Micron Technology, Inc. (NASDAQ:MU) Q3 2020 Earnings Conference Call - Final Transcript

Jun 29, 2020 • 04:30 pm ET


Micron Technology, Inc. (NASDAQ:MU) Q3 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to Micron Technologies Third Quarter 2020 Financial Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference may be recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker, Head of Investor Relations, Farhan Ahmad. Sir, please go ahead.

Farhan Ahmad

Thank you, and welcome to Micron Technology's fiscal third quarter 2020 financial conference call. On the call with me today are Sanjay Mehrotra, President and CEO, and Dave Zinsner, Chief Financial Officer. Today's call will be approximately 60 minutes in length. This call, including the audio and slides is also being webcast from our Investor Relations website at investors.micron.com. In addition, our website contains the earnings press release and prepared remarks filed a short while ago.

Today's discussion of financial results will be presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures may be found on our website. As a reminder, a webcast replay will be available on our website later today. We encourage you to monitor our website at micron.com throughout the quarter for the most current information on the Company, including information on the various financial conferences that we will be attending. You can follow us on Twitter at MicronTech.

As a reminder, the matters we will be discussing today include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. We refer you to the documents we file with the SEC, specifically our most recent Form 10-K and 10-Q, for a discussion of risks that may affect our future results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after today's date to conform these statements to actual results.

I'll now turn the call over to Sanjay.

Sanjay Mehrotra

Thank you, Farhan. Good afternoon, everyone. I hope that you, your family and your colleagues are safe and healthy. Along with Dave and Farhan, I am doing this call from Micron's offices.Micron's strong execution in the fiscal third quarter drove solid sequential revenue and EPS growth. We are ramping the industry's most advanced DRAM node and increasing our mix of high-value NAND. Our strong competitive position and diversified product portfolio put Micron in an outstanding position for the many exciting growth opportunities in the memory and storage markets.

I'll start with an update on our operations. Due to the excellent work of Micron's operations team, most of our fab and assembly sites operated at full production throughout the quarter, with our Singapore and Taiwan assembly and test facilities achieving record production. COVID-19's impact to our production early in our third quarter was limited to our back-end assembly and test sites in Muar and Penang, Malaysia, and we quickly offset this impact