MANHASSET, N.Y. International Rectifier Corp. posted GAAP earnings of $25.7 million, or 36 cents per share on sales of $297.1 million, compared with $35.7 million, or 48 cents per share on sales of $281.9 million in the year-ago third fiscal quarter.
In the previous quarter, International Rectifier (El Segundo, Calif.) earned $24.3 million, or 34 cents per share on sales of $278.8 million in the previous quarter.
Gross margin was 40.0 percent in the third quarter, unchanged from the December quarter but down from 44.4 percent in the year-ago March quarter. Thirteen-week product backlog was $247 million at the end of the March quarter, up 22 percent sequentially.
Earlier this month, International Rectifier said it would seek to sell its non-focused and commodity product lines and accelerate its transition to high-performance analog, mixed-signal, and digital ICs and advanced-circuit products. Such products comprised 23 percent of the company’s revenue in the March quarter, with sales rising 8 percent sequentially.
In the March quarter, IR's Focus Products revenue grew 6 percent quarter-on-quarter, with all product segments recording double-digit percentage growth over a year ago.
"Demand soared in the March quarter,” said Alex Lidow, chief executive of International Rectifier, in a statement. “Demand was strongest in Japan, where our orders were up 110 percent on the strength of new digital TV and game station programs.”
IR generated $25 million in cash from operations in the March quarter and $74 million fiscal year-to-date. Total cash and cash investments were over $900 million at the end of the March quarter.