Integrated circuits maker Hittite Microwave Corp. (HITT) Thursday reported a decline in profit for the third quarter, reflecting lower revenues and gross margin. However, the company's results came in above the analysts' expectations.
Net income for the third quarter declined to $11.98 million or $0.40 per share from $13.70 million or $0.44 per share in the previous year.
On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share for the quarter. Analysts estimates typically exclude special items.
Revenue for the quarter declined to $41.47 million from $45.53 million last year, yet topped the revenue consensus estimates of $40.68 million.
For the third quarter of 2009, revenue from customers in the United States was $17.8 million, or 43.0% of the company's total revenue, and revenue from customers outside the United States was $23.7 million, or 57.0% of total revenue.
Gross profit declined to $29.85 million, or 72.0% of revenue, from $33.02 million, or 72.5% of revenue, in the previous year.
Interest and other income declined to $78 thousand from $738 thousand last year.
For the nine-month period, net income declined to $32.76 million or $1.10 per share from $40.21 million or $1.29 per share in the year-ago period. Revenue for the year-to-date period declined to $119.34 million from $133.86 million last year.
Looking forward, the company expects net income for the fourth quarter to be in the range of $0.38 to $0.41 per share, on revenues of $42.5 million to $43.5 million. Analysts currently expect the company to report earnings of $0.37 per share, on revenues of $42.00 million, for the next quarter.
HITT closed Thursday's regular trading at $37.40, down 0.21 or 0.56%, on a volume of 387K shares on the Nasdaq.
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