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Universal Technical Institute swings to loss in fiscal Q3


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Universal Technical Institute swings to loss in fiscal Q3

Universal Technical Institute Inc. said its normalized net income for the fiscal third quarter ended June 30 amounted to a loss of 11 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 8 cents per share.

The per-share result swung to a loss from the prior-year profit of 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.7 million, compared with income of $528,130 in the year-earlier period.

The normalized profit margin declined to negative 3.1% from 0.6% in the year-earlier period.

Total revenue fell 6.8% year over year to $85.1 million from $91.3 million, and total operating expenses fell year over year to $89.1 million from $90.3 million.

Reported net income came to a loss of $2.9 million, or a loss of 12 cents per share, compared to income of $249,180, or 1 cents per share, in the prior-year period.