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Cadence Design Systems profit misses consensus by 41.4% in fiscal Q3

Cadence Design Systems Inc. said its normalized net income for the fiscal third quarter ended Oct. 3 came to 15 cents per share, compared with the S&P Capital IQ consensus estimate of 26 cents per share.

EPS rose 31.4% year over year from 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $47.4 million, a gain of 32.8% from $35.7 million in the third quarter ended Sept. 27, 2014.

The normalized profit margin increased to 10.9% from 8.9% in the year-earlier period.

Total revenue grew 8.3% on an annual basis to $433.8 million from $400.5 million, and total operating expenses climbed 6.0% year over year to $355.6 million from $335.4 million.

Reported net income increased 110.5% from the prior-year period to $78.3 million, or 25 cents per share, from $37.2 million, or 12 cents per share.