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Maxim Integrated Products profit misses consensus by 24.6% in fiscal Q2

Maxim Integrated Products, Inc. said its normalized net income for the fiscal second quarter ended Dec. 24, 2016, amounted to 33 cents per share, compared with the S&P Capital IQ consensus estimate of 43 cents per share.

EPS climbed 67.6% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $94.3 million, a gain of 66.2% from $56.7 million in the prior-year period.

The normalized profit margin climbed to 17.1% from 11.1% in the year-earlier period.

Total revenue rose 7.9% year over year to $551.0 million from $510.8 million, and total operating expenses decreased on an annual basis to $399.5 million from $410.5 million.

Reported net income increased 94.0% on an annual basis to $129.6 million, or 45 cents per share, from $66.8 million, or 23 cents per share.