Hittite Microwave Corporation Reports Financial Results for the Third Quarter of 2010
Press Release Source: Hittite Microwave Corporation On Thursday October 21, 2010, 4:00 pm CHELMSFORD, Mass.--(BUSINESS WIRE)-- Hittite Microwave Corporation (NASDAQ:HITT - News) today reported revenue for the third quarter ended September 30, 2010 of $64.2 million, representing an increase of 54.7% compared with $41.5 million for the third quarter of 2009 and an increase of 6.4% compared with $60.3 million for the second quarter of 2010. Net income for the quarter was $20.8 million, or $0.69 per diluted share, an increase of 73.8% compared with $12.0 million, or $0.40 per diluted share, for the third quarter of 2009, and an increase of 8.8% compared with $19.2 million, or $0.64 per diluted share, for the second quarter of 2010.
For the third quarter of 2010, revenue from customers in the United States was $28.1 million, or 43.8% of the company’s total revenue, and revenue from customers outside the United States was $36.1 million, or 56.2% of total revenue. Gross margin was 74.6% for the third quarter of 2010, compared with 72.0% for the third quarter of 2009 and 74.8% for the second quarter of 2010. Operating income for the third quarter was $32.2 million, or 50.2% of revenue. Total cash and cash equivalents at September 30, 2010 was $273.0 million, an increase of $31.2 million for the quarter.
The company expects revenue for the fourth quarter ending December 31, 2010 to be in the range of $64.5 million to $66.5 million and net income to be in the range of $20.2 million to $21.0 million, or $0.67 to $0.69 per diluted share.