NEUBIBERG, Germany ( TheStreet) -- Infineon ( IFX), the German chipmaker and Europe's second-largest, said Tuesday fiscal fourth-quarter earnings rose to €390 million ($530.6 million) from €11 million last year as revenue soared.

Infineon said the latest quarter included a non-recurring benefit of €69 million from deferred tax assets.

Analysts surveyed by Bloomberg had estimated Infineon would earn €216.2 million in the quarter.

Revenue in the quarter rose 55% to €942 million from €609 million. Infineon forecasts fiscal 2011 revenue to grow towards 10%.

Infineon said it will propose a dividend of €10 cents a share for the financial year "in recognition of the company's favorable operating performance in the 2010 fiscal year and its comfortable cash position."

-- Written by Joseph Woelfel

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