Micron Technology reports strong revenue growth in Q4 2024, projects record revenue for Q1 2025.
From GlobeNewswire: 2024-09-25 16:07:00
Micron Technology, Inc. reported its fourth quarter and fiscal year 2024 results. Q4 2024 revenue was $7.75 billion, up from $6.81 billion the previous quarter. Annual revenue for fiscal 2024 was $25.11 billion, up from $15.54 billion in the prior year. Operating cash flow for Q4 was $3.41 billion, and GAAP net income was $887 million. Micron President and CEO announced 93% revenue growth in Q4, driven by strong demand for data center products. The company foresees record revenue in fiscal Q1 2025.
Investments in capital expenditures for Q4 2024 were $3.08 billion, resulting in adjusted free cash flows of $323 million. Micron’s total cash, marketable investments, and restricted cash at the end of fiscal 2024 were $9.16 billion. The Board of Directors declared a quarterly dividend of $0.115 per share. Micron provided guidance for Q1 2025, projecting revenue of $8.70 billion, gross margin of 38.5%, and earnings per share of $1.54.
Micron’s consolidated statements of operations for Q4 2024 show a gross margin of $2.737 billion, operating income of $1.522 billion, and net income of $887 million. The consolidated balance sheet highlights total assets of $69.416 billion and total equity of $45.131 billion. The consolidated statements of cash flows indicate net cash provided by operating activities of $8.507 billion and net cash used for investing activities of $8.309 billion in fiscal 2024.
Inventories for fiscal 2023 were written down to their estimated net realizable values, resulting in provisions of $1.83 billion. Micron provided reconciliations of GAAP to non-GAAP measures, showing adjustments to gross margin, operating expenses, operating income, and net income for Q4 2024 and the full year. Adjusted non-GAAP net income for the full year was $1.47 billion, compared to GAAP net income of $778 million.
Read more at GlobeNewswire:: Micron Technology, Inc. Reports Results for the Fourth