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Skyworks Solutions profit misses consensus by 33.0% in fiscal Q2

Skyworks Solutions Inc. said its normalized net income for the fiscal second quarter ended March 31 came to 94 cents per share, compared with the S&P Capital IQ consensus estimate of $1.40 per share.

EPS climbed 13.8% year over year from 83 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $175.9 million, an increase of 10.2% from $159.6 million in the second quarter ended April 1, 2016.

The normalized profit margin increased to 20.6% from 20.6% in the year-earlier period.

Total revenue increased 9.9% year over year to $851.7 million from $775.1 million, and total operating expenses increased 10.3% year over year to $570.5 million from $517.1 million.

Reported net income rose 7.5% from the prior-year period to $224.5 million, or $1.20 per share, from $208.8 million, or $1.08 per share.