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Darling Ingredients profit misses consensus by 57.6% in fiscal Q1

Darling Ingredients Inc. said its normalized net income for the fiscal first quarter ended April 4 was 2 cents per share, compared with the S&P Capital IQ consensus estimate of 6 cents per share.

The per-share result swung to a profit from the prior-year loss of 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.1 million, compared with a loss of $7.1 million in the first quarter ended March 29, 2014.

The normalized profit margin rose to 0.5% from negative 0.8% in the year-earlier period.

Total revenue decreased 7.6% year over year to $874.7 million from $946.3 million, and total operating expenses declined 5.5% from the prior-year period to $837.5 million from $886.1 million.

Reported net income totaled $109,000, or 0 cents per share, compared to a loss of $52.6 million, or a loss of 32 cents per share, in the first quarter ended March 29, 2014.