Altera Profit Tops Estimate; Stock Up 4% - Quick Facts

(RTTNews) - Programmable chip maker Altera Corp (ALTR) Thursday reported first-quarter net earnings of $116.5 million compared with $120 million last year. On a per share basis, earnings remained unchanged at $0.37.

Revenues for the quarter were up 12% at $461 million compared with $410.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.32 per share on revenues of $438 million for the quarter. Analysts' estimates typically exclude special items.

"The quarter exceeded our expectations as stronger than anticipated Chinese LTE deployments drove wireless sales," said John Daane, chief executive officer.

For the second quarter, Altera expect sales to grow 2 percent to 6 percent from the sequential first quarter.

Altera announced a quarterly cash dividend of $0.15 per share.

Altera stock closed Thursday at $34.14, down $0.22 or 0.64%, on a volume of 4.9 million shares on the Nasdaq. In after hours, the stock gained $1.36 or 3.98% at $35.50.