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IEC Electronics profit beats consensusin fiscal Q1

IEC Electronics Corp. said its normalized net income for the fiscal first quarter ended Jan. 1 amounted to 9 cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

The per-share result swung to a profit from the prior-year loss of 1 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $964,380, compared with a loss of $147,500 in the first quarter ended Dec. 26, 2014.

The normalized profit margin climbed to 2.9% from negative 0.5% in the year-earlier period.

Total revenue increased 14.2% year over year to $32.9 million from $28.8 million, and total operating expenses increased 8.8% on an annual basis to $31.2 million from $28.6 million.

Reported net income came to $1.5 million, or 15 cents per share, compared to a loss of $197,300, or a loss of 2 cents per share, in the first quarter ended Dec. 26, 2014.