Altera Corporation's Second-Quarter Results Beat Expectations

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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