What's in Store for Allegro MicroSystems' (ALGM) Q4 Earnings?
Allegro MicroSystems ALGM is slated to release fourth-quarter fiscal 2023 results on May 10.
For the fiscal fourth quarter, revenues are expected in the range of $260-$270 million.
Non-GAAP earnings are anticipated between 35 cents and 37 cents per share.
The Zacks Consensus Estimate for fiscal fourth-quarter revenues is pegged at $265 million, suggesting a 32.31% growth from the figure reported in the year-ago quarter.
Allegro MicroSystems, Inc. Price and EPS Surprise
Allegro MicroSystems, Inc. price-eps-surprise | Allegro MicroSystems, Inc. Quote
The consensus mark for earnings has been steady at 36 cents per share in the past 30 days, suggesting a 71.43% growth from the figure reported in the year-ago quarter.
Allegro’s earnings beat the Zacks Consensus Estimate in three of the last four quarters and were flat once. ALGM has a trailing four-quarter earnings surprise of 9.43%, on average.
Let’s see how things have shaped up for the upcoming announcement.
Factors Likely to Have Impacted Q4 Performance
Allegro banks on an innovative product portfolio providing differentiated solutions and strong momentum in its industrial markets and applications.
Its performance in the fiscal fourth quarter is likely to have benefited from an increased demand for e-Mobility applications, including xEV and ADAS and magnetic sensor and power IC product portfolios.
Allegro is expected to have gained from an increase in internal supply of wafers and die-banks which improves lead times for customers and reduces past due backlog. This is expected to have been driven by continued improvements in technology and supply chain processes.
However, challenging macroeconomic conditions and raging inflation is expected to have hurt Allegro’s top line in the fiscal fourth quarter.
What Our Model Says
The Zacks model predicts that the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Allegro has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Rekor Systems REKR has an Earnings ESP of +15.00% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Rekor’s shares have returned 7.5% year to date. REKR is set to report its first-quarter fiscal 2023 results on May 15.
Docebo DCBO has an Earnings ESP of +33.33% and a Zacks Rank of 3.
Docebo’s shares have gained 9% year-to-date. DCBO is set to report first-quarter fiscal 2023 results on May 11.
MakeMyTrip Limited MMYT has an Earnings ESP of +78.95% and is Zacks #2 Ranked.
MMYT’s shares have dropped 8.3% year-to-date. MakeMyTrip is set to report its fourth-quarter fiscal 2023 results on May 16.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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MakeMyTrip Limited (MMYT) : Free Stock Analysis Report
Rekor Systems, Inc. (REKR) : Free Stock Analysis Report
Allegro MicroSystems, Inc. (ALGM) : Free Stock Analysis Report
Docebo Inc. (DCBO) : Free Stock Analysis Report
