International Rectifier Corp.'s (IRF) a substantially wider second-quarter GAAP net loss of $32.7 million, or $0.47 per share compared with $6.3 million, or $0.09 per share in the prior year quarter. The result echoed depressed revenues from last year.
On a non-GAAP basis, net loss for the second quarter was $30.3 million, or $0.44 per share compared with $2.6 million, or $0.04 per share in the prior year quarter.
The non-GAAP results the Company provided exclude the effects of accelerated depreciation, asset impairment and inventory write-offs associated with its El Segundo fab closure, severance payments, impairment of goodwill, amortization of intangibles, the associated net tax effects of these items, and discrete tax provisions and benefits.
Revenue was $223.8 million, down 11.4% from $230.1 million in the prior year quarter.
Six Analysts polled by Thomson Reuters expected the company to report a loss of $0.47 per share on revenues of $223.26 million for the quarter. Analysts' estimates typically exclude special items.
The company currently expects third-quarter revenue to range between $220 million and $235 million. Gross margin is expected to be between 22% and 23%,reflecting low factory utilization and revenue mix. Analysts expect the company to report revenues of $230.19 million for the third-quarter.
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