Thursday, Darling International Inc. (DAR), provider of rendering, recycling and recovery solutions to the food industry, reported a slump in third quarter profit as the top-line declined on reduced raw material volume and lower finished product prices. Earnings, however, came in ahead of Wall street expectations for the period.
Irving, Texas- based Darling's net income for the third quarter decreased to $16.07 million or $0.19 per share from $22.99 million or $0.28 per share reported last year. On average, seven analysts polled by Thomson Reuters anticipated revenues of $0.15 per share for the third quarter. Analysts' estimates typically exclude one-time items.
Operating income for the quarter declined to $25.39 million from $37.31 million in the comparable quarter last year.
For recently ended July-September period, the company reported net sales of $159.9 million, compared with $236.2 million for the year-ago period, also missing Wall Street expectations of $174.11 million for the period.
The company said that the decline in revenues is attributable to lower finished product prices and reduced raw material volume accounted in the period, partially offset by lower energy costs related to natural gas and diesel fuel.
Total costs and expenses, however, declined favorably to $134.54 million from $198.92 million, led by a fall in sales costs and operating expenses to $113.27 million from $177.75 million spent last year. .
For the nine months ended October 3, 2009, the company reported net income of $32.58 million or $0.40 per share compared with $68.53 million or $0.83 per share, for the comparable period of 2008. Net sales was $448.23 million, down from $659.04 million last year, on lower finished product prices and reduced raw material volume.
DAR last traded at $6.80, down 22 cents or 3.13% on 651 thousand shares, on the NYSE.In after-hours trading, shares lost 4.41% or 30 cents at $6.50.
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