Blue Buffalo Pet Products Inc. said its fourth-quarter normalized net income was 21 cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

EPS rose 57.1% year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $40.7 million, an increase of 57.2% from $25.9 million in the prior-year period.

The normalized profit margin rose to 15.3% from 10.9% in the year-earlier period.

Total revenue increased 11.4% on an annual basis to $265.2 million from $238.1 million, and total operating expenses increased year over year to $196.4 million from $192.9 million.

Reported net income fell 54.5% year over year to $9.9 million, or 5 cents per share, from $21.8 million, or 11 cents per share.

For the year, the company's normalized net income totaled 62 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 60 cents.

EPS rose 15.2% from 54 cents in the prior year.

Normalized net income was $122.4 million, an increase of 15.3% from $106.2 million in the prior year.

Full-year total revenue grew 12.0% from the prior-year period to $1.03 billion from $917.8 million, and total operating expenses rose 11.3% year over year to $816.7 million from $734.1 million.

The company said reported net income decreased 13.4% on an annual basis to $89.1 million, or 45 cents per share, in the full year, from $102.9 million, or 52 cents per share.