Food recycling company Darling International Inc. (DAR) on Thursday reported a 13 percent increase in profit for the first quarter from last year, reflecting higher finished product selling prices as well as higher raw material volumes in both the rendering and bakery segments. Both revenue and earnings per share for the quarter beat analysts' estimates. The company's shares gained almost 8 percent in extended trades.
Randall Stuewe, Chairman and CEO of Darling International said, "We are off to a good start in 2013 driven by improving fat values along with strong protein demand especially from our value added poultry ingredients. Rendering raw material volumes remained steady relative to fourth quarter of 2012 with a much anticipated slowdown in the beef sector being offset by improved volumes in poultry, pork and used cooking oil."
Darling International is a provider of rendering and bakery residuals recycling solutions to the food industry. The company's first-quarter net income was $32.41 million or $0.27 per share, up from $28.57 million or $0.24 per share in the prior-year quarter. On average, seven analysts polled by Thomson Reuters expected the company to earn $0.26 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose 15 percent to $445.42 million from $387.11 million in the year-ago period. Analysts had a consensus revenue estimate for the quarter of $414.91 million.
The increase in sales reflects higher finished product selling prices for proteins and bakery finished products. Higher raw material volumes in both the rendering and bakery segments contributed to the increase and helped to offset the decrease in fat prices year over year.
DAR closed Thursday's regular trading session at $18.79, up $0.02 or 0.11 percent on a volume of 485,277 shares. In after-hours, the stock further gained $1.50 or 7.98 percent to $20.29.
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