Seaboard Corp. said its normalized net income for the fiscal first quarter ended April 2 amounted to $35.99 per share, a gain of 40.4% from $25.63 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $42.1 million, an increase of 40.4% from $30.0 million in the year-earlier period.

The normalized profit margin increased to 3.2% from 2.1% in the year-earlier period.

Total revenue declined 9.2% on an annual basis to $1.32 billion from $1.45 billion, and total operating expenses fell 9.9% from the prior-year period to $1.28 billion from $1.42 billion.

Reported net income increased 63.6% on an annual basis to $54.0 million, or $46.13 per share, from $33.0 million, or $28.19 per share.