Micron Technology Reports Higher 4Q Profit, Sales Amid Pandemic -- Earnings Review
September 29 2020 - 5:04PM
Dow Jones News
By Maria Armental
Micron Technology Inc., one of the world's largest memory-chip
makers, reported higher fourth-quarter financial results helped by
strong DRAM sales in cloud, PC and gaming consoles amid the
coronavirus pandemic. Here's what you need to know.
PROFIT: Net income for the quarter rose to $988 million, or 87
cents a share, from $561 million, or 49 cents a share, a year
earlier. On an adjusted basis, profit rose to $1.08 a share from 56
cents a share a year earlier. The company had projected 88 cents a
share, or $1.05 a share on an adjusted basis, plus or minus 10
cents. Analysts surveyed by FactSet projected 88 cents a share, or
98 cents a share as adjusted.
REVENUE: Revenue rose to $6.06 billion from $4.87 billion a year
earlier. Micron projected $5.75 billion to $6.25 billion in
revenue, while analysts expected $5.89 billion.
YEAR: Micron ended the year at a profit of $2.69 billion on
$21.44 billion in revenue, compared with a profit of $6.31 billion
and $23.41 billion in revenue a year earlier.
OUTLOOK: This quarter, Micron expects a profit of about 39 cents
a share, plus or minus 7 cents, or 47 cents a share on an adjusted
basis, also plus or minus 7 cents. It projected $5 billion to $5.4
billion in revenue. Analysts expected 61 cents a share, or 66 cents
a share on an adjusted basis, on $5.27 billion in revenue.
PANDEMIC: Chief Executive Sanjay Mehrotra in a statement pointed
to strong DRAM sales in cloud, PC and gaming consoles and an
increase in QLC NAND shipments for the quarter that ended on Sept.
3. The CEO said the company expected business conditions to improve
in 2021, driven by 5G, cloud and automotive growth.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
September 29, 2020 16:49 ET (20:49 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Micron Technology (NASDAQ:MU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Micron Technology (NASDAQ:MU)
Historical Stock Chart
From Apr 2023 to Apr 2024