Darling International posts record results
Darling International, which recycles used by-products from the beef, pork and poultry processing industries into products such as tallow and hides, has posted record results for the fourth quarter and fiscal year 2007.
For the fourth quarter, net sales reached $175.4 million, up from $128.1 million in the fourth quarter of 2006, driven by higher finished product prices and the purchase of finished product for resale. Net income increased to $14.4 million from $6.1 million in the comparable prior-year period.
For fiscal year 2007, the company reported net sales of $645.3 million, up significantly from the $407 million reported for fiscal 2006, which was again primarily attributed to higher finished product prices as well as the inclusion for the full year of the operations resulting from the acquisition of substantially all of the assets of National By-Products in May 2006. Net income also rose substantially to hit $45.5 million, compared with $5.1 million in 2006.
Commenting on the results, chairman and chief executive Randall Stuewe said: "We are very pleased with our results for the fourth quarter and 2007, and believe we have significant momentum moving into 2008."
