Allegro MicroSystems Inc · Q3 2024 earnings

Briefing

Allegro MicroSystems reported third quarter results with net sales up 2% year-over-year, driven by automotive sales growth.

Allegro MicroSystems announced Q3 2024 net sales of $255 million, a 2% increase year-over-year. Automotive sales drove growth with an 18% increase. Non-GAAP EPS was $0.32, and free cash flow increased significantly.

• Net sales reached $255 million, up 2% year-over-year.
• Automotive sales grew by 18% year-over-year, driven by e-Mobility applications.
• Non-GAAP EPS was $0.32, exceeding guidance.
• Free cash flow increased substantially sequentially.

Headline financials

Revenue & EPS history

For the fourth quarter ending March 29, 2024, the Company expects net sales to be in the range of $230 million to $240 million. The Company also estimates the following results on a non-GAAP basis: •Gross Margin is expected to be between 53% and 54%, Gross Margin is expected to be between 53% and 54%, •Operating Expenses are expected to be approximately 31% of sales, and Operating Expenses are expected to be approximately 31% of sales, and •Diluted Earnings per Share is expected to be in the range of $0.19 to $0.23. Diluted Earnings per Share is expected to be in the range of $0.19 to $0.23.