Micron Updates Second Quarter Fiscal 2021 Guidance

BOISE, Idaho, March 03, 2021 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) (the “Company”), today announced that it is increasing its revenue, gross margin, and EPS guidance for the second quarter of fiscal 2021, which ends March 4, 2021, as set forth in the tables below.

Micron Senior Vice President and Chief Financial Officer David Zinsner will share further updates in a fireside chat at the Morgan Stanley Technology, Media & Telecom Virtual Conference scheduled to take place at 8:45 a.m. Pacific time on March 3, 2021. 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$5.6 bn - $6.0 bn 
   $5.6 bn - $6.0 bn $6.20 bn - $6.25 bn  
   $6.20 bn - $6.25 bn
Gross margin24.0% - 26.0%  6% A 30.0% - 32.0% 26.0% - 27.0%  6% A 32.0% - 33.0%
Diluted earnings per share(1)$0.34 - $0.48  $0.34 A,B,C,D $0.68 - $0.82 $0.51 - $0.56  $0.42 A,B,C,D $0.93 - $0.98


Non-GAAP Adjustments
(in millions)
  Previous Guidance Updated Guidance
     
AInventory accounting policy change to FIFO – cost of goods sold $135  $ 133  
A Change in inventory cost absorption – cost of goods sold   165     160  
A Stock-based compensation – cost of goods sold   54     54  
A Other – cost of goods sold   7     7  
B Stock-based compensation – research and development   30     30  
B Stock-based compensation – sales, general, and administrative   27     27  
B Patent settlement – other operating (income) expense, net       128  
C Amortization of debt discount and other costs   2     2  
D Tax effects of the above items and non-cash changes in net deferred income taxes   (27 )   (58 )
      $ 393     $ 483  

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