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Tootsie Roll Industries Q2 profit climbs 9.9% YOY

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Tootsie Roll Industries Q2 profit climbs 9.9% YOY

Tootsie Roll Industries Inc. said its normalized net income for the second quarter amounted to 14 cents per share, an increase of 11.4% from 12 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 $9.2 million, an increase of 9.9% from $8.4 million in the prior-year period.

The normalized profit margin climbed to 8.5% from 8.0% in the year-earlier period.

Total revenue climbed year over year to $108.4 million from $104.9 million, and total operating expenses totaled $94.8 million, compared with $94.7 million in the prior-year period.

Reported net income grew 22.5% year over year to $11.1 million, or 16 cents per share, from $9.0 million, or 13 cents per share.