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Turtle Beach profit misses consensus by 34.2% in Q4

Turtle Beach Corp. said its normalized net income for the fourth quarter was 6 cents per share, compared with the S&P Capital IQ consensus estimate of 9 cents per share.

EPS decreased 37.7% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.5 million, a decline of 36.9% from $4.0 million in the prior-year period.

The normalized profit margin dropped to 3.0% from 4.3% in the year-earlier period.

Total revenue declined 8.4% on an annual basis to $84.6 million from $92.3 million, and total operating expenses decreased 7.3% year over year to $78.2 million from $84.3 million.

Reported net income came to a loss of $46.6 million, or a loss of $1.10 per share, compared to income of $2.4 million, or 6 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 45 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 49 cents.

EPS was a loss of 27 cents in the prior year.

Normalized net income was a loss of $18.9 million, compared with a loss of $10.8 million in the prior year.

Full-year total revenue fell 12.6% on an annual basis to $162.7 million from $186.2 million, and total operating expenses declined on an annual basis to $186.9 million from $195.5 million.

The company said reported net income totaled a loss of $82.8 million, or a loss of $1.96 per share, in the full year, compared with a loss of $15.5 million, or a loss of 39 cents per share, the prior year.