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IQE

25 October 2013

Hittite’s Q3 revenue and profit exceed guidance

For third-quarter 2013, Hittite Microwave Corp of Chelmsford, MA, USA (which designs and supplies analog, digital and mixed-signal RF, microwave and millimeter-wave ICs, modules and subsystems as well as instrumentation) has reported revenue of $68.7m (slightly above the forecasted $66.5-68.5m), up slightly on $68.6m last quarter and up 2.3% on $67.2m a year ago.

Of total revenue, 43.4% ($29.8m) came from customers in the USA (versus 44%, or $30.2m, last quarter) and 56.6% ($38.9m) came from customers outside the USA (versus 56%, or ($38.4m, last quarter).

Gross margin has fallen further, from 73.6% a year ago and 72.4% last quarter to 71.2%. Nevertheless, operating income has risen from $27.6m (41% of revenue) a year ago and $27.5m (40.1% of revenue) last quarter to $28m (40.7% of revenue).

Likewise, net income has risen further, from $17.7m a year ago and $18m last quarter to $18.7m, exceeding the $16.7-17.7m guidance. During the quarter, total cash and marketable securities rose by $19.2m, from $438.2m to $457.3m.

For fourth-quarter 2013, Hittite expects revenue to fall slightly to $66.5-68.5m and net income to fall to $16.7-17.7m.

See related items:

Hittite reports rise in profit on 4.9% growth year-on-year in Q2

Hittite reports Q1 revenue up 6.9% year-on-year, and rebound in gross margin

Hittite sustains growth for fourth quarter

Hittite reports a third consecutive quarter of growth

Tags: Hittite

Visit: www.hittite.com

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