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KEMET swings to loss in fiscal Q3

KEMET Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 4 cents per share, compared with the S&P Capital IQ consensus estimate of 9 cents per share.

The per-share result swung to a loss from the prior-year profit of 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.0 million, compared with income of $4.3 million in the year-earlier period.

The normalized profit margin declined to negative 1.1% from 2.1% in the year-earlier period.

Total revenue fell 12.0% on an annual basis to $177.2 million from $201.3 million, and total operating expenses decreased 11.2% year over year to $165.3 million from $186.1 million.

Reported net income totaled a loss of $8.8 million, or a loss of 19 cents per share, compared to income of $3.1 million, or 6 cents per share, in the year-earlier period.