International Rectifier Q4 Loss Narrows - Update

(RTTNews) - Semiconductor maker International Rectifier Corp. (IRF), Monday reported a loss for the fourth quarter that narrowed from a year ago, driven mainly by revenue growth and a strong gross margin.

El Segundo, California-based company's fourth-quarter loss narrowed to $6.1 million or $0.09 per share from $68.2 million or $0.99 per share last year.

Last year, the company recorded a goodwill impairment charge of $69.4 million.

Adjusted loss for the quarter narrowed to $0.02 per share from $0.15 per share last year.

On average, five analysts polled by Thomson Reuters expected a loss of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the three-month period grew 3 percent to $276.5 million from $269.7 million last year. Analysts expected revenues of $260.13 million for the quarter.

"Fourth quarter revenue exceeded our expectations, increasing significantly as all of our business segments posted strong sequential growth," stated President and Chief Executive Officer Oleg Khaykin. "In addition, our gross margin recovery continued, coming in at the high end of guidance as a result of improving business demand, utilization and mix."

Gross margin, or percentage of sales left after deducting production costs, improved to 30 percent from 25.9 percent last year.

Looking forward to the first quarter, the company expects revenues of $260 million to $268 million. Analysts currently expect first-quarter revenues of $260.39 million.

IRF closed Monday at $24.27, up $0.07 or 0.29%, on the NYSE. The stock further gained $0.23 or 0.95% in after hours trade.