Allegro MicroSystems Inc · Q1 2023 earnings

Briefing

Allegro MicroSystems reported record quarterly sales, driven by strong growth in the automotive and industrial markets.

Allegro MicroSystems announced record first quarter 2023 results, with total net sales reaching $217.8 million, a 16% increase year-over-year. The company's performance was driven by record sales in both the automotive and industrial markets. They are raising their growth outlook for fiscal 2023 to approximately 20% year-over-year.

• Total net sales were a record $217.8 million, increasing 16% year-over-year.
• Automotive net sales were a record $149.6 million, increasing 12% year-over-year.
• Industrial net sales were a record $40.1 million, increasing 32% year-over-year.
• GAAP diluted earnings per share was $0.05 and non-GAAP diluted EPS was $0.24.

Headline financials

Revenue & EPS history

For the second quarter ending September 23, 2022, the Company expects total net sales to be in the range of $220 million to $230 million. Non-GAAP gross margin is expected to be in the range of 54% to 55%, non-GAAP operating expenses are anticipated to be approximately 29% of net sales, and non-GAAP earnings per diluted share are expected to be in the range of $0.25 to $0.27.