Darling Intl. 2Q earnings make strong gains
Aug. 12, 2011
by Bryan Salvage
IRVING, Texas – Darling International Inc. announced net income for the second quarter of 2011 increased to $52.2 million, or $0.44 per share, as compared to $11.4 million, or $0.14 per share, for the 2010 comparable period. Net sales for the quarter totaled $470.6 million as compared to $166.2 million for the second quarter of 2010. The $40.8 million increase in net income and $304.4 million increase in sales are primarily due to the company's acquisition of Griffin Industries on Dec. 17, 2010, and higher selling prices for the company's finished products.
"Second-quarter performance tracked the first quarter results and our business continues to perform well,” said Randall Stuewe, chairman and CEO. “Earnings were positively influenced by strong finished product prices for fats, proteins and bakery products and the continued integration of Griffin Industries."
For the six months ended July 2, the company achieved net income of $98.8 million, or $0.87 per share, as compared to $22.8 million, or $0.28 per share, for the 2010 comparable period. Net sales for the six months totaled $910.5 million, as compared to $329.0 million for the 2010 comparable period.
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.