SAN FRANCISCO—International Rectifier Corp. (IR) Thursday (Aug. 26) posted a net income of $29 million on revenue of $263.8 million for the quarter ended June 27, beating consensus analysts' expectations.
Sales for the quarter increased 9 percent sequentially and 65 percent year-to-year, IR (El Segundo, Calif.) said. Net income, which equates to 41 cents per diluted share, was down from $40.4 million in the previous quarter and roughly flat with a net income of $29.1 million in the year-ago quarter, the company said.
Analysts had expected, on average, for IR to report sales for the quarter of $258.7 million and a net income of 26 cents per share, according to Yahoo Finance.
For the fiscal year 2010, also ended June 27, IR posted sales of $895.3 million, up 21 percent from fiscal 2009. The company reported a net income for the fiscal year of $80.8 million, or $1.13 per share, compared to a net loss of $2474 million in fiscal 2009.
For the current quarter, IR expects revenue to increase to between $275 million and $280 million.
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