Micron Technology, Inc. Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Revenue: 5.4 billion dollars, up 13 percent sequentially and 14 percent year-over-year, driven primarily by data center and mobile strength.
  • Non-GAAP EPS: 0.82 dollars, up from 0.45 dollars in the previous quarter but down from 1.05 dollars a year ago.
  • Gross Margin: 33.2 percent, improving due to pricing strength in DRAM and NAND and richer product mix.
  • Free Cash Flow: 101 million dollars, marking the 14th consecutive quarter of positive free cash flow.
  • Customer and supply chain management remained strong despite COVID-19 disruption, with most facilities operating normally.

Key Business Drivers (Sequential Comparison: Q3 vs. Q2 2020 unless noted)

DRAM

  • Revenue: 3.6 billion dollars, up 16 percent sequentially and 6 percent year-over-year.
  • Bit shipments rose about 10 percent; ASPs increased mid-single digits.
  • 1y and 1z nodes now exceed 50 percent of DRAM bit production; 1z is the most advanced industry node.
  • Sampling began for high-bandwidth DRAM and DDR5 for enterprise applications.

NAND

  • Revenue: 1.7 billion dollars, up 10 percent sequentially and more than 50 percent year-over-year.
  • Bit shipments grew low single digits; ASPs increased upper single digits.

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Operator: Ladies and gentlemen, thank you for standing by. And welcome to Micron Technology's Third Quarter 2020 Financial Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference may be recorded. [Operator Instructions] I would now like to hand the conference over to your speaker, Head of Investor Relations, Farhan Ahmad. Sir, please go ahead. Farhan Ahmad: Thank you, and welcome to Micron Technology's fiscal third quarter 2020 financial conference call. On the call with me today are Sanjay Mehrotra, President and CEO; and Dave Zinsner, Chief Financial Officer. Today's call will be approximately 60 minutes in length. This call, including the audio and slides is also being webcast from our Investor Relations website at investors.micron.com. In addition, our website contains the earnings press release, and prepared remarks filed a short while ago. Today’s discussion of financial results will be presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures may be found on our website. As a reminder, a webcast replay will be available on our website later today. We encourage you to monitor our website at micron.com throughout the quarter for the most current information on the company, including information on the various financial conferences that we will be attending. You can follow us on Twitter at MicronTech. As a reminder, the matters we will be discuss

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