Micron Updates First Quarter Fiscal 2021 Guidance
02 December 2020 - 1:00AM
Micron Technology, Inc. (Nasdaq: MU) (the “Company”), today
announced that it is increasing its revenue, gross margin and EPS
guidance for the first quarter of fiscal 2021, which ends Dec. 3,
2020, as set forth in the tables below.
Micron President and Chief Executive Officer Sanjay Mehrotra
will share further updates in a fireside chat at the Credit Suisse
Annual Technology Conference scheduled to take place at 8:30 a.m.
Pacific time on Dec. 1, 2020. The live webcast and subsequent
replay of the event can be accessed from Micron’s Investor
Relations website at investors.micron.com.
|
Previous Guidance |
|
Updated Guidance |
|
GAAP Outlook |
|
Adjustments |
|
Non-GAAP Outlook |
|
GAAP Outlook |
|
Adjustments |
|
Non-GAAP Outlook |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$5.0 bn - $5.4 bn |
|
|
— |
|
|
|
$5.0 bn - $5.4 bn |
|
$5.70 bn - 5.75 bn |
|
|
— |
|
|
|
$5.70 bn - $5.75 bn |
Gross margin |
25.5% - 27.5% |
|
|
1% |
|
A |
|
26.5% - 28.5% |
|
28.5% - 29.5% |
|
|
1% |
|
A |
|
29.5% - 30.5% |
Diluted earnings per
share(1) |
$0.32 - $0.46 |
|
|
$0.08 |
|
A,B,C,D |
|
$0.40 - $0.54 |
|
$0.61 - $0.65 |
|
|
$0.08 |
|
A,B,C,D |
|
$0.69 - $0.73 |
Non-GAAP
Adjustments(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
Stock-based compensation – cost of goods sold |
|
$ |
39 |
|
A |
Other – cost of goods sold |
|
7 |
|
B |
Stock-based compensation – sales, general, and administrative |
|
25 |
|
B |
Stock-based compensation – research and development |
|
23 |
|
C |
Amortization of
debt discount and other costs |
|
2 |
|
D |
Tax effects of the
above items and non-cash changes in net deferred income taxes |
|
(1) |
|
|
|
|
|
|
|
|
$ |
95 |
|
(1) GAAP earnings per share based on
approximately 1.14 billion diluted shares and non-GAAP earnings per
share based on approximately 1.15 billion diluted shares.The tables
above reconcile our GAAP to non-GAAP guidance based on the current
outlook. The guidance does not incorporate the impact of any
potential business combinations, divestitures, restructuring
activities, balance sheet valuation adjustments, strategic
investments, financing transactions, and other significant
transactions. The timing and impact of such items are dependent on
future events that may be uncertain or outside of our control.
About Micron Technology, Inc.
We are an industry leader in innovative memory and storage
solutions. Through our global brands — Micron® and Crucial® — our
broad portfolio of high-performance memory and storage
technologies, including DRAM, NAND, 3D XPoint™ memory, and NOR, is
transforming how the world uses information to enrich life for all.
Backed by more than 40 years of technology leadership, our memory
and storage solutions enable disruptive trends, including
artificial intelligence, 5G, machine learning, and autonomous
vehicles, in key market segments like mobile, data center, client,
consumer, industrial, graphics, automotive, and networking. Our
common stock is traded on Nasdaq under the MU symbol. To learn more
about Micron Technology, Inc., visit micron.com.
© 2020 Micron Technology, Inc. All rights reserved. Information,
products, and/or specifications are subject to change without
notice. Micron, the Micron logo, and all other Micron trademarks
are the property of Micron Technology, Inc. All other trademarks
are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements regarding
the Company’s financial and operating results. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially.
Please refer to the documents the Company files with the Securities
and Exchange Commission, specifically its most recent Form 10-K.
These documents contain and identify important factors that could
cause the Company’s actual results to differ materially from those
contained in these forward-looking statements. These certain
factors can be found at www.micron.com/certainfactors. Although the
Company believes that the expectations reflected in the
forward-looking statements are reasonable, the Company cannot
guarantee future results, levels of activity, performance, or
achievements. The Company is under no duty to update any of the
forward-looking statements after the date of this press release to
conform these statements to actual results.
Micron Media Relations Contact
Erica Pompen
Micron Technology, Inc.
+1 (408) 834-1873
epompen@micron.com
Micron Investor Relations Contact
Farhan Ahmad
Micron Technology, Inc.
+1 (408) 834-1927
farhanahmad@micron.com
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