Tootsie Roll Industries Inc. said its first-quarter normalized net income amounted to 13 cents per share, compared with the S&P Capital IQ consensus estimate of 17 cents per share.
EPS fell 10.3% year over year from 14 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $8.4 million, a decrease of 11.4% from $9.5 million in the year-earlier period.
The normalized profit margin dropped to 7.9% from 8.8% in the year-earlier period.
Total revenue fell year over year to $106.3 million from $107.8 million, and total operating expenses totaled $92.3 million, compared with $92.5 million in the year-earlier period.
Reported net income fell on an annual basis to $9.2 million, or 14 cents per share, from $9.6 million, or 14 cents per share.
