Loading...
•
Jun 25, 2021
Allegro MicroSystems Q1 2022 Earnings Report
Reported first quarter results with records in revenue and profit.
Key Takeaways
Allegro MicroSystems reported a strong first quarter for fiscal year 2022, with net sales of $188.1 million, a 7% sequential increase. The company saw significant earnings per share growth on both a GAAP and non-GAAP basis. Design win acceleration in key markets is expected to provide increasing momentum for long-term growth.
Total net sales of $188.1 million were up 7% sequentially and 64% year over year.
Automotive net sales increased 13% sequentially in fiscal Q1 to a record $133.5 million, up 75% year-over year.
GAAP gross margin of 50.0% and non-GAAP gross margin of 52.2% represented recent records and strong progress towards the Company’s target model.
GAAP diluted EPS increased by $0.09 sequentially to $0.14 in Q1 and non-GAAP diluted EPS increased by 20.0% sequentially to $0.18, exceeding prior expectations.
Allegro MicroSystems
Allegro MicroSystems
Allegro MicroSystems Revenue by Segment
Revenue by Segment
Automotive Revenue
CapyFin.com Forward Guidance
For the second quarter ending September 24, 2021, the Company expects total net sales to be in the range of $185 million to $191 million. Non-GAAP gross margin is expected to be about flat and non-GAAP earnings per fully-diluted share for the same period is expected to be in the range of $0.18.
Positive Outlook
- Total net sales expected between $185 million and $191 million.
- Non-GAAP gross margin expected to be about flat.
- Non-GAAP earnings per fully-diluted share expected to be around $0.18.
- Strength of the backlog.
- Extended order coverage.
Challenges Ahead
- Allegro has not provided a reconciliation of its second fiscal quarter outlook for non-GAAP gross margin.
- Allegro has not provided a reconciliation of its second fiscal quarter outlook for non-GAAP earnings per fully-diluted share.
- Estimates of all of the reconciling items cannot be provided without unreasonable efforts.
- It is difficult to reasonably provide a forward-looking estimate between such forward-looking non-GAAP measures and the comparable forward-looking GAAP measures.
- Certain factors that are materially significant to Allegro’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.