마이크론은 2022년1분기(9-11월말) 호실적 발표로 시간외 6% 상승

2021.12.21

마이크론의 회계년도 2021년 분기별 매출과 순이익(괄호안)은 다음과 같다.

57.7억달러(1분기, 0.803억달러)-->62.3억달러(2분기, 11.28억)-->74.2억달러(3분기,21.73억)-->82.7억달러(4분기,27.2억)

 

Micron stock rallies as strong data-center sales drive outlook, earnings - MarketWatch

 

마이크론은 시장예상치를 상회하는 1분기 실적과 2분기 실적 전망치로 시간외 거래에서 6% 상승중이다.

마이크론의 회계년도1분기(9월-11월말) 매출이 76.9억달러인데, 2분기(12월-22년2월말) 예상 매출이 73억-77억달러로

중간값 75억달러는 시장예상치  72.9억달러를 상회했다.

마이크론의 회계년도 22년1분기 매출 76.9억달러는 4분기 매출 82.7억달러보다는 적으나

3분기 매출 74.2억달러보다는 많다. 1분기 영업익 26.31억달러. 순이익은 23.06억달러.

 

즉 1월과 2월은 비수기이고 대만의 시장조사기관인 트렌드포스가 내년 1분기 디램 가격이 전분기대비 8-13%

하락할 것으로 예상하고 있음에도 불구하고 마이크론의 다음 분기 매출이 그다지 하락하지 않을 것으로 예상함으로

마이크론은 시간외 거래에서 6%넘게 상승했다.

 

KB증권에서 4분기에 데이터센터 업체의 서버 디램 재고가 30%넘게 감소하면서

판매 계약이 무리없이 진행된다고 하였는데, 이번 마이크론의 실적 발표 컨콜에서 데이터센터향

매출이 크게 증가하였다는 언급과 맥을 같이한다.

삼성전자와 SK하이닉스의 4분기 실적도 시장예상치를 상회할 가능성이 크다.

 

Micron Technology Inc. shares surged in the extended session Monday after the memory-chip maker forecast an outlook and reported earnings that topped Wall Street estimates as data-center sales proved to the company’s strongest growth sector.

Micron MU, -1.17% shares rallied 6% after hours, following a 1.2% decline in the regular session to close at $82.03.

The Boise, Idaho-based chip maker expects adjusted second-quarter net income of $1.85 to $2.05 a share on revenue of $7.3 billion to $7.7 billion. Analysts had forecast $1.84 a share on revenue of $7.29 billion.

마이크론은 12월20일 장막감후 회계년도 2022년1분기(2021년9월-11월말) 실적 발표.

시장 예상치를 상회한 1분기 실적과 2분기 호실적 예상으로 시간외 거래에서 6% 상승중.

순이익 23.1억달러, 주당순이익 2.04달러 달성.

1분기 매출은 76.9억달러이고

2분기 실적 예상치는 매출 73억-77억달러, 주당 순이익 1.85-2.05달러로

시장예상치인 매출 72.9억달러와 주당순이익1.84달러를 뛰어넘었다.

 

“Data center is the largest market for memory and storage and we expect it to outpace the broader memory and storage market over the next decade,” said Sanjay Mehrotra, Micron’s chief executive, on the conference call with analysts.

데이터세터는  디램과 낸드의 가장 큰 수요처이고, 우리는 다음 10년간 다른 메모리(디램)와 스토리지(낸드) 시장

성장을 뛰어 넘을 것으로 예상한다고 마이크론 사장은 컨콜에서 말했다.

 

While Micron doesn’t break out data-center sales specifically from its compute and networking segment, which rose 34% to $3.41 billion in the first quarter, Mehrotra said on the call with analysts that data-center sales “grew more than 70% year over year as a result of continued cloud demand and the resurgence of enterprise IT investment.”

