Fuling Global Inc. said its third-quarter normalized net income amounted to 10 cents per share, a decline of 43.3% from 17 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 $1.5 million, a decrease of 23.6% from $2.0 million in the year-earlier period.
The normalized profit margin dropped to 5.4% from 8.8% in the year-earlier period.
Total revenue grew 24.5% year over year to $27.9 million from $22.4 million, and total operating expenses grew 29.5% year over year to $25.5 million from $19.7 million.
Reported net income fell 23.8% on an annual basis to $2.0 million, or 13 cents per share, from $2.7 million, or 23 cents per share.