Micron Technology (MU) Q4 2024 Earnings
Did MU Beat Earnings? Q4 2024 Results
Yes. Micron Technology reported Q4 2024 earnings of $1.18 a share on Sep 25, 2024, beating the $1.14 consensus estimate by 3.5%. Revenue was $7.8B against a $7.6B estimate.
Micron Technology capped fiscal 2024 with a strong fourth-quarter performance, posting adjusted EPS of $1.18 against a consensus estimate of $1.13, a beat of 4.42%, while revenue of $7.75 billion edged past the $7.63 billion consensus by 1.51% and nearly doubled year-over-year, climbing 93.3% from $4.01 billion in the prior-year period. The driving force behind the surge was unmistakable: explosive demand for AI-related memory products, particularly data center DRAM and high bandwidth memory chips, which powered a recovery in gross margins to 35.3% on a GAAP basis from negative 10.8% a year ago. The company also swung to GAAP net income of $887 million, compared to a net loss of $1.43 billion in Q4 fiscal 2023, underscoring how dramatically the memory cycle has shifted. Shares jumped more than 13% following the results, reflecting investor enthusiasm over Micron's fiscal Q1 2025 guidance for revenue of $8.70 billion and non-GAAP EPS of $1.74, with management projecting continued record revenue momentum into the full fiscal year.
- 93% year-over-year revenue growth driven by robust AI demand
- Strong ramp of data center DRAM products and high bandwidth memory
- Record NAND revenue led by data center SSD sales exceeding $1 billion quarterly
- Record data center revenue in fiscal Q4
- Gross margin recovery from negative 10.8% to 35.3% GAAP year-over-year
- Operating cash flow surged to $3.41 billion from $249 million year-over-year
“Micron delivered 93% year-over-year revenue growth in fiscal Q4, as robust AI demand drove a strong ramp of our data center DRAM products and our industry-leading high bandwidth memory. Our NAND revenue record was led by data center SSD sales, which exceeded $1 billion in quarterly revenue for the first time.”
Micron Technology CEO, on the earnings call
What Was Micron Technology's Outlook in Q4 2024?
For fiscal Q1 2025, Micron guided revenue of $8.70 billion ± $200 million, GAAP gross margin of 38.5% ± 1.0%, non-GAAP gross margin of 39.5% ± 1.0%, GAAP operating expenses of $1.211 billion ± $15 million, non-GAAP operating expenses of $1.085 billion ± $15 million, GAAP diluted EPS of $1.54 ± $0.08, and non-GAAP diluted EPS of $1.74 ± $0.08. Management forecast record revenue in fiscal Q1 and a substantial revenue record with significantly improved profitability for the full fiscal 2025.
MU YoY Financials
| Metric | Q4 2024 | Q4 2023 | Year over year |
|---|---|---|---|
| Revenue | $7.8B | $4.0B | +93.3% |
| Gross Profit | $2.7B | $330.1M | +729.2% |
| Operating Income | $1.5B | $501.6M | +203.4% |
| Net Income | $887.0M | $338.5M | +162.0% |
MU Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.