Q3 2024 Micron Technology Inc Earnings Call Transcript
Key Points
- Micron Technology Inc (MU) delivered fiscal Q3 revenue, gross margin, and EPS all above the high end of guidance ranges.
- AI-driven demand enabled over 50% sequential revenue growth in the data center segment.
- Micron is ramping the industry's most advanced technology nodes in both DRAM and NAND, with significant progress in 1-gamma DRAM and next-generation NAND nodes.
- Micron signed a non-binding preliminary memorandum of terms with the US government for $6.1 billion in grants under the CHIPS and Science Act.
- Micron achieved record automotive revenues, driven by robust demand for memory and storage in the automotive sector.
- Operational disruptions occurred due to a recent earthquake in Taiwan, although recovery was swift.
- Near-term demand uncertainty exists in industrial and retail consumer segments.
- Fiscal Q4 operating expenses are expected to increase sequentially due to higher R&D program expenses and a non-recurring Q3 asset sale gain.
- Micron's fiscal 2024 CapEx plan is approximately $8.0 billion, indicating significant capital expenditure requirements.
- The construction of new fabs in Idaho and New York will not contribute to meaningful bit supply until fiscal 2027 and 2028, respectively.
Thank you for standing by. Welcome to Micron Technology's fiscal third-quarter 2024 financial results conference mode. (Operator Instructions) As a reminder, today's program is being recorded.
And now, I'd like to introduce your host for today's program, Satya Kumar, Investor Relations. Please go ahead, sir.
Thank you, and welcome to Micron Technology's fiscal third-quarter 2024 financial conference call. On the call with me today are Sanjay Mehrotra, our president and CEO; and Mark Murphy, our CFO.
Todayâs call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website, along with the prepared remarks for this call.
Todayâs discussion of financial results is presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures can be found on our website.
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