MGP Ingredients Inc. said its first-quarter normalized net income was 28 cents per share, a gain of 52.2% from 18 cents per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.8 million, an increase of 53.5% from $3.1 million in the year-earlier period.
The normalized profit margin increased to 6.3% from 4.0% in the year-earlier period.
Total revenue climbed on an annual basis to $80.4 million from $79.0 million, and total operating expenses declined year over year to $74.0 million from $77.1 million.
Reported net income grew 8.6% on an annual basis to $4.9 million, or 28 cents per share, from $4.5 million, or 26 cents per share.
