Overview

* Allegro fiscal Q1 revenue rises 22% yr/yr, beating analyst expectations

* Non-GAAP EPS for fiscal Q1 increases nearly 3x, beating consensus

* Co made voluntary debt repayments of $35 mln in fiscal Q1

Outlook

* Company expects Q2 net sales between $205 mln and $215 mln

* Allegro projects Q2 non-GAAP EPS between $0.10 and $0.14

* Company anticipates Q2 gross margin of 48% to 50%

* Allegro foresees Q2 operating expenses around $73 mln

Result Drivers

* E-MOBILITY AND INDUSTRIAL GROWTH - Sales in e-Mobility and Industrial sectors increased 31% and 50% yr/yr, respectively

* OPERATING LEVERAGE - Non-GAAP EPS increased nearly 3x yr/yr, demonstrating significant operating leverage

* STRONG BOOKINGS - Co reports continued strong bookings and increasing backlog, contributing to positive momentum

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q1 Sales Beat $203.40 $197.80

mln mln (11

Analysts

)

Q1 Beat $0.09 $0.08

Adjusted (12

EPS Analysts

)

Q1 EPS -$0.07

Q1 Gross 44.9%

Margin

Q1 -1.3%

Operatin

g Margin

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the semiconductors peer group is "buy"

* Wall Street's median 12-month price target for Allegro Microsystems Inc ( ALGM ) is $37.50, about 9.7% above its July 30 closing price of $33.87

* The stock recently traded at 51 times the next 12-month earnings vs. a P/E of 49 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)