International Rectifier Earnings: Everything You Must Know Now

International Rectifier Corporation (NYSE:IRF) had a loss and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.

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International Rectifier Corporation Earnings Cheat Sheet

Results: Adjusted Earnings Per Share decreased to $-0.29 in the quarter versus EPS of $-0.21 in the year-earlier quarter.

Revenue: Decreased 9.59% to $224.3 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: International Rectifier Corporation reported adjusted EPS loss of $0.29 per share. By that measure, the company beat the mean analyst estimate of $-0.40. It missed the average revenue estimate of $229.03 million.

Quoting Management: “Throughout the March quarter, we saw booking trends improve across all our end markets,” stated President and Chief Executive Officer Oleg Khaykin. “In addition, we decreased inventory, closed our El Segundo manufacturing facility, reduced our capital expenditures and increased our cash balance by $20 million. As a result of improving business demand, resizing our manufacturing footprint and reducing fixed costs, our gross margin recovery is currently tracking ahead of prior expectations.”

Key Stats (on next page)…

Revenue increased 0.21% from $223.82 million in the previous quarter. EPS increased to $-0.29 in the quarter versus EPS of $-0.44 in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a loss of $0.15 to a loss $0.27. For the current year, the average estimate has moved down from a loss of $1.15 to a loss of $1.28 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)