Darling's 1Q revenue beats expectations
Darling International's strong revenue helps improve 1Q profit
IRVING, Texas (AP) -- Darling International Inc.'s shares jumped 6 percent in after-hours trading Thursday after the food recycling company reported better-than-expected revenue.
The company, based in Irving, Texas, provides rendering, cooking oil and bakery residuals recycling services for the food industry.
Darling said that it earned $32.4 million, or 27 cents per share, for the quarter that ended March 30. That compares to $28.6 million, or 24 cents per share, earned in the same quarter last year.
The company's revenue increased to $445.4 million from $387.1 million on 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.
Analysts polled by FactSet were anticipating earnings of 27 cents per share on revenue of $404.7 million.
Darling's Chairman and CEO Randall Stuewe said that the company is off to a good start for the year.
Shares increased $1.21 to $20 in after-hours trading following the release of the earnings report.
The stock added 2 cents to close regular trading at $18.79.