Allegro MicroSystems, Inc. (ALGM) Beats Q1 Earnings and Revenue Estimates

Company Performance - Allegro MicroSystems reported quarterly earnings of $0.03 per share, exceeding the Zacks Consensus Estimate of $0.02 per share, but down from $0.39 per share a year ago, representing an earnings surprise of 50% [1] - The company posted revenues of $166.92 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.10%, but down from $278.29 million year-over-year [1] - Over the last four quarters, Allegro MicroSystems has surpassed consensus EPS estimates four times and revenue estimates three times [1] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.08 on revenues of $186.9 million, and for the current fiscal year, it is $0.43 on revenues of $796.2 million [4] - The estimate revisions trend for Allegro MicroSystems is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [4] Industry Context - The Electronics - Semiconductors industry, to which Allegro MicroSystems belongs, is currently in the bottom 40% of over 250 Zacks industries, which may impact stock performance [5] - Another company in the same industry, Ichor Holdings, is expected to report quarterly earnings of $0.03 per share, reflecting a year-over-year change of +50%, with revenues anticipated at $197.75 million, up 6.9% from the previous year [5][6]