News Article
Quarterly results are rosy for Hittite
With an increase in quarterly revenues, profits and incomes over the same quarter last year, Hittite has not suffered like other RF electronics and Telecoms manufacturers.
Hittite Microwave Corporation has reported revenue for the first quarter ended March 31, 2011 of $67.2 million, representing an increase of 24.1% compared with $54.2 million for the first quarter of 2010.
This is also an increase of 2.5% compared with $65.6 million for the fourth quarter of 2010. Net income for the quarter was $20.2 million, or $0.66 per diluted share, an increase of 25.2% compared with $16.1 million, or $0.54 per diluted share, for the first quarter of 2010, and a decrease of 3.5% compared with $20.9 million, or $0.69 per diluted share, for the fourth quarter of 2010.
For the first quarter of 2011, revenue from customers in the United States was $30.0 million, or 44.6% of the company's total revenue, and revenue from customers outside the United States was $37.2 million, or 55.4% of total revenue.
Gross margin was 73.0% for the first quarter of 2011, compared with 73.4% for the first quarter of 2010 and 74.5% for the fourth quarter of 2010. Operating income for the first quarter was $31.2 million, or 46.4% of revenue. Total cash and cash equivalents at March 31, 2011 was $311.8 million, an increase of $16.3 million for the quarter.
The company expects revenue for the second quarter ending June 30, 2011 to be in the range of $67.5 million to $69.5 million and net income to be in the range of $19.8 million to $20.6 million, or $0.64 to $0.67 per diluted share.
The company hosted a conference call to discuss its financial results. A telephonic replay of the call will be available for one week after the live call by dialling (303) 590-3030 with access code 4430193.
A webcast replay is also available by visiting the Investors page at www.hittite.com.