Micron Technology has announced revenues for its fourth quarter of fiscal 2017 climbed to a record high of US$6.14 billion, which represented increases of 91% from a year earlier and 10% sequentially.
Net income attributable to Micron was US$2.37 billion, or US$1.99 per share, in the quarter ended August 31, compared with losses of US$170 million, or US$0.16 per share, a year earlier. The profits were also higher than profits of US$1.65 billion, or US$1.40 per share, in the prior quarter.
Net income on a non-GAAP basis came to US$2.39 billion, or US$2.02 per share, for the fourth quarter of fiscal 2017 compared with net income of US$1.9 billion, or US$1.62 per share, for the third quarter, and losses of US$9 million, or US$0.01 per share, for the fourth quarter of fiscal 2016.
DRAM sales volumes increased 5% sequentially in the fiscal fourth-quarter 2017, while ASPs rose 8% on quarter, Micron disclosed. Meanwhile, sales of the company's NAND flash chips grew 3% sequentially with ASPs up 5%. Micron posted a 50.7% gross margin in the quarter, compared with 46.9% in the prior fiscal third-quarter 2017.
Micron reported US$20.3 billion in revenues for fiscal year 2017, up 64% from the prior fiscal year, while GAAP net income came to US$5.09 billion compared with net losses of US$276 million a year ago. Diluted EPS reached US$4.41 compared with negative US$0.27 in fiscal year 2016.
"Micron delivered exceptional fourth quarter and fiscal year results, reflecting solid execution and robust demand for our memory and storage solutions," said Micron president and CEO Sanjay Mehrotra. "We expect healthy industry fundamentals to continue into 2018, supported by increasingly diverse end markets and applications. We believe our focus on accelerating the deployment of advanced technologies and solutions will address our customers' evolving requirements, further strengthen our financial foundation, and enhance shareholder value."
In addition, Mehrotra commented that the industry will remain moderately undersupplied for the rest of 2017 for both DRAM and NAND. Micron forecast revenues for the first quarter of its fiscal 2018 will be between US$6.1 billion and U$6.5 billion, with a 50-54% gross margin. EPS for the quarter is estimated at US$2.09-2.23 based on 1.191 billion diluted shares.
