NASDAQ$ALGM
Allegro MicroSystems Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Allegro MicroSystems reported second quarter results with net sales increased by 16% year-over-year and automotive sales increased by 31% year-over-year.
Allegro MicroSystems announced its Q2 2024 financial results, with net sales reaching $276 million, a 16% increase year-over-year. The growth was primarily driven by a 31% increase in Automotive sales. The company also achieved a record non-GAAP diluted EPS of $0.40, representing a 29% increase year-over-year.
- Net sales increased by 16% year-over-year to $276 million.
- Automotive sales grew by 31% year-over-year, driven by e-Mobility.
- E-Mobility sales increased by nearly 60% year-over-year, representing 50% of Automotive sales.
- Record non-GAAP diluted EPS of $0.40, a 29% increase year-over-year.
Headline financials
Revenue & EPS history
Allegro MicroSystems · Revenue · Quarterly
$276M
Revenue by segment
Allegro MicroSystems · $206M total across 1 segment · Q2 2024
- Automotive$206M+30.8%100.0%
Forward guidance
For the third quarter ending December 29, 2023, the Company expects net sales to be in the range of $250 million to $260 million. Diluted Earnings per Share are expected to be in the range of $0.27 to $0.31
Tailwinds
- Gross Margin is expected to be approximately 54%, reflecting lower distribution sales and the initial impact of Crocus
- Operating Expenses are expected to decline 4% sequentially, and are anticipated to be approximately 28% of sales
- Our backlog remains robust.
- Continued strong momentum in design wins (especially in our strategic focus areas of e-Mobility, Clean Energy and Automation)
- Deepening and expanding partnerships with leading OEMs reinforce our conviction in the target model of low double-digit sales growth and above 32% operating margin.
Headwinds
- Our sales forecast reflects normal third quarter seasonality.
- Lingering impacts from the UAW strike.
- Heightened macroeconomic trends.
- Elevated inventory levels in Industrial and Consumer markets.
- Crocus is expected to add $3.5 million to interest expense, and be $0.03 dilutive to EPS.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2024
+1.4%
Avg return
Earnings day
+3.5%
Avg return
5 days after
+7.0%
Avg return
30 days after
62%
16 / 26 earnings
Positive
+15.2%
Q3 2023
Best reaction
-16.3%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | -6.7% | +14.4% | +32.9% | |
| Q3 2026 | +9.8% | +12.6% | +5.6% | |
| Q2 2026 | -1.3% | -10.7% | -13.2% | |
| Q1 2026 | -7.2% | -7.8% | -8.9% | |
| Q4 2025 | +12.7% | +40.7% | +54.1% | |
| Q3 2025 | +5.0% | +4.8% | -2.4% | |
| Q2 2025 | -5.0% | -7.1% | -2.2% | |
| Q1 2025 | -5.2% | -11.4% | +2.0% | |
| Q4 2024 | -8.9% | -2.8% | +0.1% | |
| Q3 2024 | +10.5% | +14.0% | +25.2% | |
| Q2 2024 | +1.3% | +1.6% | +5.9% | |
| Q1 2024 | -16.3% | -17.6% | -25.9% | |
| Q4 2023 | +4.8% | +3.2% | +5.7% | |
| Q3 2023 | +15.2% | +20.7% | +28.3% | |
| Q2 2023 | +11.8% | +14.0% | +36.5% | |
| Q1 2023 | +3.9% | +6.4% | +2.2% | |
| Q4 2022 | -9.4% | -6.6% | -3.2% | |
| Q3 2022 | +0.9% | -2.0% | -5.1% | |
| Q2 2022 | +2.0% | -4.0% | -5.4% | |
| Q1 2021 | +8.4% | +11.6% | +20.3% | |
| Q1 2022 | +8.4% | +11.6% | +20.3% | |
| Q4 2020 | +3.1% | -0.7% | +11.7% | |
| Q4 2021 | +3.1% | -0.7% | +11.7% | |
| Q3 2020 | -4.4% | -0.6% | -16.2% | |
| Q3 2021 | -4.4% | -0.6% | -16.2% | |
| Q2 2021 | +5.5% | +9.4% | +17.4% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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