Micron Technology announced robust financial results for its fourth quarter and full year of fiscal 2024, which concluded on August 29, 2024. The company reported a 93% year-over-year revenue increase in fiscal Q4, reaching $7.75 billion, primarily fueled by strong demand for data center DRAM products and high-bandwidth memory (HBM) in the AI market. Data center SSD sales also achieved a record, surpassing $1 billion in quarterly revenue for the first time.
For the full fiscal year 2024, Micron's revenue totaled $25.1 billion, marking a 62% increase compared to fiscal 2023. The company generated $323 million in adjusted free cash flow for Q4 2024 and $386 million for the full year, ending with a solid liquidity position of $9.16 billion in cash and marketable investments.
Looking ahead, Micron provided an optimistic outlook for fiscal Q1 2025, forecasting record revenue of approximately $8.7 billion, plus or minus $200 million, which is above market estimates of $8.28 billion. CEO Sanjay Mehrotra stated that Micron is entering fiscal 2025 with its best competitive positioning in history, projecting a substantial revenue record and significantly improved profitability for the full fiscal year, underpinned by continued AI-driven growth.
The company's Board of Directors also declared a quarterly dividend of $0.115 per share, payable on October 23, 2024, to shareholders of record as of October 7, 2024. This financial performance and positive guidance highlight Micron's successful pivot to high-value memory solutions for AI and data centers, positioning it for continued growth despite broader economic uncertainties.
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