26 July 2012

Hittite’s revenue and profit continue recovery in Q2

For second-quarter 2012, Hittite Microwave Corp of Chelmsford, MA, USA (which designs and supplies analog, digital and mixed-signal RF, microwave and millimeter-wave ICs, modules and subsystems as well as instrumentation) has reported revenue of $65.4m, down 4.6% on $68.5m a year ago but up 3.3% on $63.3m last quarter as revenue continues to recover from the low of $60.2m in Q4/2011.

Of total revenue, 46.7% ($30.5m) came from customers in the USA (down from 48.8% last quarter) and 53.3% ($34.9m) came from outside the USA (up from 51.2% last quarter).

Gross margin has risen again, from 72.7% a year ago and 73.7% last quarter to 74.5%. Although down on $32m (46.8% of revenue) a year ago, operating income of $26.2m (operating margin of 40.1% of revenue) is up on $25.5m (40.2% of revenue) last quarter.

Although still down on $20.8m a year ago, net income has risen from $16m last quarter to $17.2m. However, this includes a $0.7m tax benefit related to the resolution of a tax audit.

During the quarter, total cash and cash equivalents rose by $1.5m, from $373.9m to $375.4m.

For third-quarter 2012, Hittite expects stable revenue of $65-67m and net income of $16-16.9m ($0.52-0.55 per diluted share).

See related items:

Hittite’s revenue rebounds by 5.2% in Q1

Hittite’s profit and margins trimmed as revenue falls 11.6% in Q4

Hittite sees rebound in margins and profits in Q3/2011

Hittite continues growth in Q2

Tags: Hittite

Visit: www.hittite.com