Micron Technology, Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Micron reported a strong fiscal Q4 2024, with revenue, gross margin, and EPS all exceeding the high end of guidance.
  • Fiscal 2024 revenue grew over 60% year-over-year, driven primarily by AI-led demand strength in data center, and record revenues in NAND and the storage business.
  • Micron enters fiscal 2025 with its strongest competitive positioning ever, supported by leading-edge DRAM (1-beta) and NAND (G8, G9) technologies.
  • The company expects fiscal 2025 to deliver record revenue and significantly improved profitability.

Financial Performance (Comparisons are YoY unless stated)

Q4 2024 Results
  • Total revenue: $7.8B, up 93% (up 14% sequentially).
  • Gross margin: 36.5%, up 31+ points YoY and up 8 points sequentially.
  • Non-GAAP EPS: $1.18 (vs. -$1.07 YoY; $0.62 prior quarter).
  • Operating income: $1.7B (23% margin), up 53 points YoY.
  • Adjusted EBITDA: $3.7B (48% margin), up 30 points YoY.
  • Operating cash flow: $3.4B (44% of revenue).
Full-Year Fiscal 2024
  • Total revenue: $25.1B, up 62%.
  • Gross margin: 23.7%, up 31+ points.
  • Operating margin: 8%, up 39 points.
  • EBITDA margin: over 38%, up 20 points.

Segment Performance

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Operator: Thank you for standing by and welcome to Micron's Fourth Quarter 2024 Financial Call. At this time, all participants are in a listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Satya Kumar, Investor Relations. Please go ahead, sir. Satya Kumar: Thank you and welcome to Micron Technology's fiscal fourth quarter 2024 financial conference call. On the call with me today are Sanjay Mehrotra, our President and CEO, and Mark Murphy, our CFO. Today's call is being webcast from our Investor Relations site at investors.micron.com including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website, along with the prepared remarks for this call. Today's discussion of financial results is presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures can be found on our website. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on X at MicronTech. As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, market and pricing trends and drivers, the impact of de

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