Darling Intl. FY2010 net income, sales up
March 3, 2011
by Bryan Salvage
IRVING, Texas – Darling International Inc. announced for fiscal year 2010, net income totaled $44.2 million, or $0.53 per share as compared to $41.8 million, or $0.51 per share, for the 2009 comparable period. The $2.4 million increase in net income for fiscal 2010 resulted primarily from higher finished product prices and increased raw material volume, which was partially offset by increased transaction expenses related to the acquisition of Griffin Industries of $13.7 million.
Net income for the fourth quarter of 2010 increased to $10.0 million, or $0.12 per share, as compared to net income of $9.2 million, or $0.11 per share, for the 2009 comparable period.
Net sales for fiscal year 2010 totaled $724.9 million as compared to $597.8 million for fiscal year 2009. Fourth quarter 2010 net sales totaled $227.2 million as compared to $149.6 million for the fourth quarter of 2009.
"Fiscal 2010 will be remembered as an exceptional and transformational year for the company,” said Randall Stuewe, chairman and CEO. “We are very pleased with our results for fiscal 2010."
Darling International Inc. is the largest and only publicly traded provider of rendering and bakery waste recycling services to the nation's food industry. It recycles beef, pork and poultry waste streams into useable ingredients such as tallow, feed-grade fats, meat and bone meal, poultry meal and hides. It also recovers and converts used cooking oil and commercial bakery waste into feed and fuel ingredients.