The company said total revenue for Q2 2024 rose 23% from the prior quarter, Q1, and 58% from Q2 2023. It cited increases in sales of both DRAM and NAND products as factors in both comparisons.

10-QQuarterly reportFiled Mar 21, 2024Period of report Feb 29, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said total revenue for Q2 2024 rose 23% from the prior quarter, Q1, and 58% from Q2 2023. It cited increases in sales of both DRAM and NAND products as factors in both comparisons.
Micron said its consolidated gross margin percentage improved to 19% for Q2 2024, from negative 1% for Q1 and negative 33% for Q2 2023. The company cited higher average selling prices and lower manufacturing costs as factors in the improvement from Q1.
The company said that in the first six months of 2024, net cash used for investing activities included $3.18 billion of property, plant, and equipment expenditures and $234 million of government incentive contributions. Net cash used for financing activities included $1.10 billion of debt repayments and $256 million of dividend payments, partially offset by approximately $1.00 billion of proceeds from the issuance of the 2031 Notes.
The company said cash and marketable investments totaled $9.63 billion as of February 29, 2024, and $2.50 billion was available to draw under its Revolving Credit Facility. It estimated capital expenditures for 2024 for property, plant, and equipment, net of government incentives, at $7.5 billion to $8.0 billion.

Key figures

Quarter ended February 29, 2024

Revenue: $5.8B
Operating income: $191M
Net income: $793M
EPS: $0.71
Gross profit: $1.1B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Fiscal 2024 Second-Quarter Revenue Growth

The company said total revenue for Q2 2024 rose 23% from the prior quarter, Q1, and 58% from Q2 2023. It cited increases in sales of both DRAM and NAND products as factors in both comparisons.

Source · Based on the MD&A text of the filing

Changes in Gross Margin for Q2

Micron said its consolidated gross margin percentage improved to 19% for Q2 2024, from negative 1% for Q1 and negative 33% for Q2 2023. The company cited higher average selling prices and lower manufacturing costs as factors in the improvement from Q1.

Source · Based on the MD&A text of the filing

Cash Flow Items for the First 6 Months

The company said that in the first six months of 2024, net cash used for investing activities included $3.18 billion of property, plant, and equipment expenditures and $234 million of government incentive contributions. Net cash used for financing activities included $1.10 billion of debt repayments and $256 million of dividend payments, partially offset by approximately $1.00 billion of proceeds from the issuance of the 2031 Notes.

Source · Based on the MD&A text of the filing

Funding and Capital Allocation Plans

The company said cash and marketable investments totaled $9.63 billion as of February 29, 2024, and $2.50 billion was available to draw under its Revolving Credit Facility. It estimated capital expenditures for 2024 for property, plant, and equipment, net of government incentives, at $7.5 billion to $8.0 billion.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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