Allegro MicroSystems (NASDAQ:ALGM), a global leader in power and sensing semiconductor solutions, announced a modest year-over-year revenue increase in its third-quarter financial results, reported on February 1, 2024.
The company's net sales for the quarter ended December 29, 2023, reached $255 million, marking a 2% rise fueled largely by an 18% growth in its automotive segment.
Non-GAAP earnings per share (EPS) for the quarter came in at $0.32, exceeding guidance expectations.
A significant achievement noted was a 45% year-over-year increase in sales into e-mobility applications, now comprising 54% of the quarter's automotive sales.
Looking ahead, Allegro anticipates near-term challenges due to inventory adjustments but remains optimistic about its growth trajectory, backed by record levels of design win momentum.
For the fourth quarter ending March 29, 2024, the company projects net sales to be between $230 million and $240 million, with gross margins expected between 53% and 54%.