BOISE, Idaho, June 26, 2024 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (NASDAQ:MU) today announced results for its third quarter of fiscal 2024, which ended May 30, 2024. Fiscal Q3 2024 highlights Revenue of $6.81 billion versus $5.82 billion for the prior quarter and $3.75 billion for the same period last year GAAP net income of $332 million, or $0.30 per diluted share Non-GAAP net income of $702 million, or $0.62 per diluted share Operating cash flow of $2.48 billion versus $1.22 billion for the prior quarter and $24 million for the same period last year "Robust AI demand and strong execution enabled Micron to drive 17% sequential revenue growth, exceeding our guidance range in fiscal Q3," said Sanjay Mehrotra, President and CEO of Micron Technology. "We are gaining share in high-margin products like High Bandwidth Memory (HBM), and our data center SSD revenue hit a record high, demonstrating the strength of our AI product portfolio across DRAM and NAND. We are excited about the expanding AI-driven opportunities ahead, and are well positioned to deliver a substantial revenue record in fiscal 2025." Quarterly Financial Results (in millions, except per share amounts) GAAP(1)   Non-GAAP(2) FQ3-24 FQ2-24 FQ3-23   FQ3-24 FQ2-24 FQ3-23                 Revenue $ 6,811   $ 5,824   $ 3,752     $ 6,811   $ 5,824   $ 3,752   Gross margin   1,832     1,079     (668 )     1,917     1,163     (603 ) percent of revenue   26.9 %   18.5 %   (17.8 %)     28.1 %   20.0 %   (16.1 %) Operating expenses   1,113     888     1,093       976     959     866   Operating income (loss)   719     191     (1,761 )     941     204     (1,469 ) percent of revenue   10.6 %   3.3 %   (46.9 %)     13.8 %   3.5 %   (39.2 %) Net income (loss)   332     793     (1,896 )     702     476     (1,565 ) Diluted earnings (loss) per share   0.30     0.71     (1.73 )     0.62     0.42     (1.43 )                                         Investments in capital expenditures, net(2) were $2.06 billion for the third quarter of 2024, which resulted in adjusted free cash flows(2) of $425 million. Micron ended the third quarter of 2024 with cash, marketable investments, and restricted cash of $9.22 billion. On June 26, 2024, Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on July 23, 2024, to shareholders of record as of the close of business on July 8, 2024. Business Outlook The following table presents Micron's guidance for the fourth quarter of 2024: FQ4-24 GAAP(1) Outlook Non-GAAP(2) Outlook       Revenue $7.60 billion ± $200 million $7.60 billion ± $200 million Gross margin 33.5% ± 1.0% 34.5% ± 1.0% Operating expenses $1.19 billion ± $15 million $1.06 billion ± $15 million Diluted earnings per share $0.61 ± $0.08 $1.08 ± $0.08       Further information regarding Micron's business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com. Investor Webcast Micron will host a conference call on Wednesday, June 26, 2024 at 2:30 p.m. Mountain Time to discuss its third quarter financial results and provide forward-looking guidance for its fourth quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow us on X About Micron Technology, Inc. We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (NASDAQ:MU), visit micron.com. © 2024 Micron Technology, Inc. All rights reserved. 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 our industry, our strategic position, technology trends and developments including artificial intelligence, market demand, and our financial and operating results, including our guidance for the fourth quarter of 2024. 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 we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results. (1) GAAP represents U.S. Generally Accepted Accounting Principles. (2) Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, and business outlook. Further information regarding Micron's use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. MICRON TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except per share amounts)(Unaudited)             3rd Qtr. 2nd Qtr. 3rd Qtr. Nine months ended   May 30,2024 February 29,2024 June 1,2023 May 30,2024 June 1,2023             Revenue $ 6,811   $ 5,824   $ 3,752   $ 17,361   $ 11,530   Cost of goods sold   4,979     4,745     4,420     14,485     12,511   Gross margin   1,832     1,079     (668 )   2,876     (981 )             Research and development   850     832     758     2,527     2,395   Selling, general, and administrative   291     280     219     834     701   Restructure and asset impairments   —     —     68     —     167   Other operating (income) expense, net   (28 )   (224 )   48     (267 )   29   Operating income (loss)   719     191     (1,761 )   (218 )   (4,273 )             Interest income   136     130     127     398     334   Interest expense   (150 )   (144 )   (119 )   (426 )   (259 ) Other non-operating income (expense), net   10     (7 )   —     (24 )   (2 )     715     170     (1,753 )   (270 )   (4,200 )             Income tax (provision) benefit   (377 )   622     (139 )   172     (201 ) Equity in net income (loss) of equity method investees   (6 )   1     (4 )   (11 )   (2 ) Net income (loss) $ 332   $ 793   $ (1,896 ) $ (109 ) $ (4,403 )             Earnings (loss) per share           Basic $ 0.30   $ 0.72   $ (1.73 ) $ (0.10 ) $ (4.03 ) Diluted   0.30