Tootsie Roll Industries Inc. said its fourth-quarter normalized net income came to 24 cents per share, a gain of 7.3% from 23 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $16.3 million, a gain of 5.5% from $15.5 million in the year-earlier period.
The normalized profit margin climbed to 11.6% from 11.1% in the year-earlier period.
Total revenue grew on an annual basis to $140.7 million from $138.8 million, and total operating expenses totaled $115.2 million, compared with $115.5 million in the prior-year period.
Reported net income rose 9.3% year over year to $19.7 million, or 30 cents per share, from $18.0 million, or 27 cents per share.
For the year, the company's normalized net income totaled 86 cents per share, a gain from 83 cents per share in the prior year.
Normalized net income was $57.8 million, an increase from $56.5 million in the prior year.
Full-year total revenue totaled $540.1 million, compared with $543.5 million in the prior year, and total operating expenses decreased on an annual basis to $448.1 million from $455.8 million.
The company said reported net income grew year over year to $66.1 million, or 98 cents per share, in the full year, from $63.3 million, or 93 cents per share.