Design Article
Altera's results, forecast disappoint
Dylan McGrath
1/24/2013 2:54 PM EST
11% sequential sales decline
Altera reported sales of $439.4 million, down 11 percent from the third quarter and down 4 percent from the fourth quarter of 2011. The company reported a net income of $120.8 million, or 37 cents per diluted share, down 23 percent from the previous quarter and down 18 percent from the year ago quarter.
John Daane, Altera's president, chairman and CEO, said sales of new products in the fourth quarter grew by double digit percentages, but that sales of older products were soft due to a sluggish global economy. Sales of new products—including Stratix V, Stratix IV, Arria V, Arria II, Cyclone V, Cyclone IV, MAX®V and HardCopy IV devices—accounted for 32 percent of Altera's revenue in 2012, compared with only 19 percent for chief competitor Xilinx Inc., according to Pasek.
Altera said it expects sales to decline in the fourth quarter to between $404.2 million and $421.8 million.
"We are confident our investments in R&D will enable us to grow at least twice as fast as the semiconductor industry," said John Daane, Altera's chairman, president and CEO.
For the full year 2012, Altera reported sales of $1.78 billion, a decline of 14 percent compared with 2011. The company reported a net income for the year of $556.8 million, or $1.72 per diluted share, down 28 percent from 2011.
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Altera reported sales of $439.4 million, down 11 percent from the third quarter and down 4 percent from the fourth quarter of 2011. The company reported a net income of $120.8 million, or 37 cents per diluted share, down 23 percent from the previous quarter and down 18 percent from the year ago quarter.
John Daane, Altera's president, chairman and CEO, said sales of new products in the fourth quarter grew by double digit percentages, but that sales of older products were soft due to a sluggish global economy. Sales of new products—including Stratix V, Stratix IV, Arria V, Arria II, Cyclone V, Cyclone IV, MAX®V and HardCopy IV devices—accounted for 32 percent of Altera's revenue in 2012, compared with only 19 percent for chief competitor Xilinx Inc., according to Pasek.
Altera said it expects sales to decline in the fourth quarter to between $404.2 million and $421.8 million.
"We are confident our investments in R&D will enable us to grow at least twice as fast as the semiconductor industry," said John Daane, Altera's chairman, president and CEO.
For the full year 2012, Altera reported sales of $1.78 billion, a decline of 14 percent compared with 2011. The company reported a net income for the year of $556.8 million, or $1.72 per diluted share, down 28 percent from 2011.
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