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 First Quarter Of 2014

Hittite Microwave Corporation (NASDAQ:HITT) today reported revenue for the first quarter ended March 31, 2014 of $70.6 million, an increase of 4.3% compared with $67.7 million for the first quarter of 2013 and an increase of 2.7% compared with $68.8 million for the fourth quarter of 2013. Net income for the quarter was $16.4 million, or $0.52 per diluted share, a decrease of 6.5% compared with $17.6 million, or $0.57 per diluted share, for the first quarter of 2013, and an increase of 5.4% compared with $15.6 million, or $0.50 per diluted share, for the fourth quarter of 2013.

For the first quarter of 2014, revenue from customers in the United States was $27.8 million, or 39.4% of the company’s total revenue, and revenue from customers outside the United States was $42.8 million, or 60.6% of total revenue. Gross margin was 67.4% for the first quarter of 2014, compared with 73.7% for the first quarter of 2013 and 67.3% for the fourth quarter of 2013. Operating income for the first quarter of 2014 was $25.0 million, or 35.4% of revenue, compared with $27.1 million, or 40.1% of revenue, for the first quarter of 2013 and $25.0 million, or 36.3% of revenue, for the fourth quarter of 2013. Total cash and marketable securities at March 31, 2014 was $492.4 million, an increase of $19.8 million for the quarter.

The Company additionally announced that its Board of Directors has declared a dividend of $0.15 per share, payable on June 27, 2014, to shareholders of record as of the close of business on June 4, 2014.

Business Outlook

The company expects revenue for the second quarter ending June 30, 2014 to be in the range of $74.0 million to $76.0 million and net income to be in the range of $17.6 million to $18.4 million, or $0.56 to $0.59 per diluted share.

1 of 3

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 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs