Tencent Securities Sept. 30, Micron Technology Inc (NASDAQ:MU) in the U. S. stock market closed on Tuesday (early Wednesday, Beijing time) released the company's fiscal year 2020 fourth quarter and full-year results.
According to the report, Micron Technology Inc's fourth-quarter revenue was $6.056 billion, exceeding analysts' expectations, compared with $4.87 billion in the same period last year and $5.438 billion in the previous quarter, while net profit was $988 million, compared with $561 million in the same period last year and $803 million in the previous quarter. Diluted earnings per share were $0.87, compared with $0.49 a year earlier and $0.71 in the previous quarter. Excluding some one-time items (not in accordance with GAAP), Micron Technology Inc's adjusted earnings per share in the fourth quarter exceeded analysts' expectations, compared with 56 cents in the same period last year and 82 cents in the previous quarter.
Micron Technology Inc's shares fell 3.88% to $48.74 in after-hours trading after the announcement.
Summary of fourth quarter results:
Micron Technology Inc's fourth-quarter revenue was $6.056 billion, beating analysts' expectations, compared with $4.87 billion in the same period last year and $5.438 billion in the previous quarter. Analysts had on average expected Micron Technology Inc's fourth-quarter revenue to reach $5.89 billion, according to a survey by FactSet, a financial information provider.
Micron Technology Inc's fourth-quarter gross profit was $2.068 billion, accounting for 34.1% of revenue, compared with $1.395 billion in the same period last year, accounting for 28.6% of revenue. Gross profit in the previous quarter was $1.763 billion, accounting for 32.4% of revenue.
Excluding some one-time items (not in accordance with US GAAP), Micron Technology Inc's adjusted gross profit in the fourth quarter was $2.111 billion, accounting for 30.9% of revenue, compared with $1.491 billion in the same period last year. It accounted for 30.6% of revenue; the adjusted gross profit of the previous quarter was $1.804 billion, accounting for 33.2% of revenue.
Micron Technology Inc's operating expenses were $911 million in the fourth quarter, compared with $745 million in the same period last year and $875 million in the previous quarter. Excluding some one-time items (not in accordance with GAAP), Micron Technology Inc's operating expenses were $809 million in the fourth quarter, compared with $797 million in the same period last year and $823 million in the previous quarter.
Micron Technology Inc's fourth-quarter operating profit was $1.157 billion, accounting for 19.1% of revenue, compared with $650 million in the same period last year, accounting for 13.3% of revenue. In the previous quarter, operating profit was $888 million, accounting for 16.3% of revenue.
Excluding some one-time items (not in accordance with US GAAP), Micron Technology Inc's adjusted operating profit in the fourth quarter was $1.302 billion, accounting for 21.5% of revenue, compared with $694 million in the same period last year. 14.3% of revenue; last quarter's adjusted operating profit was $981 million, accounting for 18.0% of revenue.
Micron Technology Inc's fourth-quarter net income was $988 million, compared with $561 million in the same period last year and $803 million in the previous quarter, and diluted earnings per share were $0.87, compared with $0.49 in the same period a year earlier and $0.71 in the previous quarter.
Excluding some one-time items (not in accordance with US GAAP), Micron Technology Inc's adjusted net income for the fourth quarter was $1.229 billion and adjusted earnings per share was $1.08, which exceeded analysts' expectations. compared with adjusted net income of $637 million and adjusted earnings per share of $0.56 in the same period last year. Adjusted net income for the previous quarter was $941 million, or 82 cents per share. Analysts had on average expected Micron Technology Inc's adjusted earnings per share to reach 99 cents per share in the fourth quarter, according to a survey by FactSet, a financial information provider.
Summary of results for fiscal year 2020:
Micron Technology Inc's revenue in fiscal 2020 was $21.435 billion, compared with $23.406 billion in fiscal 2019, exceeding analysts' expectations. According to data provided by Yahoo Finance Channel, 33 analysts had expected Micron Technology Inc's revenue in fiscal year 2020 to reach 21.28 billion US dollars on average.
Micron Technology Inc's gross profit in fiscal 2020 was $6.552 billion, accounting for 30.6 per cent of revenue, compared with $10.702 billion in 2019, accounting for 45.7 per cent of revenue.
Excluding some one-time items (not in accordance with US GAAP), Micron Technology Inc's adjusted gross profit for fiscal year 2020 was $6.718 billion, accounting for 31.3% of revenue, compared with $10.973 billion in fiscal year 2019. Accounted for 46.9% of revenue.
Micron Technology Inc's operating expenses were $3.549 billion in fiscal 2020, compared with $3.326 billion in fiscal 2019. Excluding some one-time items (not in accordance with GAAP), Micron Technology Inc's adjusted operating expenses were $3.299 billion in fiscal 2020, compared with $3.172 billion in fiscal 2019.
Micron Technology Inc's operating profit in fiscal 2020 was $3.003 billion, accounting for 14.0% of revenue, compared with $7.376 billion in fiscal 2019, accounting for 31.5% of revenue.
Excluding some one-time items (not in accordance with US GAAP), Micron Technology Inc's adjusted operating profit in fiscal year 2020 was $3.419 billion, accounting for 16.0% of revenue, compared with $7.801 billion in fiscal year 2019. 33.3% of revenue.
Micron Technology Inc's net income was $2.687 billion in fiscal 2020, compared with $6.313 billion in fiscal 2019, and diluted earnings per share were $2.37, compared with $5.51 in fiscal 2019.
Excluding some one-time items (not in accordance with GAAP), Micron Technology Inc's adjusted net income in fiscal 2020 was $3.235 billion, compared with $7.314 billion in fiscal 2019, and adjusted diluted earnings per share were $2.83, exceeding analysts' expectations. compared with $6.35 in fiscal year 2019. On average, 32 analysts had expected Micron Technology Inc's adjusted earnings per share to reach $2.75 in fiscal 2020, according to data provided by Yahoo Finance.
Performance outlook:
Micron Technology Inc made the following outlook for the first quarter of fiscal year 2021:
Revenue is expected to reach $5.2 billion, fluctuating up and down by $200m, below analysts' expectations. According to a survey by FactSet, a financial information provider, analysts had on average expected Micron Technology Inc's revenue to reach $5.31 billion in the first quarter.
-the gross profit margin is expected to reach 26.5%, fluctuating by 1.5%. Excluding some one-time items (not in accordance with GAAP), the adjusted gross profit margin is expected to reach 27.5%, fluctuating by 1%.
Diluted earnings per share are expected to reach $0.39, fluctuating by $0.07; excluding some one-time items (not in accordance with GAAP), adjusted diluted earnings per share are expected to reach $0.47, fluctuating by $0.07, below analysts' expectations. According to a survey by FactSet, a financial information provider, analysts had on average expected Micron Technology Inc's adjusted earnings per share to reach 69 cents in the first quarter. (nebula)