Allegro MicroSystems reports Q3 adjusted EPS 32c, consensus 29c

Reports Q3 revenue $254.984M, consensus $254.95M. “We delivered third-quarter net sales of $255 million, up 2% year-over-year, driven by continued strength in Automotive, which grew 18% year-over-year. Non-GAAP EPS was $0.32, 10% above the midpoint of guidance on in-line sales, and free cash flow increased $27 million, or more than 170% sequentially,” said Vineet Nargolwala, President and CEO of Allegro. “Sales into e-Mobility applications increased by 45% year-over-year to 54% of third-quarter Automotive sales, establishing a new milestone. While we expect continued inventory digestion across end markets in the short-term, our design win momentum continues at record levels and reinforces our confidence in our ability to grow above market in the mid to long term, consistent with our target financial model.”