International Rectifier Corp. reported net earnings of $16.7 million, or 25 cents per share, on sales of $234.1 million in its first 2004 fiscal quarter ended September, compared to $11.0 million, or 17 cent per share, on sales of $212.2 million in the year-ago quarter.
The El Segundo, Calif., semiconductor supplier reported that orders rose 5% from the June quarter and 30% from the prior-year quarter, led by a continued increase in information technology orders. PC orders rose, fueled by the continuing success of Intel's Centrino and Pentium M-based products. Over the past nine months, IT orders rose 70% from the same period a year ago and represented 47% of the company's total bookings in the September quarter.
Bookings surged in the Asia-Pacific region, up 18% from the June quarter and 55% from the prior-year quarter. Earlier today, International Rectifier announced it would build an assembly and test plant in Xi'an, China to meet growing demand there.
The company reported that proprietary products accounted for 59% of sales, up from 54% a year ago. Gross margins were 35.9%.
"We see our leading position in power management continuing to drive strong results," said Alex Lidow, chief executive, in a statement. "Our focus in advanced IT applications is paying off as we continue to see widespread acceptance of our proprietary products complemented by an emerging recovery in the PC market."
For the quarter ending December, International Rectifier expects revenue to grow 4 to 7% from the September quarter with gross margins up more than 100 basis points.