Universal Technical Institute (UTI) Misses Q1 EPS by 1c, Slight Beat on Revenues
- S&P 500 dips off record high, Dow rises on bank earnings
- Coinbase (COIN) Soars 52% in Public Debut
- JPMorgan (JPM) Reports a Q1 Beat on Revenue and Profit Fueled by Release of $5.2 Billion Reserved for Bad Loans; Shares Slightly Down
- Bernie Madoff, disgraced Ponzi schemer, dies at 82
- Goldman Sachs (GS) Q1 EPS Nearly Doubles Wall Street's View as Investment Banking Excels Amid SPAC and IPO Frenzy
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Universal Technical Institute (NYSE: UTI) reported Q1 EPS of ($0.10), $0.01 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $81.2 million versus the consensus estimate of $80 million.
Financial Results for the Three-Month Period Ended December 31: 2017 Compared to 2016
- Revenues for the quarter were $81.2 million, compared to $84.2 million for the prior year period. The year-over-year revenue variance was attributable to a 5.8% decrease in UTI\'s average student population.
- Operating expenses for the quarter were $84.8 million, compared to $82.8 million for the prior year period.
- Operating loss for the quarter was $3.6 million compared to operating income of $1.4 million for the prior year period. The decline reflects the $3.0 million decrease in revenues as well as increases in advertising, contract services and professional services expenses, partially offset by a decrease in compensation expense.
- Income tax benefit was $2.8 million for the quarter, compared to an income tax expense of $2.6 million for the prior year period. The current period benefit was primarily a result of the Tax Cuts and Jobs Act, which was enacted in December 2017, as well as the loss before taxes during the quarter.
- Net loss for the quarter was $1.1 million, compared to $1.7 million for the prior year period.
- Net loss available for distribution to common shareholders was $2.5 million, or $0.10 per diluted share, compared to $3.0 million, or $0.12 per diluted share for the prior year period.
- Earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months ended December 31, 2017 was $0.8 million, compared to $6.3 million for the prior year period. (See \"Use of Non-GAAP Financial Information\" below.)
- Our early adoption of the new accounting standard on revenue recognition resulted in a non-cash increase to equity of approximately $37.2 million as of October 1, 2018.
For earnings history and earnings-related data on Universal Technical Institute (UTI) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Netflix (NFLX) Becomes Profitable in South Korea After Reporting a 125% Rise in Revenue For Its Subsidiary
- JPMorgan (JPM) Tops Q1 EPS by $1.40, Revenues Beat
- Hooker Furniture (HOFT) Reports Q4 EPS of $0.71
Create E-mail Alert Related CategoriesCorporate News, Earnings, Guidance
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!