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UPDATE 1-Altera results beat estimates, projects strong 3rd qtr
July 24, 2012 / 9:21 PM / in 5 years

UPDATE 1-Altera results beat estimates, projects strong 3rd qtr

* Q2 sales $464.8 mln vs $445.2 mln

* Q2 EPS $0.50 vs est $0.39

* Sees Q3 sales up 2-6 pct over Q2

* Shares up 10 pct

July 24 (Reuters) - Altera Corp reported second-quarter results that blew past expectations and the company projected a strong third-quarter on sales of its new smaller chips.

The company raised its quarterly dividend to 10 cents per share from 8 cents and added another $10 million to its existing share repurchase program.

Shares of the company rose 10 percent in extended trade. They closed at $30.67 on Tuesday on the Nasdaq.

Altera projected a 2-6 percent sequential sales growth for the third quarter, translating to about $474.1 million to $492.7 million in revenue.

Analysts were expecting about $470.7 million in sales for the current quarter, according to Thomson Reuters I/B/E/S.

Altera’s strong results and outlook contrast with rival Xilinx Corp, which has been slow in catching up on the ramp up to smaller, cutting edge 28-nanometer chips.

The programmable chipmaker posted a profit of 50 cents per share on revenue of $464.8 million in the second quarter. Analysts on average had expected a profit of 39 cents per share on revenue of $445.2 million.

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