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Cadence Design Systems profit misses consensus by 43.1% in fiscal Q2

Cadence Design Systems Inc. said its normalized net income for the fiscal second quarter ended July 4 was 14 cents per share, compared with the S&P Capital IQ consensus estimate of 24 cents per share.

EPS climbed 126.4% year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $43.2 million, an increase of 132.3% from $18.6 million in the second quarter ended June 28, 2014.

The normalized profit margin climbed to 10.4% from 4.9% in the year-earlier period.

Total revenue climbed 9.8% on an annual basis to $415.9 million from $378.8 million, and total operating expenses came to $340.0 million, compared with $343.3 million in the prior-year period.

Reported net income rose 143.6% on an annual basis to $59.6 million, or 19 cents per share, from $24.5 million, or 8 cents per share.