Altera Announces First Quarter Results
SAN JOSE, Calif., April 23, 2015 /PRNewswire/ — Altera Corporation (NASDAQ: ALTR) today announced first quarter sales of $435.5 million, down 9 percent from the fourth quarter of 2014 and down 6 percent from the first quarter of 2014.
First quarter net income was $94.9 million, $0.31 per diluted share, compared with net income of $111.1 million, $0.36 per diluted share, in the fourth quarter of 2014 and $116.5 million, $0.37 per diluted share, in the first quarter of 2014.
Cash flow from operating activities was $136.6 million. Altera repurchased approximately 1.6 million shares during the quarter at a cost of approximately $57.5 million.
Altera’s board of directors has declared a quarterly cash dividend of $0.18 per share, to be paid on June 1, 2015 to shareholders of record on May 11, 2015.
“While we had anticipated a weak start to the year, the first quarter was more challenging than expected,” said John Daane, president, chief executive officer, and chairman of the board. “There continues to be solid market acceptance of our Generation 10 devices, with record opportunities for our high-end 14 nm FinFET Stratix 10 FPGAs. The combination of our HyperFlex architecture and the FinFET manufacturing process delivers substantial competitive advantages and market expansion potential.”