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KVH Industries Q1 loss widens YOY

KVH Industries Inc. said its normalized net income for the first quarter amounted to a loss of 15 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 3 cents per share.

The per-share loss grew year over year from 7 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.3 million, compared with a loss of $1.1 million in the year-earlier period.

The normalized profit margin dropped to negative 5.8% from negative 2.6% in the year-earlier period.

Total revenue fell on an annual basis to $40.4 million from $41.3 million, and total operating expenses grew on an annual basis to $43.8 million from $43.2 million.

Reported net income totaled a loss of $2.8 million, or a loss of 18 cents per share, compared to a loss of $1.4 million, or a loss of 9 cents per share, in the prior-year period.