Horizon Global Corp. said its normalized net income for the first quarter was $1.5 million, a decline of 28.9% from $2.1 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 1.0% from 1.4% in the year-earlier period.

Total revenue fell on an annual basis to $142.4 million from $148.1 million, and total operating expenses fell from the prior-year period to $138.7 million from $143.8 million.

Reported net income totaled $1.5 million, compared with $2.4 million in the year-earlier period.