Tootsie Roll Industries, Inc. (TR) has reported a 9.46 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $17.84 million, or $0.29 a share in the quarter, compared with $19.70 million, or $0.31 a share for the same period last year.

Revenue during the quarter dropped 11.15 percent to $124.28 million from $139.88 million in the previous year period.

Ellen R. Gordon, chairman, Tootsie Roll Industries, Inc. said, "Fourth quarter 2016 net sales were adversely affected by the timing of certain customer sales at the beginning and end of the quarter when compared to the prior year fourth quarter. The timing of sales between fourth quarter 2016 and first quarter 2017 also had some adverse effect on twelve months 2016 sales when ompared to the twelve months in the prior year. In addition, the effects of a stronger U.S. dollar and related currency translation of foreign sales contributed to lower sales in both fourth quarter and twelve months 2016. Higher price realization on sales, continuing improvements in manufacturing plant efficiencies driven by capital investments, and ongoing cost containment programs contributed to higher net earnings in twelve months 2016 compared to 2015. The Company's fourth quarter and twelve months 2016 net earnings per share benefited from common stock purchases in the open market resulting in fewer shares outstanding."