This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hittite Microwave Corporation Reports Financial Results For The Fourth Quarter Of 2013

Hittite Microwave Corporation (NASDAQ:HITT) today reported revenue for the fourth quarter ended December 31, 2013 of $68.8 million, comparable with $68.5 million for the fourth quarter of 2012 and $68.7 million for the third quarter of 2013. Net income for the quarter was $16.5 million, or $0.53 per diluted share, a decrease of 6.7% compared with $17.7 million, or $0.57 per diluted share, for the fourth quarter of 2012, and a decrease of 11.8% compared with $18.7 million, or $0.60 per diluted share, for the third quarter of 2013.

For the fourth quarter of 2013, revenue from customers in the United States was $28.4 million, or 41.3% of the company’s total revenue, and revenue from customers outside the United States was $40.4 million, or 58.7% of total revenue. Gross margin was 67.3% for the fourth quarter of 2013, compared with 73.3% for the fourth quarter of 2012 and 71.2% for the third quarter of 2013. Operating income for the fourth quarter of 2013 was $25.0 million, or 36.3% of revenue, compared with $28.0 million, or 40.8% of revenue, for the fourth quarter of 2012 and $28.0 million, or 40.7% of revenue, for the third quarter of 2013. Total cash and marketable securities at December 31, 2013 was $472.5 million, an increase of $15.2 million for the quarter.

“In the fourth quarter we were able to meet our revenue targets despite challenges in some of our markets,” said Rick Hess, President and CEO. “The decrease in profitability in the quarter was primarily the result of gross margins that in the aggregate were on the low end of our range, due to an unfavorable mix in products and markets, as well as several military development contracts that carry relatively low margins. These contracts, while less profitable in the near term, provide important opportunities for growth through future production contracts at higher margin levels. We are confident that our innovation and engineering leadership will continue to drive our business growth.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs