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.
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.