Altera (Nasdaq: ALTR) hurdled second quarter expectations and announced a 2-for-1 stock split Thursday.
After market close Thursday, the maker of programmable chips reported second quarter net income of $102.6 million, or 49 cents per share, excluding a $6.3 million charge for acquired in-process R&D. Including all charges, Altera earned $98.3 million, or 47 cents per share.
First Call's survey of 24 analysts predicted a profit of 44 cents per share for the quarter ended June 30.
Altera also unveiled plans for a 2-for-1 stock split, to take effect after market close Aug. 10 for shareholders of July 26 record. It will be the company's fifth stock split since going public, and first since May 19, 1999.
Shares of Altera rose in afterhours activity following the earnings release. Altera traded at 115 1/16 in afterhours trading on the Island electronic communications network. The stock closed Thursday's regular trading at 111 1/16, up 7 13/16 for the session.
Second quarter revenue increased to $340.7 million, up 72 percent year-over-year and up 25 percent sequentially. Revenue from 2.5-volt and 3.3-volt units rose 42 percent and 44 respectively from the first quarter, and together generated 48 percent of Altera's sales.
Asia/Pacific led quarterly regional growth with a 28 percent improvement, followed by 27 percent for North America, 25 percent for Japan and 20 percent for Europe.
Altera spent $187.4 million to buy back 2.4 million shares during the second quarter.
Other companies reporting quarterly results:
The maker of specialty chips reported second quarter net income of $24.4 million, or 38 cents per share. First Call's survey of six analysts predicted a profit of 36 cents per share.
Second quarter revenue increased to $93.6 million, up 39 percent year-over-year and up 10 percent sequentially. Demand for communications equipment such as optical switches fueled 91 percent growth in communications from the year ago period.. Mixed signal sales rose 41 percent, largely because of growth in the market for networking and network-attached devices.
"Mixed Signal products are the foundation on which the Company was built and we are seeing the needs of the marketplace and the strengths of the Company matching up quite well," said Vin Prothro, chairman and CEO.
Prothro remained confident about Dallas' overall position.
"Based on our record 90 day backlog position and the general strength of our end markets, we are optimistic as we enter the traditionally slow summer quarter," he said.
The maker of chips for optical networking equipment reported third quarter earnings of $32.1 million, or 17 cents per share, excluding one-time costs and goodwill writedowns. That was in line with the consensus prediction of First Call's survey of 18 analysts.
Including amortization and acquisition-related costs, Vitesse earned $13.3 million, or 7 cents per share int he quarter ended June 30.
Third quarter revenue rose to $114.1 milion, up 56 percent year-over-year and up 14 percent sequentially.>