25 February 2013

Hittite sustains growth for fourth quarter

For fourth-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 $68.5m, up 2% on $67.2m last quarter and 13.8% on $60.2m a year ago (the fourth consecutive quarter of sequential growth, after a low of $60.2m in Q4/2011). Full-year revenue of $264.4m is up slightly on 2011’s $264.1m.

Of total Q4 revenue, 44.3% ($30.3m) came from customers in the USA (down from 48.7%, or $32.8m, last quarter) and 55.7% ($38.2m) came from customers outside the USA (up from 51.3%, or $34.4m, last quarter).

Gross margin has fallen slightly again, from 74% a year ago and 73.6% last quarter to 73.3%. However, operating income has risen again, from $24.6m a year ago and $27.6m last quarter to $28m. This is despite operating expenses rising from $19.9m a year ago to $22.2m in Q4/2012 (mostly due to R&D expenses rising from $11m to $12.4m).

Although down 16.6% on $21.2m a year ago, net income was level with last quarter at $17.7m. During Q4, total cash and marketable securities rose by $16.4m, from $392.8m to $409.2m. Full-year net income was $68.6m, down 19% from $84.7m in 2011.

Net bookings for full-year 2012 were $264.2m, up 2.8% on $256.9m for 2011. Order backlog at the end of 2012 was $67.2m, down slightly on $67.4m a year previously.

For first-quarter 2013, Hittite expects revenue of $66.5-68.5m and net income of $16.7-17.7m, i.e. flat to slightly down.

See related items:

Hittite reports a third consecutive quarter of growth

Hittite’s revenue and profit continue recovery in Q2

Hittite’s revenue rebounds by 5.2% in Q1

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

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Visit: www.hittite.com