ALLEGRO SEES RECORD REVENUE IN FIRST POST-IPO REPORT

In its first quarter as a publicly traded company, Allegro MicroSystems reported record revenue, exceeding the company’s expectations.

The Manchester-based maker of integrated sensors and power circuits, reported thirdquarter revenue of $164.4 million for the three-month period ending Dec. 25, up 20% from the prior quarter.

The firm attributed half of that growth to the economic rebound of the automotive industry. Industrial revenue was also strong.

Paul Walsh, Allegro’s chief financial officer, in a Feb. 2 earnings call said he expected demand to continue, though perhaps only at single-digit growth in the next quarter, as the initial ramp-up — after the effect of Covid-19 shutdowns and economic headwinds — cools down over time. Walsh noted semiconductors are now critical in the operation of new vehicles and automakers started 2020 with record-low inventories in need of replenishing.

TIMBERLAND SAYS ‘HANDFUL’ OF EMPLOYEES LOSE JOBS

An undisclosed number of employees have lost their jobs at outdoor apparel manufacturer Timberland’s headquarters in Stratham.

In a statement, the company said a “handful” of positions have been affected but offered few specifics.

The company said they have made some organizational changes “to adapt to the changing marketplace.” It said they were not driven by financial considerations or related to the pandemic.

Timberland is a subsidiary of Denver-based VF Corp., owner of a number of footwear and apparel brands, including The North Face and Vans.

MERCHANTS FLEET ADDS MORE ELECTRIC VEHICLES

Hooksett-based Merchants Fleet says it plans to take further steps in beefing up its portfolio of electric vehicles and has announced plans to add 12,500 new electric vans for use by customers in the delivery of goods and services.

The company will get the electric light commercial EV600 vehicles from BrightDrop, a new business launched by General Motors, which itself recently announced that it would only be selling electric vehicles by 2035.

Merchants Fleet said it expects BrightDrop EV600s to be available for clients in early 2023. It hopes to have 50% of its mobility fleet portfolio electric by 2025, and 50% of its managed fleet portfolio fully electric by 2030.

TD BANK TO CLOSE 6 NEW HAMPSHIRE LOCATIONS

TD Bank plans to shutter six New Hampshire locations as part of a larger plan. The closings will take place in Brookline, Conway, Farmington, Kingston, Suncook and Winchester and will be effective April 23.

The New Jersey-based bank recently announced it will close 81 of its 1,223 locations.

Some employees will be affected by the closings, but a TD Bank spokesman said the bank is taking steps to redeploy them and is “committed to treating our impacted colleagues fairly and with respect and supporting them with resources to assist with the transition.”