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Maxim Integrated Products profit misses consensus by 28.4% in fiscal Q3

Maxim Integrated Products, Inc. said its normalized net income for the fiscal third quarter ended March 25 came to 38 cents per share, compared with the S&P Capital IQ consensus estimate of 52 cents per share.

EPS increased 43.7% year over year from 26 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $108.1 million, a gain of 42.8% from $75.7 million in the prior-year period.

The normalized profit margin rose to 18.6% from 13.6% in the year-earlier period.

Total revenue climbed on an annual basis to $581.2 million from $555.3 million, and total operating expenses fell 5.5% year over year to $404.4 million from $427.8 million.

Reported net income grew from the prior-year period to $141.1 million, or 49 cents per share, from $139.1 million, or 48 cents per share.