Thursday, Darling International Inc. (DAR), a provider of rendering, recycling and recovery solutions to the food industry, reported a sharp decline first-quarter profit primarily due to lower finished product prices and decreases in both volume and yield of raw material. Earnings for the quarter, however, were inline with analysts' consensus, while revenues fell short.
The Irving, Texas-based company posted a first quarter net income of $4.8 million or $0.06 per share, compared to $21.5 million or $0.26 per share in the year ago period.
On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share. Analysts' estimates typically exclude special items.
The sharp decrease in net income was attributed mainly to lower finished product prices and decreases in both volume and yield of raw material, which were partially offset by lower energy costs related to natural gas and diesel fuel.
Net sales for the period declined to $133.0 million from $202.0 million in the prior year. Analysts had a consensus revenue estimate of $147.68 million for the first quarter.
The decline in sales was a result of lower finished product prices and reduced raw material volume.
DAR closed Thursday's regular trading at $6.60, up $0.22 or 3.45%, on the Nasdaq.
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