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Maxim Integrated Products profit misses consensus by 28.5% in fiscal Q1

Maxim Integrated Products, Inc. said its normalized net income for the fiscal first quarter ended Sept. 24 amounted to 34 cents per share, compared with the S&P Capital IQ consensus estimate of 47 cents per share.

EPS climbed 21.7% year over year from 28 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $97.4 million, an increase of 23.4% from $78.9 million in the prior-year period.

The normalized profit margin increased to 17.2% from 14.0% in the year-earlier period.

Total revenue came to $561.4 million, compared with $562.5 million in the prior-year period, and total operating expenses fell 7.2% year over year to $398.7 million from $429.8 million.

Reported net income came to $138.5 million, or 48 cents per share, compared with a loss of $71.1 million, or a loss of 25 cents per share, in the year-earlier period.