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Knowles swings to loss in Q1

Knowles Corp. said its normalized net income for the first quarter was a loss of 3 cents per share, compared with the S&P Capital IQ consensus estimate of 3 cents per share.

The per-share result swung to a loss from the prior-year profit of 10 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.6 million, compared with income of $8.4 million in the prior-year period.

The normalized profit margin declined to negative 1.4% from 4.5% in the year-earlier period.

Total revenue came to $185.3 million, compared with $186.6 million in the year-earlier period, and total operating expenses grew 7.4% year over year to $185.2 million from $172.5 million.

Reported net income totaled a loss of $12.4 million, or a loss of 14 cents per share, compared to income of $5.1 million, or 6 cents per share, in the prior-year period.