increased its profit in its fiscal fourth quarter and projected strong sales in the current quarter.
The El Segundo, Calif., maker of power management chips said after Thursday's market close that sales for the three months ending June 30 totaled $322.7 million, slightly ahead of its own guidance and Wall Street expectations.
Net income of $31 million, or 43 cents a share, increased from $24.7 million, or 35 cents a share at the same time a year ago.
Analysts polled by Thomson First Call, however, were expecting International Rectifier to earn 46 cents a share on sales of $317 million.
The company's earnings included $5.2 million in restructuring charges and $6.9 million in tax expenses due to the repatriation of special dividends, as well as a $13.6 pretax gain from the sale of an equity investment.
Shares of International Rectifier increased 4%, or $1.48, to $38 in extended trading.
"Business conditions remained strong with backlog expanding to record levels, led by 27% order growth over the prior quarter," CEO Alex Lidow said in a statement. "We were especially pleased with our largest business segment, Computing and Communications, which delivered 17% sequential revenue growth in the June quarter."
Lidow said the company was increasing capacity at its chip-fabrication facilities to support the largest program in company history for a "major next-generation game station" as well as new computing programs.
For the current quarter, International Rectifier projected sales growth of 5% to 7%, which translates to revenue of $338.8 million and $345.3 million.
The average analyst expectation calls for sales of $325 million, with 48 cents EPS.