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Microsemi profit misses consensus by 68.0% in fiscal Q1

Microsemi Corp. said its normalized net income for the fiscal first quarter ended Jan. 3 was 23 cents per share, compared with the S&P Capital IQ consensus estimate of 72 cents per share.

EPS climbed 7.0% year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $22.2 million, a gain of 8.6% from $20.4 million in the first quarter ended Dec. 28, 2014.

The normalized profit margin declined to 5.6% from 6.7% in the year-earlier period.

Total revenue grew 8.4% on an annual basis to $329.2 million from $303.6 million, and total operating expenses climbed 7.8% on an annual basis to $284.9 million from $264.3 million.

Reported net income grew 20.8% from the prior-year period to $24.1 million, or 25 cents per share, from $20.0 million, or 21 cents per share.