29 April 2011

Hittite maintains growth in Q1

For first-quarter 2011, Hittite Microwave Corp of Chelmsford, MA, USA (which designs and supplies analog and mixed-signal RF, microwave and millimeter-wave ICs, modules and subsystems as well as instrumentation) has reported revenue of $67.2m, up 24.1% on $54.2m a year ago and 2.5% on $65.6m last quarter (and towards the high end of mid-February’s guidance of $65.5–67.5m).

Of total revenue, 44.6% came from the USA ($30m, level on last quarter) and 55.4% came from outside the USA ($37.2m, up from $35.6m. This compares with Q4/2010's split of 45.7%:54.3%.

Gross margin of 73% is down from 74.5% last quarter and 73.4% a year ago. Operating expenses have risen further, from $14.7m a year ago and $16.7m last quarter to $17.9m (due largely to an increase in R&D expenses from just $7m a year ago and $8.3m last quarter to $9.4m).

Net income was $20.2m, up on $16.1m a year ago but down slightly on $20.9m last quarter, after including transaction costs and expected operating expenses attributable to mixed-signal IC technology developer Arctic Silicon Devices of Trondheim, Norway (acquired in mid-January for about $12m in cash and equity). However, this was slightly above mid-February’s income guidance of $19.2–20.1m. During the quarter, total cash and cash equivalents rose by $16.3m, from $295.5m to $311.8m.

For second-quarter 2011, Hittite expects revenue to rise further to $67.5–69.5m, with net income of $19.8–20.6m.

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Visit: www.hittite.com