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Skyworks Solutions profit misses consensus by 35.3% in fiscal Q3

Skyworks Solutions Inc. said its normalized net income for the fiscal third quarter ended July 3 amounted to 83 cents per share, compared with the S&P Capital IQ consensus estimate of $1.29 per share.

EPS rose 73.0% year over year from 48 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $162.4 million, an increase of 75.0% from $92.8 million in the third quarter ended June 27, 2014.

The normalized profit margin rose to 20.1% from 15.8% in the year-earlier period.

Total revenue increased 38.0% on an annual basis to $810.0 million from $587.0 million, and total operating expenses grew 25.6% on an annual basis to $550.7 million from $438.5 million.

Reported net income rose 84.8% from the prior-year period to $207.1 million, or $1.06 per share, from $112.1 million, or 58 cents per share.