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Universal Technical Institute swings to profit in fiscal Q2

Universal Technical Institute Inc. said its normalized net income for the fiscal second quarter ended March 31 amounted to 6 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 6 cents per share.

The per-share result swung to a profit from the prior-year loss of 5 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.4 million, compared with a loss of $1.2 million in the prior-year period.

The normalized profit margin increased to 1.5% from negative 1.2% in the year-earlier period.

Total revenue declined year over year to $91.2 million from $94.7 million, and total operating expenses decreased 7.8% on an annual basis to $88.8 million from $96.3 million.

Reported net income came to $491,020, or 2 cents per share, compared to a loss of $1.7 million, or a loss of 7 cents per share, in the prior-year period.