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Maxim Integrated Products profit misses consensus by 26.8% in fiscal Q1

Maxim Integrated Products, Inc. said its normalized net income for the fiscal first quarter ended Sept. 23 was 41 cents per share, compared with the S&P Capital IQ consensus estimate of 56 cents per share.

EPS rose 21.4% year over year from 34 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $116.5 million, a gain of 20.5% from $96.7 million in the prior-year period.

The normalized profit margin increased to 20.2% from 17.2% in the year-earlier period.

Total revenue increased year over year to $575.7 million from $561.4 million, and total operating expenses declined on an annual basis to $385.0 million from $399.8 million.

Reported net income grew 11.7% year over year to $154.7 million, or 54 cents per share, from $138.5 million, or 48 cents per share.