February 29, 2012 - IRVING, TEXAS - Darling International Inc. (NYSE: DAR) today reported fourth quarter net income of $29.5 million, or $0.25 per share, and net income of $169.4 million, or $1.47 per share, for its fiscal year ended December 31, 2011. Sales and results of operations for the fourth quarter and fiscal year as compared to the same periods of the prior year are as follows:
Fourth Quarter 2011
For the fourth quarter of 2011, the company reported net sales of $430.9 million as compared to $227.2 million for the fourth quarter of 2010. The $203.7 million increase in sales is primarily attributable to the acquisition of Griffin Industries on December 17, 2010 as well as higher selling prices for the company's finished products as compared to 2010. During the fourth quarter 2011 as compared to the third quarter 2011, the company experienced more than a 10% decrease in fat prices, primarily due to reduced export demand from European biodiesel, and more than a 12% decrease in protein prices, primarily due to soft protein meal demand domestically as a result of cut-backs by poultry producers.
Net income for the fourth quarter of 2011 increased to $29.5 million, or $0.25 per share, as compared to net income of $10.0 million, or $0.12 per share, for the 2010 comparable period. The $19.5 million increase in net income for the fourth quarter resulted primarily from the acquisition of Griffin Industries as well as higher selling prices for the company's finished products. Net income in the fourth quarter of 2011 as compared to the third quarter of 2011 was negatively impacted by the decrease in both fat and protein meal finished product prices, which impacted margins in our non-formula based business.
Darling International Chairman and Chief Executive Officer, Randall Stuewe, said “Fiscal 2011 was a record setting year for the company. Earnings performance was attributable to strong finished product markets driven by an improving global economy and continued implementation of global bio-diesel mandates. Additionally, a full year of integration efforts reflecting the late 2010 acquisition of Griffin Industries supported the company's performance. During fiscal 2011, the company watched values for the global feed grains, the oilseeds complex and used cooking oil escalate throughout the first half of the year, only to be tempered in the
The following information was filed by Darling Ingredients Inc. (DAR) on Wednesday, February 29, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Darling Ingredients Inc.'s financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed, and by Darling Ingredients Inc..
Ticker: DAR CIK: 916540 Form Type:10-K Annual Report Accession Number: 0000916540-12-000006 Submitted to the SEC: Wed Feb 29 2012 4:44:23 PM EST Accepted by the SEC: Wed Feb 29 2012 Period: Saturday, December 31, 2011 Industry: Fats And Oils