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Universal Technical Institute swings to loss in fiscal Q2


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Universal Technical Institute swings to loss in fiscal Q2

Universal Technical Institute Inc. said its normalized net income for the fiscal second quarter ended March 31 amounted to a loss of 16 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 17 cents per share.

The per-share result swung to a loss from the prior-year profit of 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $4.0 million, compared with income of $1.4 million in the year-earlier period.

The normalized profit margin fell to negative 4.5% from 1.5% in the year-earlier period.

Total revenue decreased on an annual basis to $88.2 million from $91.2 million, and total operating expenses rose 5.8% year over year to $94.0 million from $88.8 million.

Reported net income came to a loss of $32.0 million, or a loss of $1.32 per share, compared to income of $491,020, or 2 cents per share, in the year-earlier period.