Chipmaker Allegro MicroSystems late Wednesday beat analyst expectations for its fiscal fourth quarter thanks to robust automotive chip sales. It also guided higher for the current period. ALGM stock rose in extended trading.
The Manchester, N.H.-based company earned an adjusted 37 cents a share on sales of $269.4 million in the quarter ended March 31. Analysts polled by FactSet had expected earnings of 36 cents a share on sales of $265 million. On a year-over-year basis, Allegro earnings jumped 76% while sales increased 35%.
Automotive chip sales accounted for 67.7% of Allegro's revenue in the March quarter. Industrial chip sales made up 21.5% of the company's revenue.
For the current quarter ending June 30, Allegro forecast adjusted earnings of 37 cents a share on sales of $275 million. That's based on the midpoint of its guidance. Wall Street had been modeling earnings of 33 cents a share on sales of $257 million in the fiscal first quarter.
ALGM Stock Rises After Report
In after-hours trading on the stock market today, ALGM stock jumped 7.6% to 40.70. During the regular session Wednesday, ALGM stock rose 2.9% to close at 37.83.
"We saw significantly increased design win momentum in fiscal year 2023 with approximately two-thirds of our wins coming from strategic growth areas including e-mobility and industrial," Chief Executive Vineet Nargolwala said in a news release.
ALGM stock is on the IBD Tech Leaders list.
Diodes Stock Climbs On Earnings Beat
Elsewhere among semiconductor stocks, Diodes stock rose after its first-quarter report. The Plano, Texas-based company late Tuesday beat estimates for the first quarter but provided a soft sales outlook for the second quarter.
In the March quarter, Diodes earned $1.59 a share, down 9% year over year, on sales of $467.2 million, down 3%.
Diodes stock rose 5.2% to 86.86 on Wednesday.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
