Empire Co. Ltd. said its normalized net income for the fiscal fourth quarter ended May 2 came to 47 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 50 cents per share.

EPS climbed 19.9% year over year from 39 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$129.4 million, an increase of 20.1% from C$107.8 million in the year-earlier period.

The normalized profit margin declined to 0.7% from 1.8% in the year-earlier period.

Total revenue fell year over year to C$5.80 billion from C$5.98 billion, and total operating expenses decreased from the prior-year period to C$5.55 billion from C$5.76 billion.

Reported net income increased year over year to C$55.6 million, or 20 cents per share, from C$1.5 million, or 1 cents per share.

For the year, the company's normalized net income totaled C$1.51 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of C$1.83.

EPS rose 23.5% from C$1.22 in the prior year.

Normalized net income was C$417.8 million, a gain of 42.3% from C$293.6 million in the prior year.

Full-year total revenue increased 14.2% year over year to C$24.05 billion from C$21.05 billion, and total operating expenses grew 13.5% on an annual basis to C$23.21 billion from C$20.44 billion.

The company said reported net income rose on an annual basis to C$419.4 million, or C$1.51 per share, in the full year, from C$150.8 million, or 63 cents per share.