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Integrated Device Technology profit misses consensus by 62.5% in fiscal Q3

Integrated Device Technology Inc. said its normalized net income for the fiscal third quarter ended Jan. 3 came to 13 cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

EPS fell year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $19.2 million, a decrease of 6.7% from $20.6 million in the third quarter ended Dec. 28, 2014.

The normalized profit margin declined to 13.2% from 13.6% in the year-earlier period.

Total revenue grew 17.5% on an annual basis to $177.6 million from $151.2 million, and total operating expenses increased 20.9% year over year to $144.9 million from $119.8 million.

Reported net income totaled $32.1 million, or 22 cents per share, compared to $32.3 million, or 21 cents per share, in the third quarter ended Dec. 28, 2014.