Hittite Microwave Corporation (NASDAQ:HITT) today reported revenue for the third quarter ended September 30, 2013 of $68.7 million, an increase of 2.3% compared with $67.2 million for the third quarter of 2012, and an increase of 0.2% compared with $68.6 million for the second quarter of 2013. Net income for the quarter was $18.7 million, or $0.60 per diluted share, an increase of 5.9% compared with $17.7 million, or $0.57 per diluted share, for the third quarter of 2012, and an increase of 3.8% compared with $18.0 million, or $0.58 per diluted share, for the second quarter of 2013. “I am proud of the Hittite Team for delivering another solid quarter while facing challenging markets,” said Rick Hess, President and CEO of Hittite. “We are confident that our innovation and engineering leadership will continue to drive our business success.” For the third quarter of 2013, revenue from customers in the United States was $29.8 million, or 43.4% of the company’s total revenue, and revenue from customers outside the United States was $38.9 million, or 56.6% of total revenue. Gross margin was 71.2% for the third quarter of 2013, compared with 73.6% for the third quarter of 2012 and 72.4% for the second quarter of 2013. Operating income for the third quarter of 2013 was $28.0 million, or 40.7% of revenue, compared with $27.6 million, or 41.0% of revenue, for the third quarter of 2012 and $27.5 million, or 40.1% of revenue, for the second quarter of 2013. Total cash and marketable securities at September 30, 2013 was $457.3 million, an increase of $19.2 million for the quarter. Business Outlook The company expects revenue for the fourth quarter ending December 31, 2013 to be in the range of $66.5 million to $68.5 million and net income to be in the range of $16.7 million to $17.7 million, or $0.54 to $0.57 per diluted share.
Hittite Microwave (HITT) stock has been downgraded to "neutral" from "buy," D.A. Davidson said Tuesday. The firm said the recent bid from Analog Devices (ADI) to purchase the company for $78 a share will likely close as expected in August.