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Hittite Microwave On The Rise In Q2 2013

The company has shown robust financial results in revenues, profits and incomes


Hittite Microwave Corporation has reported revenues for the second quarter ended June 30th, 2013 of $68.6 million, an increase of 4.9% compared with $65.4 million for the second quarter of 2012.



Net income for the quarter was $18.0 million, or $0.58 per diluted share, an increase of 5.1% compared with $17.2 million, or $0.56 per diluted share, for the second quarter of 2012.

For the second quarter of 2013, revenue from customers in the United States was $30.2 million, or 44.0% of the company’s total revenue, and revenue from customers outside the United States was $38.4 million, or 56.0% of total revenue.

Gross margin was 72.4% for the second quarter of 2013, compared with 74.5% for the second quarter of 2012 and 73.7% for the first quarter of 2013. Operating income for the second quarter of 2013 was $27.5 million, or 40.1% of revenue, compared with $26.2 million, or 40.1% of revenue, for the second quarter of 2012 and $27.1 million.. Total cash and marketable securities at June 30th, 2013 was $438.2 million, an increase of $8.8 million for the quarter.

Results for the first half of 2013 and 2012 are depicted in the graph below.



Business Outlook

The company expects revenue for the third quarter ending September 30th, 2013 to be in the range of $66.5 million to $68.5 million and net income to be in the range of $16.7 million to $17.7 million, or $0.54 to $0.57 per diluted share.

The company hosted a conference call to discuss its financial results and a webcast replay is available by visiting the Investors page at www.hittite.com.

Hittite Microwave Corporation is an innovative designer and manufacturer of high performance integrated circuits, or ICs, modules, subsystems and instrumentation for technically demanding digital, RF, microwave and millimetrewave applications covering DC to 110 GHz. The company also started marketing GaN power amplifiers earlier this month.



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