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Maxim Integrated Products profit misses consensus by 29.5% in fiscal Q2

Maxim Integrated Products, Inc. said its normalized net income for the fiscal second quarter ended Dec. 27, 2014, amounted to 21 cents per share, compared with the S&P Capital IQ consensus estimate of 30 cents per share.

EPS decreased 6.5% year over year from 22 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $59.1 million, a decrease of 8.3% from $64.5 million in the prior-year period.

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

Total revenue fell 8.6% year over year to $566.8 million from $620.3 million, and total operating expenses decreased 9.1% from the prior-year period to $464.6 million from $511.2 million.

Reported net income came to a loss of $70.7 million, or a loss of 25 cents per share, compared with income of $43.3 million, or 15 cents per share, in the year-earlier period.