International Rectifier Lowers Q2 Revs Guidance $229-230M from $240-270M Prior vs $253.5M Est

International Rectifier Corporation IRF today announced preliminary results for its second quarter fiscal year 2012, ended December 25, 2011. The Company currently expects that second quarter revenue will be between $229 million and $230 million. Previous guidance given on November 3, 2011 was for revenue to range between $240 million and $270 million. As the December quarter progressed, revenue came in below expectations due to: Lower demand in China, particularly in the appliance end market, Lower demand in Europe among industrial and automotive customers, Weakness in the computing end market as a result of the recent flooding in Thailand, and Manufacturing related delays that impacted the HiRel business unit. Gross margin for the Company's December quarter is expected to be approximately 35.5%. During the December quarter, the Company managed to reduce its channel inventory value by approximately 15%. However, the Company's decision not to pursue highly discounted, spot market business during the quarter, combined with the lower than expected sales during the quarter, led to an approximately 10% increase in internal inventory value.