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Cadence Design Systems profit misses consensus by 47.2% in Q4

Cadence Design Systems Inc. said its fourth-quarter normalized net income amounted to 18 cents per share, compared with the S&P Capital IQ consensus estimate of 33 cents per share.

EPS increased 10.2% year over year from 16 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $49.2 million, a decrease from $49.7 million in the fourth quarter ended Jan. 2, 2016.

The normalized profit margin dropped to 10.5% from 11.3% in the year-earlier period.

Total revenue increased 6.3% year over year to $469.0 million from $441.1 million, and total operating expenses grew 8.5% year over year to $389.5 million from $358.9 million.

Reported net income decreased 52.4% year over year to $38.5 million, or 14 cents per share, from $80.9 million, or 26 cents per share.

For the year, the company's normalized net income totaled 59 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $1.20.

EPS rose from 54 cents in the prior year.

Normalized net income was $171.4 million, a rise from $168.6 million in the prior year.

Full-year total revenue grew on an annual basis to $1.82 billion from $1.70 billion, and total operating expenses rose on an annual basis to $1.53 billion from $1.41 billion.

The company said reported net income declined year over year to $203.9 million, or 70 cents per share, in the full year, from $253.0 million, or 81 cents per share.