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 margin | 24.0% - 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 | |||||||
| A | Inventory 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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