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Darling Ingredients profit beats consensusin fiscal Q4

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Darling Ingredients profit beats consensusin fiscal Q4

Darling Ingredients Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 2 was 33 cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.

EPS climbed 12.9% year over year from 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $53.7 million, a gain of 10.1% from $48.8 million in the year-earlier period.

The normalized profit margin rose to 6.6% from 4.9% in the year-earlier period.

Total revenue fell 19.0% on an annual basis to $809.7 million from $1.00 billion, and total operating expenses declined 19.0% on an annual basis to $776.5 million from $958.2 million.

Reported net income increased 23.9% from the prior-year period to $85.9 million, or 52 cents per share, from $69.3 million, or 42 cents per share.

For the year, the company's normalized net income totaled 38 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 4 cents.

EPS declined 33.7% from 57 cents in the prior year.

Normalized net income was $62.1 million, a decline of 33.6% from $93.5 million in the prior year.

Full-year total revenue declined 14.1% on an annual basis to $3.40 billion from $3.96 billion, and total operating expenses fell 12.7% year over year to $3.25 billion from $3.72 billion.

The company said reported net income grew 23.1% on an annual basis to $79.3 million, or 48 cents per share, in the full year, from $64.4 million, or 39 cents per share.