SAN JOSE (dpa-AFX) - Altera Corp. (ALTR) reported first-quarter net income of $94.9 million, $0.31 per share, compared to $116.5 million, $0.37 per share, in the first quarter of 2014.
On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.32 for the quarter. Analysts' estimates typically exclude special items.
Sales were $435.5 million, down 6 percent from the first quarter of 2014. Analysts expected revenue of $471.0 million for the quarter.
Altera's board 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.
John Daane, president, CEO, said: 'While we had anticipated a weak start to the year, the first quarter was more challenging than expected. 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.'
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