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Maxim Integrated Products profit misses consensus by 24.2% in fiscal Q3

Maxim Integrated Products, Inc. said its normalized net income for the fiscal third quarter ended March 28 amounted to 27 cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

In the prior-year period, the per-share result came in at a profit of 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $77.3 million, compared with $77.0 million in the year-earlier period.

The normalized profit margin increased to 12.8% from 12.7% in the year-earlier period.

Total revenue fell year over year to $577.3 million from $605.7 million, and total operating expenses fell 7.3% year over year to $451.8 million from $487.6 million.

Reported net income fell 33.3% on an annual basis to $80.9 million, or 28 cents per share, from $121.2 million, or 42 cents per share.