Tootsie Roll Industries Inc. said its first-quarter normalized net income came to 13 cents per share, a gain of 7.3% from 13 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 $8.9 million, a gain of 5.4% from $8.4 million in the prior-year period.
The normalized profit margin rose to 8.5% from 7.9% in the year-earlier period.
Total revenue decreased year over year to $104.4 million from $106.3 million, and total operating expenses decreased year over year to $90.1 million from $92.3 million.
Reported net income rose 8.1% from the prior-year period to $9.9 million, or 15 cents per share, from $9.2 million, or 14 cents per share.