Nice job on STV...IRF looks interesting 28 -6.05 here...on this earnings with better sentiment toward upcoming Q: International Rectifier 1Q Profit Falls
Thursday October 27, 5:05 pm ET
International Rectifier First-Quarter Income Slides 30 Percent on Declining Sales
IRVINE, Calif. (AP) -- International Rectifier Corp., a maker of chips for powering devices, said Thursday that first-quarter profit sank 30 percent as sales declined in most of its segments.
Quarterly income dropped to $26.2 million, or 36 cents per share, from $37.6 million, or 53 cents, the year before. Setting aside severance and restructuring charges, earnings were $29.4 million, or 41 cents per share.
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The company's adjusted profit matched the average estimate from analysts surveyed by Thomson Financial.
Revenue totaled $272.6 million, down 13 percent from $312.2 million and just shy of analysts' consensus target of $273 million.
International Rectifier shares dropped $1.06, or 3 percent, to close at $34.05 on the New York Stock Exchange before being halted from trading in the extended session.
By segment, sales of computing and communications products fell 15 percent to $89.7 million, energy-saving products lost 1 percent to $72.4 million and aerospace and defense revenue tumbled 9 percent to $29.4 million. Intellectual property revenue edged up to $10.4 million.
Looking ahead, International Rectifier expects second-quarter revenue to grow between 1 percent and 4 percent from the first period, implying a range of $275.3 million to $283.5 million.
"In the (third) and (fourth) quarters, we are looking forward to a recovery in operating performance," Chief Executive Alex Lidow said in a statement. "Added capacity, the uptake of major design wins into production and improved ability to respond to short-term opportunities should allow us to deliver better than seasonally affected revenue results in the March quarter."
Analysts currently project quarterly income of 45 cents per share and sales of $283.2 million.
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