International Rectifier Earnings Fall

Revenue slips.
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International Rectifier's

(IRF)

second-quarter earnings fell 38.5% from a year ago but beat estimates.

The El Segundo, Calif.-based company earned $24.3 million, or 34 cents a share, in the quarter, compared to $39.5 million, or 55 cents a share, a year ago. Adjusted for restructuring charges, earnings were 37 cents a share in the most recent quarter. Analysts surveyed by Thomson First Call were expecting earnings of 36 cents a share.

Revenue fell 6.63% from last year to $278.8 million, lower than the consensus estimate of $279.75 million.

CEO Alex Lidow said, "The company's orders accelerated significantly in the December quarter led by key end markets such as servers, appliances, digital TVs and game stations. With increased capacity coming on-line to address expanding backlog, the company is well positioned to take full advantage of these opportunities in the year ahead."

Gross profit dropped by 13.8% to $111.57 million in the second quarter while gross profit margin fell 331 basis points to 40%.

Thirteen-week product backlog was $203 million at the end of the December quarter.

The company generated over $38 million in cash from operations in the December quarter.

This story was created through a joint venture between TheStreet.com and IRIS.