International Rectifier Narrows LossMonday, August 19, 2013
International Rectifier Corp. on Monday reported a fiscal fourth-quarter loss that was significantly smaller than Wall Street expected, as the maker of power management semiconductors benefited from higher revenue and improved gross margins.
After the markets closed, the El Segundo chip maker reported a net loss of $6.1 million (9 cents a share) for the quarter ended June 30, compared with a $68.2 million loss (99 cents) in the same period last year. Revenue rose 3 percent to more than $276 million.
Adjusted for restructuring and other one-time items, the loss was $1.2 million (2 cents). Analysts surveyed by Thomson Reuters on average had expected the company to report a loss of 10 cents a share on revenue of $260 million. Gross margins improved to 30 percent from 26 percent a year earlier.
International Rectifier’s products are used in computers, automobiles and aerospace systems. “Revenue exceeded our expectations, increasing significantly as all of our business segments posted strong sequential growth,” Chief Executive Officer Oleg Khaykin said in a statement.
In guidance for its current fiscal first quarter. International Rectifier said it expected revenue in the range of $260 million to $268 million. The Wall Street consensus is for $260 million.
Shares closed up 7 cents, or less than 1 percent, to $24.27 on the New York Stock Exchange, and fell 1 percent in after-hours trading.