Darling Intl. 1Q net income, sales up substantially
May 13, 2011
by Meat&Poultry Staff
IRVING, Texas – Darling International Inc. announced for its first quarter of 2011 ending April 2, net income increased to $46.6 million, or $0.43 per share, as compared to $11.5 million, or $0.14 per share, for the 2010 comparable period. Net sales were $439.9 million as compared to $162.8 million for the first quarter of 2010.
The $35.1 million increase in net income and the $277.1 million increase in sales are primarily attributable to the company's acquisition of Griffin Industries on Dec. 17 and higher prices for finished products.
"First quarter results were positively influenced by the acquisition of Griffin Industries as well as strong finished product prices for fats, proteins and bakery products,” iterated Randall Stuewe, chairman and CEO. “We also continue to make good progress on our integration strategy with the Griffin acquisition."
Darling International Inc. is the largest and only publicly traded provider of rendering and bakery waste recycling solutions 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. The company also recovers and converts used cooking oil and commercial bakery waste into valuable feed and fuel ingredients.