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MTY Food fiscal Q2 profit climbs 15.5% YOY

MTY Food Group Inc. said its normalized net income for the fiscal second quarter ended May 31 was 36 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 37 cents per share.

EPS climbed 14.4% year over year from 31 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$6.9 million, an increase of 15.5% from C$6.0 million in the year-earlier period.

The normalized profit margin dropped to 18.1% from 20.4% in the year-earlier period.

Total revenue grew 30.5% on an annual basis to C$38.4 million from C$29.4 million, and total operating expenses increased 36.9% year over year to C$27.0 million from C$19.7 million.

Reported net income increased 17.0% year over year to C$8.5 million, or 44 cents per share, from C$7.3 million, or 38 cents per share.