International Rectifier Earnings: Challenging Quarter
International Rectifier Corporation (NYSE:IRF) had a loss and met Wall Street’s expectations, AND beat the revenue expectation. The net loss and dip in revenues are causing the stock to dip after-hours. Shares are down 2.19%.
International Rectifier Corporation Earnings Cheat Sheet
Results: Net loss of $30.28 million (loss of 44 cents per diluted share) in the quarter versus a net loss of $6.34 million in the year-earlier quarter.
Revenue: Decreased 2.72% to $223.82 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: International Rectifier Corporation reported adjusted net loss of 44 cents per share. It beat the average revenue estimate of $223.26 million.
Quoting Management: “We expected a challenging December quarter given industry conditions,” stated President and Chief Executive Officer Oleg Khaykin…
…Although revenue declined, we significantly reduced our inventory, continued to reduce our costs and increased our cash balance by $16 million.”
Revenue decreased 11.35% from $252.49 million in the previous quarter. Net income increased to $0 in the quarter versus a net loss of $28.78 million in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a loss of $0 and has not changed. For the current year, the average estimate is a loss of $0, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials.)