Hittite Microwave reports financial results for 3rd quarter 2010
Net income for the quarter was $20.8 million, or $0.69 per diluted share, an increase of 73.8% compared with $12.0 million, or $0.40 per diluted share, for the third quarter of 2009, and an increase of 8.8% compared with $19.2 million, or $0.64 per diluted share, for the second quarter of 2010. For the third quarter of 2010, revenue from customers in the United States was $28.1 million, or 43.8% of the company's total revenue, and revenue from customers outside the United States was $36.1 million, or 56.2% of total revenue. Gross margin was 74.6% for the third quarter of 2010, compared with 72.0% for the third quarter of 2009 and 74.8% for the second quarter of 2010. Operating income for the third quarter was $32.2 million, or 50.2% of revenue. Total cash and cash equivalents at September 30, 2010 was $273.0 million, an increase of $31.2 million for the quarter. Business Outlook The company expects revenue for the fourth quarter ending December 31, 2010 to be in the range of $64.5 million to $66.5 million and net income to be in the range of $20.2 million to $21.0 million, or $0.67 to $0.69 per diluted share.
