Darling International posts $41 million net income third quarter 2011
Numbers up from 2010 due to acquisition, higher selling prices of finished products
Darling International Inc. has posted a net income of $41.1 million for the third quarter ending October 1, 2011, up from $11.4 million during the same time in 201, according to the company's latest financial statement.
The increase resulted primarily from the acquisition of Griffin Industries as well as higher selling prices for the company's finished products, said the company. "While this was a record third quarter operating performance, raw material quality was negatively impacted by extreme hot summer temperatures," said Darling International Chairman and CEO Randall Stuewe. "Midwestern plants were challenged to efficiently process dead stock during the quarter which resulted in additional lower value protein production, discounting of finished fat and increased processing costs. Rendering volumes were flat relative to the second quarter of fiscal 2011 while overall bakery waste inputs seasonally improved."
For the nine months of 2011 through October 1, the company reported a net income of $139.9 million, compared to $34.2 million in 2010.