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Cadence Design Systems profit misses consensus by 47.1% in fiscal Q2

Cadence Design Systems Inc. said its normalized net income for the fiscal second quarter ended July 1 amounted to 17 cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

EPS rose 26.6% year over year from 14 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $47.8 million, an increase of 19.8% from $39.9 million in the year-earlier period.

The normalized profit margin increased to 10.0% from 8.8% in the year-earlier period.

Total revenue grew 5.7% year over year to $479.0 million from $453.0 million, and total operating expenses climbed on an annual basis to $397.2 million from $386.2 million.

Reported net income grew 39.3% from the prior-year period to $69.9 million, or 25 cents per share, from $50.2 million, or 17 cents per share.