18 February 2010


Hittite revenue grows a more-than-expected 5.3% in Q4/09

For 2009, Hittite Microwave Corp of Chelmsford, MA, USA, which designs and supplies analog and mixed-signal RF, microwave and millimeter-wave ICs, modules and subsystems, has reported revenue of $163m, down 9.6% on $180.3m in 2008. Net income fell from $53.8m to $46.2m.

However, although down 5.9% on $46.4m a year ago, fourth-quarter 2009 revenue of $43.7m is up 5.3% on Q3’s $41.5m (and slightly above the forecast $42.5–43.5m). Compared to 43% and 57% in Q3, about 50% of total revenue ($21.9m) came from customers in the USA and 50% ($21.8m) came from outside the USA.

Gross margin has risen from 72% both a year ago and in Q3/2009 to 74.8% in Q4. Operating income was $19.8m (45.5% of revenue). Though down slightly on $13.6m a year ago, net income has risen from $12m in Q3/2009 to $13.4m. During the quarter, even after repurchasing $8.7m of its common stock, total cash and cash equivalents rose by $5.3m to $220.5m.

“The fourth quarter was a strong finish to a challenging year,” comments chairman & CEO Stephen Daly. “In 2009 we stayed focused on developing novel products for our core markets, and these products will generate our future growth,” he adds. “We also continued to build on our competitive advantages.”

Net bookings for full-year 2009 were $187.3m, up 2.2% on 2008’s $183.4m, raising order backlog from $39.6m to $63.9m.

For first-quarter 2010, Hittite expects revenue to grown to $50–52m and net income to grow to $13.7–14.5m.

See related items:

Hittite recovery continues, driven by new products

Hittite revenue rebounds, driven by China 3G roll-out and microwave

Hittite’s revenues fall 18%, but Q2 to show slight rebound

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