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Cadence Design Systems profit misses consensus by 55.7% in fiscal Q1

Cadence Design Systems Inc. said its normalized net income for the fiscal first quarter ended April 4 came to 9 cents per share, compared with the S&P Capital IQ consensus estimate of 21 cents per share.

EPS increased 16.1% year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $29.2 million, an increase of 20.2% from $24.3 million in the first quarter ended March 29, 2014.

The normalized profit margin climbed to 6.9% from 6.4% in the year-earlier period.

Total revenue grew 8.7% year over year to $411.4 million from $378.6 million, and total operating expenses grew 6.5% on an annual basis to $357.7 million from $335.8 million.

Reported net income increased 13.0% year over year to $37.4 million, or 12 cents per share, from $33.1 million, or 11 cents per share.