After U.S. markets closed for trading yesterday, memory and storage solutions company Micron Technology Inc. (MU:NASDAQ), announced financial results for the first quarter of fiscal year 2022 ended Dec. 2, 2021.
Micron Technology reported that in Q1/22 it had total revenue of $7.69 billion, compared to $8.27 billion in Q4/21 and $5.77 billion in Q1/21.
The company stated that in Q1/22 it earned GAAP net income of $2.306 billion, or $2.04 per diluted share, versus GAAP net income of $803 million, or $0.71 per diluted share in Q1/21.
The firm indicated that during Q1/22, non-GAAP net income was $2.47 billion, or $2.16 per diluted share.
"Micron delivered solid fiscal first quarter results led by strong product portfolio momentum. … 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," the company's President and Chief Executive Officer Sanjay Mehrotra said.
"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," Mehrotra added.
Micron noted that during the most recent quarter, it repurchased about 3.6 million of its common shares for $259 million. The firm additionally advised that its Board of Directors authorized a quarterly cash dividend in the amount of $0.10 per share for shareholders of record on Jan. 3, 2022, which is scheduled to be paid on Jan. 18, 2022.
Micron offered some forward guidance and advised that for Q2/22, it expects revenues of between $7.3-$7.7 billion. The company added that it estimates that its gross margin will be 44.0-46.0% on a GAAP basis and 45.0-47% on a non-GAAP basis.
The firm forecasts that operating expenses will be $1,058 million ± $25 million on a GAAP basis and $975 million ± $25 million on a non-GAAP basis.
The company anticipates that on GAAP basis, diluted earnings will come in at between $1.73 to $1.93 per share and will range from $1.85 to $2.05 per share on a non-GAAP basis.
Micron Technology is a computer memory and storage solutions company based in Boise, Idaho. The company manufactures high-performance dynamic random-access memory (DRAM), negative-AND (NAND), three-dimensional (3D) XPoint memory, and NOR flash memory semiconductor chips and storage products. The firm's Micron® and Crucial® brands are used in enterprise systems and applications to advance artificial intelligence, mobile and 5G, industrial IoT, and network and cloud server applications.
Micron Technology began the day with a market cap of around $91.9 billion with approximately 1.12 billion shares outstanding and a short interest of about 2.1%. MU shares opened more than 8% higher today at $88.99 (+$6.96, +8.48%) over yesterday's $82.03 closing price. The stock has traded today between $87.35 and $91.14 per share and is currently trading at $90.97 (+$8.94, +10.90%).
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