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Maxim Integrated Products profit misses consensus by 37.7% in fiscal Q1

Maxim Integrated Products, Inc. said its normalized net income for the fiscal first quarter ended Sept. 27 was 23 cents per share, compared with the S&P Capital IQ consensus estimate of 37 cents per share.

EPS decreased 18.4% year over year from 28 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $66.5 million, a decrease of 18.7% from $81.8 million in the year-earlier period.

The normalized profit margin declined to 11.5% from 14.0% in the year-earlier period.

Total revenue totaled $580.3 million, compared with $585.2 million in the prior-year period, and total operating expenses grew year over year to $467.3 million from $450.9 million.

Reported net income fell from the prior-year period to $101.3 million, or 35 cents per share, from $104.5 million, or 36 cents per share.