Darling International Inc (DAR, Financial) filed Quarterly Report for the period ended 2012-03-31.
Darling Intl has a market cap of $1.93 billion; its shares were traded at around $16 with a P/E ratio of 11.2 and P/S ratio of 1.1. Darling Intl had an annual average earning growth of 9.8% over the past 10 years.
Raw Material Volume: Rendering volumes have decreased Rendering sales by approximately $18.4 million, which is a result of weaker slaughter and processor rates due to a slowdown of the economy in the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011.
During the first quarter of fiscal 2012, cost of sales and operating expenses was $276.5 million as compared to $301.4 million during the first quarter of fiscal 2011. Decreases in Rendering Segment cost of sales and operating expenses of $25.1 million and the decrease in Bakery Segment cost of sales and operating expenses of $0.4 million accounted for substantially all of the $24.9 million decrease in cost of sales and operating expenses. The decrease in cost of sales and operating expenses was primarily due to the following (in millions of dollars):
Raw Material Costs: The increase in raw material cost of sales of approximately $1.8 million is due mainly from an increase in finished product blending costs in the first quarter of fiscal 2012 as compared to the same period in fiscal 2011.
Income Taxes. The Company recorded income tax expense of $16.2 million for the first quarter of fiscal 2012, compared to $26.8 million recorded in the first quarter of fiscal 2011, a decrease of $10.6 million, primarily due to decreased pre-tax earnings of the Company in the first quarter of fiscal 2012. The effective tax rate for the first quarter of fiscal 2012 and fiscal 2011 is 36.1% and 36.5%, respectively, and differs from the statutory rate of 35% due primarily to state income taxes and qualified production deductions.
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Darling Intl has a market cap of $1.93 billion; its shares were traded at around $16 with a P/E ratio of 11.2 and P/S ratio of 1.1. Darling Intl had an annual average earning growth of 9.8% over the past 10 years.
Highlight of Business Operations:
During the first quarter of fiscal 2012, net sales were $387.1 million as compared to $439.9 million during the first quarter of fiscal 2011. The Rendering operations process poultry, animal by-products and used cooking oil into fats (primarily BFT, PG and YG), protein (primarily MBM and PM (feed grade and pet food)) and hides. Fat was approximately $194.0 million and $236.2 million of net sales for the three months ended March 31, 2012 and April 2, 2011, respectively, and protein was approximately $103.5 million and $110.1 million of net sales for the three months ended March 31, 2012 and April 2, 2011, respectively. The decrease in net sales was primarily due to the following (in millions of dollars):Raw Material Volume: Rendering volumes have decreased Rendering sales by approximately $18.4 million, which is a result of weaker slaughter and processor rates due to a slowdown of the economy in the first quarter of fiscal 2012 as compared to the first quarter of fiscal 2011.
During the first quarter of fiscal 2012, cost of sales and operating expenses was $276.5 million as compared to $301.4 million during the first quarter of fiscal 2011. Decreases in Rendering Segment cost of sales and operating expenses of $25.1 million and the decrease in Bakery Segment cost of sales and operating expenses of $0.4 million accounted for substantially all of the $24.9 million decrease in cost of sales and operating expenses. The decrease in cost of sales and operating expenses was primarily due to the following (in millions of dollars):
Raw Material Costs: The increase in raw material cost of sales of approximately $1.8 million is due mainly from an increase in finished product blending costs in the first quarter of fiscal 2012 as compared to the same period in fiscal 2011.
Income Taxes. The Company recorded income tax expense of $16.2 million for the first quarter of fiscal 2012, compared to $26.8 million recorded in the first quarter of fiscal 2011, a decrease of $10.6 million, primarily due to decreased pre-tax earnings of the Company in the first quarter of fiscal 2012. The effective tax rate for the first quarter of fiscal 2012 and fiscal 2011 is 36.1% and 36.5%, respectively, and differs from the statutory rate of 35% due primarily to state income taxes and qualified production deductions.
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