“So, as the supply-chain shortages ease during the course of 2022, that will be a tailwind for demand for us for memory and storage products,” Mehrotra said. “We expect calendar-year 22 to be a strong year for data-center demand.”

1분기 데이터센터향 매출은 34% 증가한 34.1억달러였다.

클라우드와 기업용 IT투자로 데이터센터향 매출은 전년대비 70% 성장했다.

2022년에는 공급망 부족 사태도 완화될 것으로 보이고, 이는 디램과 낸드 수요에 순풍이 될것이다.

마이크론 사장은 캘런더 2022년에는 강력한 데이터센터 수요를 예상한다고 언급했다.

 

Data-center sales are also the strongest growing segments in other chip makers like Nvidia Corp. NVDA, -0.29%, Advanced Micro Devices Inc. AMD, -1.42% and Intel Corp. INTC, -2.02%, which supply cloud providers.

데이터센터 부문 매출은 엔비디아, AMD와 인텔같은 클라우드 공급업체에도 가장 강하게 성장하는 부문이다.

 

Micron specializes in DRAM and NAND memory chips. DRAM, or dynamic random access memory, is the type of memory commonly used in PCs and servers, while NAND chips are the flash memory chips used in smaller devices like smartphones and USB drives. Like most semiconductors, memory chips have been in great demand during the COVID-19 pandemic, and prices have shot higher.

 

Micron expects DRAM demand to rise in the low 20% range and in the high 30% range in 2021. For 2022, the company expects DRAM demand to rise in the mid-to-high teens, and NAND demand to rise about 30%.

The company also said it spent $3.27 billion on capital expenditures in the first quarter, and expects $11 billion to $12 billion in capex spending in fiscal 2022.

마이크론은 2021년 디램 ㅜ요는 20초반대 증가하고 낸드 매출은 30%후반대 증가할 것으로 예상했다.

2022년에는 디램 수요는 10%대중후반, 낸드 수요는 30%대 증가할 것으로 예상했다.

For the fiscal first quarter, Micron reported net income of $2.31 billion, or $2.04 a share, compared with $803 million, or 71 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $2.16 a share, compared with 78 cents a share in the year-ago period.

Revenue rose to $7.69 billion from $5.77 billion in the year-ago quarter.

회계년도 2022년1분기(2021년9월-11월말) 순이익 23.1억달러, 주당순이익 2.04달러로 1년전 실적 순이익 8.03억달러,

주당순이익 0.71달러대비 대폭 증가.

희석식 주당순이익은 2.16달러로 1년전 주당순이익 0.78달러대비 증가.

매출은 76.9억달러이고 1년전 매출은 57.7억달러.

 

Analysts surveyed by FactSet had forecast adjusted earnings of $2.10 a share on revenue of $7.68 billion, based on Micron’s forecast of $2 to $2.20 a share on revenue of $7.45 billion to $7.85 billion.

 

Micron said DRAM sales made up 73% of revenue, or $5.59 billion, in the fiscal first quarter, for a 38% year-over-year gain, while NAND accounted for 24% of revenue, or $1.89 billion, up 19% year over year. Analysts on average had expected DRAM sales of $5.54 billion, and NAND sales of $2 billion, according to FactSet.

1분기 디램 매출은 전년 동기대비 38% 증가한 55.9억달러로 전체 매출의 73% 차지하고,

낸드 매출은 전년 동기대비 19% 증가한 18.9억달러로 전제 매출의 24%차지했다.

시장예상치는 디램 매출 55.4억달러, 낸드 매출 20억달러였다.

 

Over the past 12 months, Micron shares have gained 15%, while the PHLX Semiconductor Index  SOX, -0.76% has risen 35%, the S&P 500 index  SPX, -1.14%  has gained 23%, and the tech-heavy Nasdaq Composite Index  COMP, -1.24% has risen nearly 18%. Back on April 12, Micron shares closed at $95.59, just short of their all-time closing high of $96.56, set on July 14, 2000.

