International Rectifier Corp. today reported revenues grew 64% to $249.4 million in the company's fiscal first quarter, ended Sept. 30, compared to $152.2 million in the period last year. The supplier of power semiconductors said its net income reached a record $42.1 million in the quarter vs. $5.1 million in the period a year ago.
IR said sales of analog power ICs, advanced-circuit devices, and power systems surged 142% in the quarter. "Demand for products in our components group exceeded expectations, which enhances our prospects for a strong finish to our fiscal year," said Alex Lidow, chief executive officer of the El Segundo, Calif., company.
"We are entering the December quarter with more than 80% of planned revenue already in our backlog," said the CEO. "In light of stronger-than-expected demand, we are revising upwards our revenue outlook. We now expect to grow fiscal 2001 revenues by 40-to-45%, with gross margins averaging 45-to-50% on incremental sales."
For fiscal 2000, ended June 30, IR posted revenues of $753.3 million and a net income of $68.3 million.