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Sep 29, 2023
Allegro MicroSystems Q2 2024 Earnings Report
Allegro MicroSystems reported second quarter results with net sales increased by 16% year-over-year and automotive sales increased by 31% year-over-year.
Key Takeaways
Allegro MicroSystems announced its Q2 2024 financial results, with net sales reaching $276 million, a 16% increase year-over-year. The growth was primarily driven by a 31% increase in Automotive sales. The company also achieved a record non-GAAP diluted EPS of $0.40, representing a 29% increase year-over-year.
Net sales increased by 16% year-over-year to $276 million.
Automotive sales grew by 31% year-over-year, driven by e-Mobility.
E-Mobility sales increased by nearly 60% year-over-year, representing 50% of Automotive sales.
Record non-GAAP diluted EPS of $0.40, a 29% increase year-over-year.
Revenue by Segment
Forward Guidance
For the third quarter ending December 29, 2023, the Company expects net sales to be in the range of $250 million to $260 million. Diluted Earnings per Share are expected to be in the range of $0.27 to $0.31
Positive Outlook
- Gross Margin is expected to be approximately 54%, reflecting lower distribution sales and the initial impact of Crocus
- Operating Expenses are expected to decline 4% sequentially, and are anticipated to be approximately 28% of sales
- Our backlog remains robust.
- Continued strong momentum in design wins (especially in our strategic focus areas of e-Mobility, Clean Energy and Automation)
- Deepening and expanding partnerships with leading OEMs reinforce our conviction in the target model of low double-digit sales growth and above 32% operating margin.
Challenges Ahead
- Our sales forecast reflects normal third quarter seasonality.
- Lingering impacts from the UAW strike.
- Heightened macroeconomic trends.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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