---------------------------------------------------------

 

Fiscal Q1 2022 highlights

• Revenue of $7.69 billion versus $8.27 billion for the prior quarter and $5.77 billion for the same period last year
• GAAP net income of $2.31 billion, or $2.04 per diluted share
• Non-GAAP net income of $2.47 billion, or $2.16 per diluted share
• Operating cash flow of $3.94 billion versus $3.88 billion for the prior quarter and $1.97 billion for the same period last year

“Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” said Micron Technology President and CEO Sanjay Mehrotra. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers. As powerful secular trends including 5G, AI, and EV adoption fuel demand growth, our technology leadership and world-class execution position us to create significant shareholder value in fiscal 2022 and beyond.”

Quarterly Financial Results
(in millions, except per share amounts)	GAAP(1)										Non-GAAP(2)
	FQ1-22			FQ4-21			FQ1-21				FQ1-22			FQ4-21			FQ1-21
Revenue	$	7,687		$	8,274		$	5,773			$	7,687		$	8,274		$	5,773
Gross margin	3,565			3,912			1,736				3,616			3,964			1,784
percent of revenue	46.4		%	47.3		%	30.1		%		47.0		%	47.9		%	30.9		%
Operating expenses	934			957			870				891			891			811
Operating income	2,631			2,955			866				2,725			3,073			973
percent of revenue	34.2		%	35.7		%	15.0		%		35.4		%	37.1		%	16.9		%
Net income	2,306			2,720			803				2,471			2,778			897
Diluted earnings per share	2.04			2.39			0.71				2.16			2.42			0.78

Investments in capital expenditures, net(2) were $3.27 billion for the first quarter of 2022, which resulted in adjusted free cash flows(2) of $671 million. Micron repurchased approximately 3.6 million shares of its common stock for $259 million during the first quarter of fiscal 2022 and ended the quarter with cash, marketable investments, and restricted cash of $11.48 billion, for a net cash(2) position of $4.46 billion.

On December 17, 2021, Micron’s Board of Directors declared a quarterly dividend of $0.10 per share, payable in cash on January 18, 2022, to shareholders of record as of the close of business on January 3, 2022.

Business Outlook

The following table presents Micron’s guidance for the second quarter of 2022:

FQ2-22	GAAP(1) Outlook	Non-GAAP(2) Outlook
Revenue	$7.5 billion ± $200 million	$7.5 billion ± $200 million
Gross margin	45.0% ± 1%	46.0% ± 1%
Operating expenses	$1,058 million ± $25 million	$975 million ± $25 million
Diluted earnings per share	$1.83 ± $0.10	$1.95 ± $0.10

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Investor Webcast

Micron will host a conference call on Monday, Dec. 20, 2021 at 2:30 p.m. MT to discuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc., visit micron.com.

© 2021 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.

(1)   GAAP represents U.S. Generally Accepted Accounting Principles.
(2)   Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, net cash, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
	1st Qtr.				4th Qtr.				1st Qtr.
	December 2, 2021				September 2, 2021				December 3, 2020
Revenue	$	7,687			$	8,274			$	5,773
Cost of goods sold	4,122				4,362				4,037
Gross margin	3,565				3,912				1,736
Research and development	712				705				647
Selling, general, and administrative	259				236				214
Restructure and asset impairments	38				22				8
Other operating (income) expense, net	(75		)		(6		)		1
Operating income	2,631				2,955				866
Interest income	10				9				10
Interest expense	(45		)		(47		)		(48		)
Other non-operating income (expense), net	(75		)		19				13
	2,521				2,936				841
Income tax (provision) benefit	(219		)		(230		)		(51		)
Equity in net income (loss) of equity method investees	4				14				13
Net income	$	2,306			$	2,720			$	803
Earnings per share
Basic	$	2.06			$	2.42			$	0.72
Diluted	2.04				2.39				0.71
Number of shares used in per share calculations
Basic	1,119				1,123				1,115
Diluted	1,130				1,138				1,135

MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)

As of	December 2, 2021			September 2, 2021
Assets
Cash and equivalents	$	8,680		$	7,763
Short-term investments	900			870
Receivables	5,250			5,311
Inventories	4,827			4,487
Assets held for sale	13			974
Other current assets	521			502
Total current assets	20,191			19,907
Long-term marketable investments	1,817			1,765
Property, plant, and equipment	35,155			33,213
Operating lease right-of-use assets	574			551
Intangible assets	347			349
Deferred tax assets	746			782
Goodwill	1,228			1,228
Other noncurrent assets	1,188			1,054
Total assets	$	61,246		$	58,849
Liabilities and equity
Accounts payable and accrued expenses	$	5,470		$	5,325
Current debt	118			155
Other current liabilities	924			944
Total current liabilities	6,512			6,424
Long-term debt	6,904			6,621
Noncurrent operating lease liabilities	523			504
Noncurrent unearned government incentives	767			808
Other noncurrent liabilities	632			559
Total liabilities	15,338			14,916
Commitments and contingencies
Shareholders’ equity
Common stock	122			122
Additional capital	9,564			9,453
Retained earnings	41,267			39,051
Treasury (TSRMF) stock	(4,954		)	(4,695		)
Accumulated other comprehensive income (loss)	(91		)	2
Total equity	45,908			43,933
Total liabilities and equity	$	61,246		$	58,849

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Three months ended	December 2, 2021			December 3, 2020
Cash flows from operating activities
Net income	$	2,306		$	803
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation expense and amortization of intangible assets	1,671			1,487
Stock-based compensation	118			92
(Gain) loss on debt repurchases and conversions	83			—
Change in operating assets and liabilities
Receivables	67			251
Inventories	(344		)	130
Accounts payable and accrued expenses	(42		)	(753		)
Deferred income taxes, net	54			(24		)
Other	25			(19		)
Net cash provided by operating activities	3,938			1,967
Cash flows from investing activities
Expenditures for property, plant, and equipment	(3,265		)	(2,738		)
Purchases of available-for-sale securities	(528		)	(1,002		)
Proceeds from sale of Lehi, Utah fab	893			—
Proceeds from maturities of available-for-sale securities	313			216
Proceeds from sales of available-for-sale securities	124			45
Proceeds from government incentives	55			40
Other	(77		)	21
Net cash provided by (used for) investing activities	(2,485		)	(3,418		)
Cash flows from financing activities
Repayments of debt	(1,949		)	(84		)
Repurchases of common stock - repurchase program	(259		)	—
Payments of dividends to shareholders	(112		)	—
Repurchases of common stock - withholdings on employee equity awards	(102		)	(57		)
Payments on equipment purchase contracts	(78		)	(97		)
Proceeds from issuance of debt	2,000			—
Other	(13		)	24
Net cash provided by (used for) financing activities	(513		)	(214		)
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash	(6		)	27
Net increase (decrease) in cash, cash equivalents, and restricted cash	934			(1,638		)
Cash, cash equivalents, and restricted cash at beginning of period	7,829			7,690
Cash, cash equivalents, and restricted cash at end of period	$	8,763		$	6,052

MICRON TECHNOLOGY, INC.
NOTES
(Unaudited)

Lehi, Utah Fab and 3D XPoint

In the second quarter of 2021, we updated our portfolio strategy to further strengthen our focus on memory and storage innovations for the data center market. In connection therewith, we determined that there was insufficient market validation to justify the ongoing investments required to commercialize 3D XPoint at scale. Accordingly, we ceased development of 3D XPoint technology and engaged in discussions with potential buyers for the sale of our facility located in Lehi that was dedicated to 3D XPoint production. As a result, we classified the property, plant, and equipment as held for sale and ceased depreciating the assets. On June 30, 2021, we announced a definitive agreement to sell our Lehi facility to Texas Instruments Incorporated (“TI”) and closed the sale on October 22, 2021.

