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Skyworks Solutions profit misses consensus by 32.8% in fiscal Q1

Skyworks Solutions Inc. said its normalized net income for the fiscal first quarter ended Jan. 2 was 80 cents per share, compared with the S&P Capital IQ consensus estimate of $1.19 per share.

EPS increased 111.2% year over year from 38 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $155.5 million, a gain of 114.5% from $72.5 million in the first quarter ended Dec. 27, 2013.

The normalized profit margin increased to 19.3% from 14.4% in the year-earlier period.

Total revenue climbed 59.4% year over year to $805.5 million from $505.2 million, and total operating expenses climbed 43.2% from the prior-year period to $557.4 million from $389.2 million.

Reported net income grew 109.4% year over year to $196.1 million, or $1.01 per share, from $93.7 million, or 49 cents per share.