Micron sees FY25 capital expenditures mid-30s percent range of revenue

Sees Q1 capital expenditures $3.5B. Says growth in both greenfield fab construction and HBM capex investments is projected to make up the overwhelming majority of the year-over-year increase. Says achieved record-high revenues in NAND and in storage business unit. Says entering FY25 with the strongest competitive positioning in Micron’s history. Says expects a broadening of demand drivers, complementing demand in the data center. Says looking forward to delivering a substantial revenue record with significantly improved profitability in FY25. Says ramping production of the technology nodes in both DRAM and NAND. Says expects FY25 DRAM front-end cost reductions excluding HBM to be in the mid- to high-single-digit percentage range. Says expects FY25 NAND cost reductions to be in the low- to mid-teens percentage range. Says calendar 2024 DRAM industry demand outlook has improved. Says upgraded expectations for calendar 2024 industry DRAM bit demand growth to now be in the high-teens percentage range. Says expectations for calendar 2024 industry NAND bit demand growth remains in the mid-teens percentage range. Says in calendar 2025, expects both DRAM and NAND industry bit demand growth to be around the mid-teens percentage range. Says expects industry wafer capacity in both DRAM and NAND in 2024 to be below 2022 peak levels, and for NAND, meaningfully so. Comments and guidance taken from Q4 earnings call prepared remarks.