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Cadence Design Systems profit misses consensus by 43.7% in Q3

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Cadence Design Systems profit misses consensus by 43.7% in Q3

Cadence Design Systems Inc. said its third-quarter normalized net income amounted to 19 cents per share, compared with the S&P Capital IQ consensus estimate of 34 cents per share.

EPS climbed 38.7% year over year from 14 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $54.1 million, an increase of 35.7% from $39.8 million in the third quarter ended Oct. 1, 2016.

The normalized profit margin rose to 11.1% from 8.9% in the year-earlier period.

Total revenue grew 8.8% on an annual basis to $485.4 million from $446.2 million, and total operating expenses grew 6.8% from the prior-year period to $405.1 million from $379.3 million.

Reported net income grew 23.4% on an annual basis to $81.6 million, or 29 cents per share, from $66.1 million, or 23 cents per share.