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Skyworks Solutions profit misses consensus by 32.5% in fiscal Q3

Skyworks Solutions Inc. said its normalized net income for the fiscal third quarter ended June 30 came to $1.03 per share, compared with the S&P Capital IQ consensus estimate of $1.52 per share.

EPS increased 30.8% year over year from 79 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $191.9 million, a gain of 27.3% from $150.7 million in the third quarter ended July 1, 2016.

The normalized profit margin climbed to 21.3% from 20.0% in the year-earlier period.

Total revenue climbed 19.8% year over year to $900.8 million from $751.7 million, and total operating expenses rose 17.2% year over year to $595.8 million from $508.2 million.

Reported net income rose 32.5% from the prior-year period to $246.3 million, or $1.32 per share, from $185.9 million, or 97 cents per share.