Micron Technology Inc. Q3 FY2024 results: revenue $6.8 billion, up 81.5% on the year

Micron Technology Inc. (MU) reported revenue of $6.8 billion for Q3 FY2024, the quarter ended 30 May 2024, up 81.5% on the same quarter a year earlier. Net income was $332 million, and diluted earnings per share $0.30. The figures are the company's own, from the 10-Q it filed with the SEC on 27 June 2024.

Revenue$6.8 billionup 81.5%

Net income$332 million

Diluted EPS$0.30

QuarterQ3 FY2024ended 30 May 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	6,811	5,824	n/a	n/a
Cost of revenue	4,979	4,745	n/a	n/a
Gross profit	1,832	1,079	n/a	n/a
Gross margin	26.9%	18.5%	n/a
Research and development	850	832	n/a	n/a
Selling, general and administrative	291	280	n/a	n/a
Operating income	719	191	n/a	n/a
Operating margin	10.6%	3.3%	n/a
Interest expense	150	144	n/a	n/a
Pre-tax income	715	170	n/a	n/a
Income tax	377	-622	n/a	n/a
Effective tax rate	52.7%	-365.9%	n/a
Net income	332	793	n/a	n/a
Net margin	4.9%	13.6%	n/a
Diluted EPS	$0.30	$0.71	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	2,482	1,219	n/a	n/a
Capital expenditure	2,086	1,384	n/a	n/a
Free cash flow	396	-165	n/a	n/a
Free cash flow margin	5.8%	-2.8%	n/a
Depreciation and amortisation	1,955	1,924	n/a	n/a
Share-based compensation	217	209	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	128	127	n/a	n/a
Dividend per share	$0.12	$0.12	n/a	n/a
Diluted shares, weighted	1,123m	1,114m	n/a	n/a
Shares outstanding at period end	1,109m	1,107m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Total assets	66,255	65,718	n/a	n/a
Cash and equivalents	7,594	8,016	n/a	n/a
Receivables	4,416	3,648	n/a	n/a
Inventory	8,512	8,443	n/a	n/a
Goodwill	1,150	1,150	n/a	n/a
Long-term debt	11,332	12,018	n/a	n/a
Long-term debt including finance leases	12,860	13,378	n/a	n/a
Operating lease liabilities	609	593	n/a	n/a
Finance lease liabilities	1,634	1,466	n/a	n/a
Shareholders' equity	44,225	43,870	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,010	4,726	5,824	6,811	7,750	8,709	8,053	9,301	11,315	13,643	23,860	41,456
Cost of revenue	4,445	4,761	4,745	4,979	5,013	5,361	5,090	5,793	6,261	5,997	6,105	6,400
Gross profit	-435	-35.0	1,079	1,832	2,737	3,348	2,963	3,508	5,054	7,646	17,755	35,056
Gross margin	-11%	-1%	19%	27%	35%	38%	37%	38%	45%	56%	74%	85%
R&D	719	845	832	850	903	888	898	965	1,047	1,171	1,250	1,316
SG&A	219	263	280	291	295	288	285	318	314	337	344	407
Operating income	-1,472	-1,128	191	719	1,522	2,174	1,773	2,169	3,654	6,136	16,135	33,318
Operating margin	-37%	-24%	3%	11%	20%	25%	22%	23%	32%	45%	68%	80%
Interest expense	129	132	144	150	136	118	112	123	124	74.0	32.0	0.0
Pre-tax income	-1,458	-1,155	170	715	1,510	2,152	1,758	2,113	3,631	6,061	16,160	33,212
Tax rate	n/a	n/a	-366%	53%	41%	13%	10%	11%	12%	14%	15%	15%
Net income	-1,430	-1,234	793	332	887	1,870	1,583	1,885	3,201	5,240	13,785	28,243
Net margin	-36%	-26%	14%	5%	11%	21%	20%	20%	28%	38%	58%	68%
Diluted EPS	-$1.31	-$1.12	$0.71	$0.30	$0.81	$1.67	$1.41	$1.68	$2.83	$4.60	$12.07	$24.67
Operating cash flow	249	1,401	1,219	2,482	3,405	3,244	3,942	4,609	5,730	8,411	11,903	25,388
Capital expenditure	1,461	1,796	1,384	2,086	3,120	3,206	4,055	2,938	5,658	5,389	6,387	7,826
Free cash flow	-1,212	-395	-165	396	285	38.0	-113	1,671	72.0	3,022	5,516	17,562
Buybacks	0.0	0.0	0.0	0.0	300	0.0	0.0	0.0	0.0	300	350	0.0
Dividends paid	126	129	127	128	129	131	130	131	130	134	132	171
Shares outstanding	1,098m	1,104m	1,107m	1,109m	1,109m	1,114m	1,118m	1,119m	1,122m	1,126m	1,128m	1,129m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 May 2024, filed 27 June 2024, accession 0000723125-24-000019: the filing on EDGAR. All of Micron Technology Inc.'s filings: EDGAR company page.

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