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Skyworks Solutions profit misses consensus by 32.2% in fiscal Q1

Skyworks Solutions Inc. said its normalized net income for the fiscal first quarter ended Dec. 30, 2016, amounted to $1.07 per share, compared with the S&P Capital IQ consensus estimate of $1.58 per share.

EPS climbed year over year from $1.06.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $201.1 million, a decrease from $206.1 million in the first quarter ended Jan. 1, 2016.

The normalized profit margin fell to 22.0% from 22.2% in the year-earlier period.

Total revenue declined year over year to $914.3 million from $926.8 million, and total operating expenses totaled $591.8 million, compared with $596.3 million in the year-earlier period.

Reported net income fell 27.1% year over year to $258.5 million, or $1.38 per share, from $354.4 million, or $1.82 per share.