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Electronics Production | February 04, 2011

International Recifier with slight revenue increase

International Rectifier reported revenue for the 2Q/2011 of USD 281.7 million, a slight increase from USD 280.9 million in the 1Q/2011 and a 34.0% increase from USD 210.2 million in the 2Q/2010.
International Rectifier reported a net income of $43.9 million, or $0.62 per fully diluted share for the second quarter fiscal year 2011, compared with net income of $33.5 million, or $0.47 per fully diluted share, in the first quarter fiscal year 2011. The first quarter fiscal year 2011 results included a $3.8 million gross tax benefit that increased fully diluted earnings per share by 5 cents. For the second quarter fiscal year 2010, International Rectifier reported a net income of $28.3 million, or $0.39 per fully diluted share. The second quarter fiscal year 2010 results included a $27.8 million gross tax benefit that increased fully diluted earnings per share $0.39.

Gross margin was 43.0%, up 430 basis points compared with the first quarter fiscal year 2011 and up from 29.9% in the second quarter fiscal year 2010. The increase in gross margin compared with the first quarter fiscal year 2011 was driven by lower manufacturing costs as a result of higher cost absorption associated with an increase in inventory in anticipation of future demand and a higher gross margin product mix.

Operating income was $44.6 million or 15.8% of revenue compared with $31.6 million or 11.3% of revenue in the first quarter fiscal year 2011 and up from operating income of $254 thousand in the second quarter fiscal year 2010.

President and Chief Executive Officer Oleg Khaykin stated: “The December quarter marked another strong quarter for IR. We have executed on our strategy and delivered one of the most profitable quarters for the company in many years. Strong demand in the appliance, industrial and automotive markets has offset weakness in the consumer and computing markets.”

Research and development expenses for the second quarter fiscal year 2011 were $28.5 million, up from $27.6 million in the first quarter fiscal year 2011.

Selling, general and administrative expenses for the second quarter fiscal year 2011 were $46.6 million, down from $48.3 million in the first quarter fiscal year 2011.

Cash, cash equivalents and marketable investments totaled $602.5 million at the end of the second quarter fiscal year 2011, including restricted cash of $3.4 million.

Cash from operating activities for the second quarter fiscal year 2011 was $55.4 million.

During the second quarter fiscal year 2011, the Company purchased 170,000 shares of its common stock for $4.9 million. The Company had 69,791,968 shares outstanding at the end of the quarter.

Third Quarter Outlook

Oleg Khaykin noted: “For the March quarter, we currently expect revenue to range from $285 million to $295 million and gross margin to range from 39% to 39.5%. We continue to see strength in the appliance, industrial and automotive markets and are starting to see early signs of recovery in computing.”

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