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AVX Corp. profit misses consensus by 18.2% in fiscal Q3

AVX Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 14 cents per share, compared with the S&P Capital IQ consensus estimate of 17 cents per share.

EPS declined 29.7% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $23.1 million, a decline of 30.0% from $32.9 million in the year-earlier period.

The normalized profit margin fell to 8.0% from 10.2% in the year-earlier period.

Total revenue declined 10.8% on an annual basis to $287.0 million from $321.7 million, and total operating expenses fell 7.0% year over year to $252.2 million from $271.3 million.

Reported net income fell 87.0% year over year to $5.0 million, or 3 cents per share, from $38.7 million, or 23 cents per share.