August 15, 2011

 

Darling International's Q2 earnings report strong results

 

 

Darling International Inc. has reported a net revenue for Q2 2011 that increased to US$52.2 million, or US$0.44/share, as compared to US$11.4 million, or US$0.14/share, against 2010.

 

Net sales for the quarter totalled US$470.6 million as compared to US$166.2 million for the second quarter of 2010. The US$40.8 million increase in net income and US$304.4 million increase in sales are primarily due to the company's acquisition of Griffin Industries on December 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 US$98.8 million, or US$0.87 per share, as compared to US$22.8 million, or US$0.28 per share, for the 2010 comparable period. Net sales for the six months totalled US$910.5 million, as compared to US$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.

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