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Cabot Microelectronics profit misses consensus by 16.3% in fiscal Q1

Cabot Microelectronics Corp. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to 40 cents per share, compared with the S&P Capital IQ consensus estimate of 48 cents per share.

EPS fell 33.8% year over year from 61 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $9.9 million, a decrease of 33.6% from $14.9 million in the prior-year period.

The normalized profit margin fell to 9.0% from 13.4% in the year-earlier period.

Total revenue declined 10.3% on an annual basis to $100.4 million from $111.9 million, and total operating expenses declined 5.3% on an annual basis to $83.5 million from $88.2 million.

Reported net income decreased 42.4% year over year to $11.3 million, or 46 cents per share, from $19.6 million, or 80 cents per share.