International Rectifier Lowers Sales Estimate

International Rectifier Corp., whose semiconductors manage power use, reported preliminary fiscal first-quarter profit of 35 cents to 37 cents a share and said sales and profit margins missed earlier forecasts.

Sales fell about 3% to $273 million in the quarter that ended last month from the June quarter’s $281.8 million, the El Segundo company said. The company earned $37.6 million, or 53 cents a share, on sales of $312.2 million in last year’s fiscal first quarter.

In July, International Rectifier forecast that sales would be flat to up 4%. The company said gross margin, the share of sales left after production costs, was 40.5%, also below forecasts.

Late in the quarter, the company got “a large percentage” of orders for products it couldn’t deliver, Chief Executive Alex Lidow said. International Rectifier said it would put capacity in place by the end of the year.