Micron Technology (MU) FY2014 results: revenue $16.4 billion, up 80.3% on the year
Micron Technology Inc. (MU) reported revenue of $16.4 billion for fiscal 2014, the year ended 28 August 2014, up 80.3% on the year before. Net income was $3.0 billion, up 155.9%, and diluted earnings per share $2.54. The figures are the company's own, from the 10-K it filed with the SEC on 27 October 2014.
Revenue
$16.4 billion
+80.3% on the year
FY2009FY2014
Operating margin
18.9%
2.6% a year earlier
FY2009FY2014
Net income
$3.0 billion
+155.9% on the year
FY2009FY2014
Diluted EPS
$2.54
+124.8% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
16,358
9,073
8,234
+80.3%
Cost of revenue
10,921
7,226
7,266
+51.1%
Gross profit
5,437
1,847
968
+194.4%
Gross margin
33.2%
20.4%
11.8%
Research and development
1,371
931
918
+47.3%
Selling, general and administrative
707
562
620
+25.8%
Operating income
3,087
236
-612
+1,208.1%
Operating margin
18.9%
2.6%
-7.4%
Interest expense
352
231
179
+52.4%
Pre-tax income
2,733
1,285
-754
+112.7%
Income tax
128
8.0
-17.0
+1,500.0%
Effective tax rate
4.7%
0.6%
n/a
Net income
3,045
1,190
-1,032
+155.9%
Net margin
18.6%
13.1%
-12.5%
Diluted EPS
$2.54
$1.13
-$1.04
+124.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
5,699
1,811
2,114
+214.7%
Capital expenditure
3,107
1,442
1,699
+115.5%
Free cash flow
2,592
369
415
+602.4%
Free cash flow margin
15.8%
4.1%
5.0%
Cash from investing
n/a
n/a
-2,312
Cash from financing
n/a
n/a
497
Depreciation and amortisation
2,270
1,926
2,222
+17.9%
Share-based compensation
115
91.0
87.0
+26.4%
Buybacks
76.0
5.0
6.0
+1,420.0%
Diluted shares, weighted
1,198m
1,056m
991m
+13.4%
Shares outstanding at period end
1,073m
1,044m
1,018m
+2.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
10,771
9,142
7,700
+17.8%
Non-controlling interest
802
864
717
-7.2%
Debt
6,511
6,037
3,262
+7.9%
Other liabilities
4,332
3,075
2,649
+40.9%
Total liabilities and equity
22,416
19,118
14,328
+17.3%
Fixed assets
8,682
7,626
7,103
+13.8%
Intangible assets
468
386
371
+21.2%
Investments
1,203
720
474
+67.1%
Cash and equivalents
4,150
2,880
2,459
+44.1%
Receivables
2,524
2,069
933
+22.0%
Inventory
2,455
2,649
1,812
-7.3%
Other assets
2,934
2,788
1,176
+5.2%
Total assets
22,416
19,118
14,328
+17.3%
10-K for the year ended 28 August 2014, filed 27 October 2014: the filing.