IR Reports 2002 Revenue and Earnings Gains

August 01, 2002 by Jeff Shepard

International Rectifier Corp. (IR, El Segundo, CA) posted a 13-percent sequential increase in revenue for the quarter ended June 30, 2002. The company reported net income of $16.1 million, or $0.25 per share, on revenue of $201.0 million, compared to net income of $12.2 million, or $0.19 per share, on revenue of $178.6 million in the March 2002 quarter.

During the quarter, IR completed its acquisition of TechnoFusion GmbH, a manufacturer of power generation systems for the automotive industry. The company said this added about $5.0 million to its revenues, but did not contribute to earnings. In the September 2002 quarter, IR expects revenues to increase sequentially by about five percent.

"Overall, our business outlook is strong, but IT remains uncertain, and we believe that a sustainable upturn in IT spending will be pushed out into calendar 2003," said CEO Alex Lidow. "Consequently, we are now targeting 25 percent to 30 percent revenue growth in fiscal 2003."