International Rectifier Corp. (IR, El Segundo, CA) announced preliminary results for the fiscal first-quarter 2003. Revenues are expected to be approximately $211.0 million, up five percent sequentially, the midpoint of company guidance. Compared to the September quarter a year ago, revenues are up about 25 percent. Gross margin is expected to be approximately 35 percent, about half a point below the company's guidance range.
The company did not see seasonal improvement in PC-related demand late in the quarter. However, IR's automotive, industrial and defense/aerospace business showed strong sequential growth in the quarter. The company expects December-quarter revenues to be flat sequentially, ±5 percentage points, and up 16 to 29 percent on a year-over-year basis. The company's prior guidance was toward the high end of this range. Gross margin in the December quarter is expected to be in the 32-percent to 34-percent range.
