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Maxim Integrated Products profit misses consensus by 39.5% in fiscal Q2

Maxim Integrated Products, Inc. said its normalized net income for the fiscal second quarter ended Dec. 26, 2015, amounted to 20 cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

EPS declined 6.5% year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $56.7 million, a decline from $59.1 million in the year-earlier period.

The normalized profit margin rose to 11.1% from 10.4% in the year-earlier period.

Total revenue fell 9.9% year over year to $510.8 million from $566.8 million, and total operating expenses declined 11.7% year over year to $410.5 million from $464.6 million.

Reported net income came to $66.8 million, or 23 cents per share, compared with a loss of $70.7 million, or a loss of 25 cents per share, in the year-earlier period.