18 | N/A | N/A | N/A | N/A | $1.13 |
| Operating Cash Flow | $3.41 billion | $2.48 billion | $249 million | +1269% | +37% | N/A |
Interpretation : Micron Technology demonstrated robust financial performance in Q4 FY2024, achieving a remarkable revenue growth of 93% year-over-year driven in large part by strong demand for AI-driven products. Revenues surpassed the consensus estimate, and non-GAAP earnings per share also exceeded expectations, reflecting Micron's competitive positioning in the market.
Revenue Breakdown by Segment
| Segment | Revenue | Previous Guidance |
|---|---|---|
| Data Center DRAM | Significant growth driven by AI demand | Not provided |
| NAND | Over $1 billion from data center SSD sales | Not provided |
Segment Performance Interpretation : The data center DRAM segment experienced significant growth, indicative of rising AI demands, while NAND revenues hitting over $1 billion for the first time marked a significant milestone, reflecting strong sales in data center SSDs.
Key Developments and Operational Highlights
- AI Demand : Significant demand for AI applications drove revenue growth, particularly in data center DRAM products.
- Record NAND Revenue : Achieved record NAND revenue led by data center SSD sales.
- Strong Financial Position : Ended the year with $9.16 billion in cash, marketable investments, and restricted cash.
Management Commentary
Sanjay Mehrotra, President and CEO of Micron Technology, emphasized the company’s achievement of a 93% year-over-year revenue growth in Q4, attributing it to the robust demand in AI applications and a strong uptake in data center DRAM products. He stated that Micron is poised for continued growth in fiscal 2025, forecasting record revenues and improved profitability.
Dividend and Share Repurchase Program
Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 23, 2024, to shareholders of record as of the close of business on October 7, 2024.
Forward Guidance
Micron provided forward-looking guidance for the first quarter of fiscal 2025, indicating expectations for continued revenue growth and enhanced profitability.
Stock Price Movement
Following the earnings release, Micron’s stock experienced an after-event price increase of approximately 10.94%, reflecting positive investor sentiment toward the company's performance and outlook.
This report encapsulates Micron Technology's strong fiscal performance and strategic advancements, underscoring its thriving position in the competitive memory and storage market.
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