International Rectifier Turns To Profit In Q1

(RTTNews) - International Rectifier Corp. (IRF) Wednesday said first-quarter net income was $8.7 million, or $0.12 per share, compared to net loss of $28.8 million or $0.42 per share in the same period last year.

Adjusted income for the quarter was $15.1 million or $0.21 per share, co9mpared to loss of $13.9 million, or $0.20 per share in the comparable quarter last year. On average, five analysts polled by Thomson Reuters expected the company to earn $0.14 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues improved 7 percent to $269.75 million from $252.49 million last year. Analysts expected revenues of $260.13 million.

Looking ahead to the second quarter, the company has forecast revenues in the range of $260 million to $270 million. Analysts currently expect second-quarter revenues of $265.04 million.