In the first quarter of 2022, we received $893 million from TI for the sale of the Lehi facility and disposed of $918 million of net assets, consisting primarily of property, plant, and equipment of $921 million; $55 million of other assets, consisting primarily of a receivable for reimbursement of property taxes, equipment spare parts, and raw materials; and $58 million of liabilities, consisting primarily of a finance lease obligation. As a result of the disposition of the Lehi facility, we recognized a loss of $23 million included in restructure and asset impairments in the first quarter of 2022.

In the third quarter of 2021, we recognized a charge of $435 million included in restructure and asset impairments in connection with the definitive agreement with TI (and a tax benefit of $104 million included in income tax (provision) benefit) to write down the assets held for sale to the expected consideration, net of estimated selling costs. In the second quarter of 2021, we also recognized a charge of $49 million in cost of goods sold to write down 3D XPoint inventory in connection with our decision to cease further development of this technology.

Debt Activity

On November 1, 2021, we issued in a public offering $1.00 billion in principal amount of 2.703% senior notes due 2032 (green bonds), $500 million in principal amount of 3.366% senior notes due 2041, and $500 million in principal amount of 3.477% senior notes due 2051, and received aggregate net proceeds of $1.99 billion.

-------------------------------

 

Bloomberg) -- Micron Technology Inc., the largest U.S. maker of memory chips, jumped in late trading after giving an upbeat forecast for the current quarter, helped by demand from networking, data-center and automotive customers.

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Sales will be about $7.5 billion in the period ending in February, Micron said Monday in a statement. That compares with analysts’ average estimate of $7.32 billion, according to data compiled by Bloomberg. Excluding certain items, profit will be about $1.95 a share, the company said. Analysts projected $1.86.

 

Under Chief Executive Officer Sanjay Mehrotra, Micron is benefiting from the use of memory chips in a wider range of products -- from cars to home appliances. That’s made the Boise, Idaho-based company less dependent on the personal computer and smartphone market for revenue.

Strong demand for chips used in data center computers and industrial machinery underscored Micron’s success pushing into new areas, Mehrotra told analysts on a conference call. More availability of other types of components is also helping PC makers begin to build more machines, improving orders from those customers. They had struggled to make enough computers to meet demand because of a shortage of parts.

Micron’s fiscal first quarter puts it on course for record annual revenue and healthy profits, Mehrotra predicted.

“Today it’s not just the data center -- it’s all end markets that are fueling the data economy,” Micron’s CEO said in an interview. Memory and storage will continue to grow faster than the rest of the chip industry, propelled by these new markets, he predicted. “These things are not just about calendar 2022. They’re even beyond that.”

In the three months ended Dec. 2, the company posted revenue of $7.69 billion, up 33% from a year earlier. Net income was $2.3 billion, or $2.04 a share.

Micron’s shares rallied as much as 7.3% to $88 in extended trading following the report. They had gained 9.1% this year through Monday’s close, lagging behind an overall surge in chip-related stocks. The Philadelphia Stock Exchange Semiconductor Index has climbed 34% this year.

Micron competes with South Korea’s Samsung Electronics Co., SK Hynix Inc. and Japan’s Kioxia Holdings Corp. in a memory chip market that has consolidated over the past decade. Samsung dominates production of both major types of chips. DRAM chips hold data temporarily, helping processors crunch data. Nand flash memory, meanwhile, acts as permanent storage in phones and computers.

Producers have tried to be more disciplined about expanding factory output, trying to avoid the industry’s famous boom-and-bust cycles. As a result, there will be a healthy balance between demand and supply in 2022, Micron predicted. The company will spend $11 billion to $12 billion on new plants and equipment this fiscal year.

마이크론는 회계년도 2022년에 설비투자로 110억-120억달러를 집행할 예정이다.