Altera Corporation's Second-Quarter Results Beat Expectations

Programmable chip maker Altera left analyst targets far behind in the first quarter, driven by strong demand for new products.

Jul 24, 2014 at 5:57PM
Altr Logo

Source: Altera.

Shares of programmable microchip maker Altera (NASDAQ:ALTR) jumped as much as 2.8% higher in after-hours trading today, following the release of second-quarter results and a 20% dividend increase.

Altera's sales increased by 17% year-over-year, landing at $492 million. GAAP earnings grew 32% to $0.41 per diluted share. Analysts were expecting earnings near $0.37 per share on circa $481 million in sales. Altera breezed past both of these targets.

The next dividend will be paid on Sept. 2 to shareholders of record on Aug. 11. The quarterly payout was raised 20% to $0.18 per share. At current prices, that works out to a forward yield of approximately 2.1%.

In prepared remarks, Altera CEO John Daane explained how new products are driving revenue growth that surprised even him.

"With new capabilities and vastly improved performance compared with our prior-generation midrange offerings, our 20 nm Arria 10 FPGAs and SoCs are displaying solid competitive potential as we are seeing a record level of identified customer opportunities," Daane said. "Further, at the high end, with continuing development of our Intel -sourced 14 nm FinFET-based Stratix 10 FPGAs, it remains clear that this new technology coupled with our HyperFlex architecture will deliver industry-leading density and performance as well as lower power and cost."

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Anders Bylund owns shares of Intel. The Motley Fool recommends Apple and Intel. The Motley Fool owns shares of Apple and Intel. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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