Darling International Inc, which recycles food processing by products has announced a fall in sales and income in the second quarter ended 2 July 2005, largely because of due to lower raw material volumes and finished product prices.
For the 2005 second quarter, the company’s net sales were $81.3m compared to $91.3m for the 2004 second quarter. Decreases in raw material volumes and finished product prices accounted for the majority of the $10.0m net sales decrease, it said.
Net income was $2.7m compared to $4.5m for the 2004 comparable period. The decrease in net income for the 2005 second quarter resulted primarily from decreases in raw material volumes and finished product prices.
Darling International chairman and CEO, Randall Stuewe, noted that “while 2005 second quarter earnings lagged the second quarter of 2004, net income increased $1.8m to $2.7m in the second quarter versus $0.9m net income in the first quarter of 2005, as pricing and product mix improvements accounted for the majority of the change. The impact of lower raw material volumes continued to be the primary reason earnings were lower in the first six months of Fiscal 2005 as compared to 2004.”
For the six months ended 2 July 2, 2005, the company reported net sales of $152.6m as compared to $168.8m for the 2004 comparable period. The company reported net income of $3.7m as compared to $8.4m for the 2004 comparable period. Decreases in raw material volumes and finished product prices accounted for the majority of the $16.2m and $4.7m net sales and net income decreases, respectively.
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By GlobalDataDarling International Inc. is the largest publicly traded, food processing by-products recycling company in the United States. The company recycles used restaurant cooking oil and by-products from the beef, pork and poultry processing industries into useable products such as tallow, feed-grade fats and meat and bone meal. These products are primarily sold to animal feed and oleo-chemical manufacturers around the world. In addition, the company provides grease trap collection services and sells equipment to restaurants.