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Unique Fabricating fiscal Q1 profit climbs 58.8% YOY

Unique Fabricating Inc. said its normalized net income for the fiscal first quarter ended March 29 amounted to 16 cents per share, an increase of 52.8% from 11 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.1 million, a gain of 58.8% from $719,460 in the prior-year period.

The normalized profit margin rose to 3.5% from 2.5% in the year-earlier period.

Total revenue grew 11.4% year over year to $32.4 million from $29.1 million, and total operating expenses grew 10.2% from the prior-year period to $29.8 million from $27.0 million.

Reported net income increased year over year to $1.2 million, or 17 cents per share, from $471,800, or 7 cents per share.