Hittite Microwave drops 10% on Q3 outlook below Wall Street’s estimates
Hittite Microwave Corporation (Nasdaq:HITT) is off 10% today after the company announced after Thursday’s close it was anticipating third-quarter earnings below analyst estimates. The circuit designer and manufacturer posted higher earnings for the quarter ended June 30, but said it expects revenues in the third quarter in the range of $44.5 million to $45.5 million. Net income is expected to be between $13.1 million to $13.5 million with earnings per share in the range of $0.42 and $0.43. Wall Street is expecting earnings per share of $0.44 on revenues of $46.4 million for the quarter ended Sept. 30.
In today’s trading, shares of the Chelmsford, Mass.-based company are at $31.89 at 11:57 a.m. ET, down $3.39 from Thursday’s close.
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