30 April 2012

Hittite’s revenue rebounds by 5.2% in Q1

For first-quarter 2012, 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 $63.3m, down 5.8% on $67.2m a year ago but rebounding by 5.2% from $60.2m last quarter (following an 11.6% decline that quarter) and slightly higher than the guidance of $61-63m.

Of total revenue, 48.8% ($30.9m) came from customers in the USA (versus $27.7m, or 46%, last quarter) and 51.2% ($32.4m) came from outside the USA (versus $32.5m, or 54%, last quarter).

Although up on 73% a year ago, gross margin of 73.7% is down from 74% last quarter. Operating income was $25.5m (an operating margin of 40.2% of revenue), up from $24.6m (40.9% of revenue) last quarter but down from $31.2m (46.4% of revenue) a year ago.

Net income was $16m, down on $20.2m a year ago and $21.2m last quarter, although the latter included a $5.5m discrete tax benefit. During the quarter, total cash and cash equivalents rose by $20.2m to $373.9m.

For second-quarter 2012, Hittite expects roughly level revenue of $63-65m and net income of $15.6-16.4m ($0.51-0.53 per diluted share).

See related items:

Hittite’s profit and margins trimmed as revenue falls 11.6% in Q4

Hittite sees rebound in margins and profits in Q3/2011

Hittite continues growth in Q2

Hittite maintains growth in Q1

Tags: Hittite

Visit: www.hittite.com