Thursday, Darling International Inc. (DAR) reported third-quarter net income of $16.1 million or $0.19 per share, compared to $23.0 million or $0.28 per share in the same quarter last year.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.15 per share for the quarter. Analysts' estimates typically exclude special items.
The decline in net income for the quarter was primarily due to reduced raw material volume and lower finished product prices, partially offset by lower energy costs related to natural gas and diesel fuel.
Net sales for the quarter were $159.9 million, down from $236.2 million in the comparable quarter last year. Analysts expected the company to report revenue of $174.11 million for the quarter.
Operating income for the quarter declined to $25.39 million from $37.31 million in the comparable quarter last year.
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