Micron Updates Second Quarter Fiscal 2021 Guidance
GLOBENEWSWIRE 9:00 AM ET 3/3/2021
Symbol Last Price Change | MU | 91.09 | 0 (0%) | | QUOTES AS OF 04:00:00 PM ET 03/02/2021 |
BOISE, Idaho, March 03, 2021 (GLOBE NEWSWIRE) -- Micron Technology, Inc.(MU) (the “Company”), today announced that it is increasing its revenue, gross margin, and EPS guidance for the second quarter of fiscal 2021, which ends March 4, 2021, as set forth in the tables below.
Micron Senior Vice President and Chief Financial Officer David Zinsner will share further updates in a fireside chat at the Morgan Stanley Technology, Media & Telecom Virtual Conference scheduled to take place at 8:45 a.m. Pacific time on March 3, 2021. 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 | $5.6 bn - $6.0 bn | | —
| | | | $5.6 bn - $6.0 bn | | $6.20 bn - $6.25 bn | | | —
| | | | $6.20 bn - $6.25 bn | | Gross margin | 24.0% - 26.0% | | | 6% | | A | | 30.0% - 32.0% | | 26.0% - 27.0% | | | 6% | | A | | 32.0% - 33.0% | | Diluted earnings per share(1) | $0.34 - $0.48 | | | $0.34 | | A,B,C,D | | $0.68 - $0.82 | | $0.51 - $0.56 | | | $0.42 | | A,B,C,D | | $0.93 - $0.98 |
Non-GAAP Adjustments
(in millions) | | Previous Guidance | Updated Guidance | | | | | | | | A | Inventory accounting policy change to FIFO – cost of goods sold | | $ | 135 | | | $ | 133 | | | A | Change in inventory cost absorption – cost of goods sold | | 165 | | | 160 | | | A | Stock-based compensation – cost of goods sold | | 54 | | | 54 | | | A | Other – cost of goods sold | | 7 | | | 7 | | | B | Stock-based compensation – research and development | | 30 | | | 30 | | | B | Stock-based compensation – sales, general, and administrative | | 27 | | | 27 | | | B | Patent settlement – other operating (income) expense, net | | — | | | 128 | | | C | Amortization of debt discount and other costs | | 2 | | | 2 | | | D | Tax effects of the above items and non-cash changes in net deferred income taxes | | (27 | ) | | (58 | ) | | | | | $ | 393 | | | $ | 483 | |
(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. |
