Micron Technology Inc. (NASDAQ:MU) provides weak forecast for the first quarter of 2022

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Micron Technology, Inc. (NASDAQ:MU), the largest U.S. maker of memory chips, stock fell 1.94% (As on Sep 29, 11:39:26 AM UTC-4, Source: Google Finance) after the company gave weak forecast for the first quarter of 2022. The dimmer outlook suggests that slowing demand among PC makers is taking a toll. Some of the customers are struggling to get other types of components, meaning they can’t build all of the laptops and desktops that have been ordered. Meanwhile, in fiscal 2021, the company had established DRAM and NAND technology leadership, drove record revenues across multiple markets, and initiated a quarterly dividend. The company has reported Non-GAAP net income of $2.78 billion and had generated operating cash flow of $3.88 billion versus $3.56 billion for the prior quarter and $2.27 billion for the same period last year.

MU in the fourth quarter of FY 21 has reported the adjusted earnings per share of $2.42, beating the analysts’ estimates for the adjusted earnings per share of $2.34. The company had reported the adjusted revenue of $8.27 billion in the fourth quarter of FY 21, beating the analysts’ estimates for revenue of $8.21 billion. The company had posted the revenue of $7.42 billion for the prior quarter.

Additionally, the company had repurchased approximately 13.9 million shares of its common stock for $1.05 billion during the fourth quarter of 2021 and 15.6 million shares of its common stock for $1.20 billion during the full year of 2021 and ended the year with cash, marketable investments, and restricted cash of $10.46 billion, for a net cash position of $3.69 billion. The company had generated adjusted free cash flows of $1.88 billion for the fourth quarter of 2021 and $2.75 billion for the full year of 2021. The investments in capital expenditures, net were $2.01 billion for the fourth quarter of 2021 and $9.72 billion for the full year of 2021.

Sales is expected to be about $7.45 to $7.65 billion in the period ending in November, compared with an average analyst estimate of $8.57 billion, according to data compiled by Bloomberg. Excluding certain items, Q1 profit is expected to be $2 to $2.10 a share, compared with a projection of $2.56. For the first quarter of 2022, the company expects non-GAAP gross margin to be about 47% and non-GAAP operating expenses to be about $915 million.

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