News Article
Hittite Net Income for Q2 2010 up by 81% from Q2 2009
Revenue for the recently completed quarter from customers in the United States was $27.5 million, and from customers outside the United States was $32.8 million.
Hittite Microwave Corporation has reported revenue for the second quarter ended June 30, 2010 of $60.3 million, representing an increase of 52 % compared with $39.7 million for Q2 2009.
This is also an increase of 11.3% compared with $54.2 million for the first quarter of 2010. Net income for the quarter was $19.2 million, or $0.64 per diluted share, an increase of 81.0% compared with $10.6 million, or $0.35 per diluted share, for the second quarter of 2009, and an increase of 18.9% compared with $16.1 million, or $0.54 per diluted share, for Q1 2010.
For the second quarter of 2010, revenue from customers in the United States was $27.5 million, or 45.6% of the company's total revenue, and revenue from customers outside the United States was $32.8 million, or 54.4% of total revenue. Gross margin was 74.8% for the second quarter of 2010, compared with 70.4% for the second quarter of 2009 and 73.4% for the first quarter of 2010.
Operating income for the second quarter was $29.7 million, or 49.2% of revenue. Total cash and cash equivalents at June 30, 2010 was $241.8 million, an increase of $3.6 million for the quarter.
The company expects revenue for the third quarter ending September 30, 2010 to be in the range of $62.0 million to $64.0 million and net income to be in the range of $19.1 million to $19.8 million, or $0.63 to $0.65 per diluted share.
The company yesterday held a conference call hosted byStephen Daly, Chairman and CEO, Bill Boecke, CFO,to discuss its financial results.
A telephonic replay of the call is available until 6pm EDT 29 July 2010 by dialing (303) 590-3030, access code 4325633.
A webcast replay will also be available by visiting the Investors page at www.hittite.com. A transcript of the call can also be accessed via the following link: http://seekingalpha.com/article/216045-hittite-microwave-corporation-q2-2010-earnings-call-transcript?part=qanda
During the call, Stephen Daly, commented, “In terms of our business in Europe, in Q1 we had very strong international growth and it was very well balanced between Europe and Asia; our both regions experienced double digit growth.”
He added, “Coming out of Q2, we saw that Asia had double-digit growth and Europe had mid single digit growth, so there was a little bit of slow down there. We think that has more to do with the time in Europe not really meaningful. I think Europe is a rich target environment for Hittite, a lot of the major OEMs that were dealing with in Europe, so overall a little bit soft in Q2, but we do expect very strong growth out of the region this year.”
He concluded by noting , “ Today July 22 is the fifth year anniversary of our initial public offering. Since we became a NASDAQ listed public company, we had significantly expanded our engineering capability, customer base, as well as tripled our quarterly revenues.”
