Introduction
Micron Technology, Inc. has unveiled its financial results for the Q4 and the full fiscal year 2024, ending on August 29, 2024.
The company demonstrated remarkable performance, driven largely by surging demand in the artificial intelligence (AI) sector. Micron’s revenue soared to $7.75 billion for the quarter, marking a staggering 93% year-over-year growth.
This growth highlights Micron’s strength in the memory and storage market and its pivotal role in advancing data center technologies.
Fiscal Q4 2024 Highlights
Micron’s fiscal Q4 2024 results indicate a strong upward trajectory for the company. Here are the key takeaways:
- Revenue Surge: Micron reported revenue of $7.75 billion, a significant increase of 14% compared to $6.81 billion in the previous quarter. Year-over-year, this marks a dramatic rise from $4.01 billion.
- Net Income: The company achieved a GAAP net income of $887 million, equating to $0.79 per diluted share. Non-GAAP net income reached $1.34 billion, or $1.18 per diluted share, showcasing the strength of its financial performance.
- Operating Cash Flow: Micron generated operating cash flow of $3.41 billion in Q4 2024, up from $2.48 billion in the prior quarter and a substantial increase from $249 million in Q4 2023.
- Capital Expenditures: The company’s capital expenditures for the fourth quarter were $3.08 billion, which resulted in adjusted free cash flows of $323 million.
- Record Data Center SSD Sales: Micron achieved over $1 billion in quarterly revenue from data center solid-state drives (SSDs) for the first time, underscoring the company’s success in meeting the growing demands of the AI-driven market.
Strong Growth Driven by AI Demand
The impressive financial results were primarily fueled by robust demand for Micron’s DRAM and NAND products.
The increasing adoption of AI technologies has prompted data centers to invest heavily in memory solutions that can support advanced applications.
Micron’s President and CEO, Sanjay Mehrotra, noted, “Micron delivered 93% year-over-year revenue growth in fiscal Q4, as robust AI demand drove a strong ramp of our data center DRAM products and our industry-leading high-bandwidth memory.”
Micron’s focus on high-performance memory solutions has positioned the company to capitalize on the booming AI landscape.
With significant investments in research and development, Micron is committed to maintaining its competitive edge in the industry.
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Fiscal Year 2024 Performance Overview
Looking beyond the fourth quarter, Micron’s fiscal year 2024 results also showcase a remarkable performance trajectory. Here are the highlights:
Full Year Revenue: Micron reported $25.11 billion in revenue for fiscal year 2024, up from $15.54 billion the previous year. This reflects strong growth in the semiconductor market.
Net Income: The company posted a GAAP net income of $778 million, or $0.70 per share. Non-GAAP net income was $1.47 billion, or $1.30 per share, showing better operational performance.
Operating Cash Flow: Micron generated $8.51 billion in operating cash flow, a significant increase from $1.56 billion in fiscal year 2023. This highlights improved profitability and efficiency.
Investments in Growth: The company invested $8.12 billion in capital expenditures. This shows its focus on expanding production and improving technology.
Free Cash Flow: Micron reported $386 million in adjusted free cash flow for the year, indicating strong financial health.
Future Outlook and Strategic Positioning
Micron enters fiscal 2025 with a positive outlook. CEO Sanjay Mehrotra stated, “We forecast record revenue in fiscal Q1 and significantly improved profitability for fiscal 2025.”
The company expects strong demand for its memory products in data centers, driven by AI and machine learning.
Micron invests heavily in research and development, driving its future growth. The company strengthens its position to capitalize on emerging technologies and expand its competitive edge in the semiconductor industry.
Dividend Declaration
On September 25, 2024, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share. This will be paid on October 23, 2024, to shareholders of record by October 7, 2024. The dividend reflects Micron’s commitment to returning value to shareholders while maintaining financial stability.
Conclusion
Micron fiscal Q4 2024 results highlight strong growth in revenue, net income, and cash flow. The company’s investments in technology and innovation are driving its success in the semiconductor market.
With a positive outlook for fiscal 2025 and continued focus on AI-driven memory solutions, Micron is poised for further success.
