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High Liner Foods fiscal Q1 profit climbs 27.9% YOY

High Liner Foods Inc. said its normalized net income for the fiscal first quarter ended April 4 was 44 cents per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.

EPS increased 27.8% year over year from 34 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $13.7 million, a gain of 27.9% from $10.7 million in the first quarter ended March 29, 2014.

The normalized profit margin rose to 4.3% from 3.5% in the year-earlier period.

Total revenue increased on an annual basis to $310.2 million from $302.6 million, and total operating expenses increased from the prior-year period to $284.0 million from $280.4 million.

Reported net income rose 5.3% on an annual basis to $12.5 million, or 40 cents per share, from $11.9 million, or 38 cents per share.