MANHASSET, N.Y. Semiconductor supplier International Rectifier Corp. posted GAAP net earnings of $24.3 million, or 34 cents per share on sales of $278.8 million in its second fiscal 2006 quarter ended December.
For the prior-year quarter, earnings were $39.5 million, or 55 cents per share on sales of $298.6 million. In the previous quarter, earnings were $26.2 million, or 36 cents per share on sales of $272.6 million.
Before charges, International Rectifier (El Segundo, Calif.) earned 37 cents per share, meeting analysts' estimates.
Gross margin was 40.0 percent in the second quarter, down 70 basis points from 40.7 percent in the September quarter and 43.3 percent in the year-ago December quarter.
The company reported 17 percent higher sales in its Aerospace & Defense business due to new commercial aviation and military aerospace programs. IR’s inventory increased by $15 million in the December quarter.
For the March quarter, IR expects revenue to be flat to up 4 percent sequentially. Gross margin is expected to be flat sequentially, tempered by costs associated with a new wafer fab under construction.