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Cirrus Logic profit misses consensus by 26.3% in fiscal Q3

Cirrus Logic Inc. said its normalized net income for the fiscal third quarter ended Dec. 26, 2015, came to 59 cents per share, compared with the S&P Capital IQ consensus estimate of 81 cents per share.

EPS increased 33.2% year over year from 45 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $39.1 million, an increase of 34.3% from $29.1 million in the prior-year period.

The normalized profit margin increased to 11.2% from 9.7% in the year-earlier period.

Total revenue increased 16.5% on an annual basis to $347.9 million from $298.6 million, and total operating expenses grew 13.1% on an annual basis to $283.9 million from $251.0 million.

Reported net income grew 81.5% from the prior-year period to $41.4 million, or 63 cents per share, from $22.8 million, or 35 cents per share.