IR Reports Fiscal Third-Quarter 2004 ResultsApril 28, 2004 by Jeff Shepard
International Rectifier Corp. (IR, El Segundo, CA) reported pro-forma earnings of $29.8 million, or $0.43 per share, in the March quarter compared to $24.6 million, or $0.36 per share, in the December quarter, and $12.1 million, or $0.19 per share, in the prior-year quarter. On a GAAP basis, net income was $26.7 million, or $0.39 per share, in the March quarter versus $16.9 million, or $0.25 per share, in the December quarter, and $7.5 million, or $0.11 per share, in the prior-year quarter.
The pro-forma March quarter earnings excluded a $5.9 million net pretax gain from a settlement with Hitachi/Renesas and a $9.9 million pretax charge for ongoing severance and restructuring activities. The pro-forma December quarter earnings excluded $10.1 million in restructuring-related pretax charges. The prior-year March quarter pro-forma earnings excluded $6.4 million in restructuring-related pretax charges.
Revenues were $275.4 million in the March quarter, up nine percent from $252.3 million in the December quarter, and up 28 percent from $214.4 million in the prior-year quarter. Orders rose 10 percent from the December quarter and 40 percent from the prior-year quarter, led by proprietary product orders, up 13 percent from the prior quarter and 68 percent from the prior-year quarter.