– Sales of $167 Million Above Mid-point of Our Outlook –
– Made $50 Million Voluntary Debt Repayment –
– Announced Repurchase of 39 Million Shares From Majority Shareholder –
MANCHESTER, N.H., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Allegro MicroSystems, Inc. (“Allegro” or the “Company”) (Nasdaq: ALGM), a global leader in power and sensing semiconductor solutions for motion control and energy efficient systems, today announced financial results for its first quarter ended June 28, 2024.
“We delivered results toward the higher end of our commitments while making progress on inventory rebalancing across the Automotive and Industrial markets. First quarter sales were $167 million, above the midpoint of our outlook, and non-GAAP EPS was $0.03, at the high end of our outlook,” said Vineet Nargolwala, President and CEO of Allegro. "In addition, we continue to expect a return to low double-digit sequential sales growth in the second quarter.
“The recently announced share repurchase and retirement represent an important milestone in Allegro’s journey as a public company. We believe that broader ownership, increased liquidity and improved governance will act as a catalyst for further value creation.”
First Quarter Financial Highlights:
| In thousands, except per share data | Three-Month Period Ended | |||||||||||
| June 28, 2024 |
March 29,
2024 | June 30, 2023 | ||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Net Sales | ||||||||||||
| Automotive | $ | 131,184 | $ | 181,939 | $ | 185,430 | ||||||
| Industrial and other | 35,735 | 58,642 | 92,863 | |||||||||
| Total net sales | $ | 166,919 | $ | 240,581 | $ | 278,293 | ||||||
| GAAP Financial Measures | ||||||||||||
| Gross margin % | 44.8 | % | 51.2 | % | 56.8 | % | ||||||
| Operating margin % | (6.4 | )% | 6.6 | % | 25.4 | % | ||||||
| Diluted EPS | $ | (0.09 | ) | $ | (0.04 | ) | $ | 0.31 | ||||
| Non-GAAP Financial Measures | ||||||||||||
| Gross margin % | 48.8 | % | 53.8 | % | 57.8 | % | ||||||
| Operating margin % | 6.0 | % | 23.8 | % | 30.8 | % | ||||||
| Diluted EPS | $ | 0.03 | $ | 0.25 | $ | 0.39 | ||||||
Business Outlook
