Allegro MicroSystems Inc · Q4 2021 earnings

Briefing

Allegro MicroSystems reported record revenue and accelerating profits in the fourth quarter, driven by market share gain and end market recovery.

Allegro MicroSystems reported record fourth-quarter total net sales of $175.1 million, exceeding expectations and resulting in fiscal year total net sales of $591.2 million. Profitability also exceeded expectations, with improvements in both gross margin and operating income, leading to significant earnings per share growth on both a GAAP and non-GAAP basis sequentially.

• Total net sales of $175.1 million was up 6.5% sequentially and on a non-GAAP basis, core end markets grew 22.3% from the same period in fiscal 2020.
• Automotive and Industrial net sales for the quarter grew 12.3% and 30.7%, respectively, from the same period in fiscal 2020.
• Gross margin on a GAAP basis was 49.7% and 50.9% on a Non-GAAP basis.
• GAAP earnings per diluted share was $0.05 up $0.09 sequentially. Non-GAAP earnings per diluted share was $0.15, up $0.02, growing 15.4% sequentially.

Headline financials

Revenue & EPS history

For the first fiscal quarter ending June 25, 2021, the Company expects total net sales to be in the range of $176 million to $179 million. Non-GAAP gross margin is expected to be about 51.0% and non-GAAP earnings per fully-diluted share for the same period is expected to be in the range of $0.15 to $0.17.