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Micron Technology Inc. (MU+2.76%) has submitted its 10-Q filing for the quarterly period ended November 28, 2024.
The filing reports total revenue of $8.709 billion for the quarter, an increase from $4.726 billion in the same quarter the previous year. The increase is attributed to higher sales of DRAM and NAND products.
Micron's gross margin improved to 38% from negative 1% in the previous year, driven by increased average selling prices and cost reductions in manufacturing.
Operating income for the quarter was $2.174 billion, compared to a loss of $1.128 billion in the previous year, reflecting improved market conditions and operational efficiencies.
Net income for the quarter was $1.870 billion, compared to a net loss of $1.234 billion in the same period last year. Earnings per share were $1.68, up from a loss of $1.12 per share.
Cash provided by operating activities was $3.244 billion, while cash used in investing activities was $3.148 billion, primarily for capital expenditures.
Micron reported $13.79 billion in debt as of November 28, 2024, with $2.50 billion available under its Revolving Credit Facility.
The company announced direct funding agreements with the U.S. Department of Commerce for up to $6.1 billion under the CHIPS Act to support new manufacturing facilities in Idaho and New York.
Micron declared a quarterly dividend of $0.115 per share, payable on January 15, 2025, to shareholders of record as of December 30, 2024.
The filing also discusses risks related to market conditions, geopolitical tensions, and supply chain disruptions, which could impact future financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Micron Technology Inc. quarterly 10-Q report dated December 19, 2024. To report an error, please email earnings@qz.com.