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Universal Technical Institute fiscal Q3 loss widens 24.2% YOY

Universal Technical Institute Inc. said its normalized net income for the fiscal third quarter ended June 30 amounted to a loss of 14 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 15 cents per share.

The per-share loss widened 23.1% year over year from 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.3 million, compared with a loss of $2.7 million in the year-earlier period.

The normalized profit margin dropped to negative 4.7% from negative 3.1% in the year-earlier period.

Total revenue fell year over year to $82.3 million from $85.1 million, and total operating expenses decreased on an annual basis to $86.9 million from $89.1 million.

Reported net income totaled a loss of $5.1 million, or a loss of 21 cents per share, compared to a loss of $2.9 million, or a loss of 12 cents per share, in the prior-year period.