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Analog Devices profit misses consensus by 51.6% in fiscal Q3

Analog Devices Inc. said its normalized net income for the fiscal third quarter ended July 29 was 56 cents per share, compared with the S&P Capital IQ consensus estimate of $1.15 per share.

EPS rose 7.8% year over year from 52 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $206.4 million, an increase of 28.8% from $160.3 million in the prior-year period.

The normalized profit margin dropped to 14.4% from 18.4% in the year-earlier period.

Total revenue climbed 64.9% on an annual basis to $1.43 billion from $869.6 million, and total operating expenses increased 72.4% from the prior-year period to $1.04 billion from $600.9 million.

Reported net income decreased 70.9% on an annual basis to $66.8 million, or 18 cents per share, from $229.8 million, or 74 cents per share.