met Wall Street's second-quarter expectations Thursday.
The El Segundo, Calif., industrial supplier made $25 million, or 35 cents a share, down from the year-ago $29 million, or 42 cents a share. But on an adjusted basis, excluding restructuring charges and stock option costs, latest-quarter earnings rose to 54 cents a share from 52 cents, beating the Thomson First Call analyst consensus estimate by a penny.
Revenue fell to $282 million from $298 million a year ago but matched the Wall Street estimate. The company also guided to a third quarter profit that was flat with to 4% above second-quarter levels, with a flattish gross margin performance.
"We have positioned the company to capitalize on the fastest-growing, high performance, power management applications with our proprietary product strategy," CEO Alex Lidow said. "This has involved developing value-added products, such as high performance analog ICs, as well as taking advantage of cross-selling opportunities for our other product families. Our focus on these applications and products has driven our revenues, gross margins, and design wins to record levels this past fiscal year."
On Thursday, shares of International Rectifier rose 15 cents to $55.