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High Liner Foods profit misses consensus by 44.1% in fiscal Q1

High Liner Foods Inc. said its normalized net income for the fiscal first quarter ended April 1 amounted to 31 cents per share, compared with the S&P Capital IQ consensus estimate of 55 cents per share.

EPS fell 28.9% year over year from 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $9.6 million, a decline of 29.0% from $13.6 million in the prior-year period.

The normalized profit margin declined to 3.5% from 4.7% in the year-earlier period.

Total revenue decreased 5.4% year over year to $275.7 million from $291.4 million, and total operating expenses fell year over year to $256.8 million from $266.1 million.

Reported net income declined 24.6% on an annual basis to $10.6 million, or 34 cents per share, from $14.0 million, or 45 cents per share.