26 April 2013

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

For first-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 $67.7m, down 1.2% on $68.5m last quarter but up 6.9% on $63.3m a year ago.

Of total revenue, 44.7% ($30.2m) came from customers in the USA (versus 44.3%, or $30.3m, last quarter) and 55.3% ($37.5m) came from customers outside the USA (versus 55.7%, or $38.2m, last quarter).

Gross margin was 73.7%, level with a year ago but rebounding slightly after falling steadily from 74.5% in Q2/2012, 73.6% in Q3/2012 and 73.3% in Q4/2012. Operating income was $27.1m (40.1% of revenue), down from $28m (40.8% of revenue) last quarter but up from $25.5m (40.2% of revenue) a year ago (despite operating expenses rising from $21.2m to $22.8m, mainly due to R&D expenses rising from $11.8m to $13.2m).

Net income was $17.6m, up 10% on $16m a year ago and level with $17.7m for the last two quarters. During the quarter, total cash and marketable securities rose by $20.1m from $409.2m to $429.4m.

For second-quarter 2013, Hittite expects revenue of $66.5-68.5m and net income of $16.7-17.7m.

See related items:

Hittite sustains growth for fourth quarter

Hittite reports a third consecutive quarter of growth

Hittite’s revenue and profit continue recovery in Q2

Hittite’s revenue rebounds by 5.2% in Q1

Tags: Hittite

Visit: www.hittite.com