International Rectifier (IRF) FQ4 beats consensus across the board on a 23% jump in total revenue.
All business segments posted strong sequential growth.
Gross margin continues to improve - coming in at 30% compared to 24.3% in the prior quarter and 25.9% in the prior year quarter - hitting the high end of guidance as a result of improving business demand, utilization and product mix.
For Q1, the company is targeting revenue of around $260M - $268M, towards the high end of the Street view of $260M.
More on International Rectifier and Semtech's earnings: IRF expects FQ1 revenue of $235M-$250M, below a $274M consensus. The company is closing a California chip manufacturing plant, and resizing a U..K. plant. Semtech expects FQ3 revenue of $148M-$154M and EPS of $0.41-$0.45, below a consensus of $158.6M and $0.47. Are the analog chipmakers just suffering from weak industry demand, or are they also losing share to expanding Texas Instruments (TXN)? IRF -4.7% AH. SMTC -4.1%. (IRF PR) (SMTC PR) (ON Semi layoffs)
Analog chipmakers Power Integrations (POWI +13.5%) and International Rectifier (IRF -11.1%) head in opposite directions after reporting earnings. POWI posted a strong Q1 beat and Q2 sales guidance of $78M-$84M, above a $74.4M consensus. IRF provided in-line FQ4 guidance (revenue of $255M-$270M vs. $261.7M consensus) to go with its FQ3 beat. The company says demand from Asian industrial and home appliance customers remains soft. (IRF transcript)