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15 February 2008


Hittite continues growth, but profit falls short

Hittite Microwave Corp of Chelmsford, MA, which designs and supplies RF, microwave and millimeter-wave ICs, modules and subsystems, has reported revenue for fourth-quarter 2007 of $42.5m (at the top end of October’s forecast of $41.5-42.5m). This is also up 6.4% on $39.9m last quarter and up 20% on $35.4m a year ago.

Gross margin was 70.8%, level with both 71% last quarter and a year ago. Net income was $13.4m, up on $12.1m a year ago but down 2.4% on $13.7m last quarter (and slightly short of October’s forecast of $13.7-14m). Nevertheless, cash and short-term investments rose by $3.3m to $164.7m.

“Our fourth quarter was an excellent finish to the year,” says chairman and CEO Stephen Daly. For full-year 2007, revenue was $156.4m, up 20% on 2006’s $130.3m, and net income was $51.2m, up 20% on $42.7m. Order backlog rose from $34.6m to $36.5m. Hittite strengthened its business during the year by increasing the breadth of its product portfolio, says Daly.

“For 2008, we will remain focused on growing our revenue by further penetrating our target markets and continuing to invest in research and new product development,” he adds.

For first-quarter 2008, Hittite expects revenue to be steady at $42-43m, and net income to be $12.9-13.3m.

See related items:

Hittite’s revenue approaches $40m in Q3 as steady growth continues

Hittite licenses Northrop Grumman’s Velocium MMICs

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