Micron Updates First Quarter Fiscal 2021 Guidance

BOISE, Idaho, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) (the “Company”), today announced that it is increasing its revenue, gross margin and EPS guidance for the first quarter of fiscal 2021, which ends Dec. 3, 2020, as set forth in the tables below.

Micron President and Chief Executive Officer Sanjay Mehrotra will share further updates in a fireside chat at the Credit Suisse Annual Technology Conference scheduled to take place at 8:30 a.m. Pacific time on Dec. 1, 2020. 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$5.0 bn - $5.4 bn     $5.0 bn - $5.4 bn $5.70 bn - 5.75 bn     $5.70 bn - $5.75 bn
Gross margin25.5% - 27.5%  1% A 26.5% - 28.5% 28.5% - 29.5%  1% A 29.5% - 30.5%
Diluted earnings per share(1)$0.32 - $0.46  $0.08 A,B,C,D $0.40 - $0.54 $0.61 - $0.65  $0.08 A,B,C,D $0.69 - $0.73


Non-GAAP Adjustments
(in millions)
      
        
AStock-based compensation – cost of goods sold $ 39   
A Other – cost of goods sold    
B Stock-based compensation – sales, general, and administrative   25   
B Stock-based compensation – research and development   23   
C Amortization of debt discount and other costs    
D Tax effects of the above items and non-cash changes in net deferred income taxes   (1)  
              $ 95   

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