Allegro MicroSystems reports Q1 EPS 39c, consensus 37c

Reports Q1 revenue $278.293M, consensus $275.06M. “We delivered a strong start to fiscal year 2024, including record sales of $278 million, up 28% year-over-year, achieving $1 billion in sales on a trailing twelve-month basis, marking a new milestone. We also achieved record non-GAAP Diluted Earnings per Share of $0.39, an increase of 63% year-over-year,” said Vineet Nargolwala, President and CEO of Allegro MicroSystems. “Our financial performance demonstrates the progress we are making toward executing on the strategy that we laid out at our recent Analyst Day event. We continue to sharpen our market focus on e-Mobility, and select Industrial markets, including Clean Energy and Automation, with sales in these strategic areas growing 63% year-over-year to $159 million, or 57% of total first quarter sales. The results further underscore our strategy focused on the mega trends of electrification and automation which are expected to transform Automotive and Industrial markets through the next decade.”