Darling Ingredients Q2 Net Income Decreases - Quick Facts

(RTTNews) - Darling Ingredients Inc. (DAR) reported second quarter net income attributable to company of $3.1 million, or $0.02 per share, compared to $32.8 million, or $0.20 per share, last year. Adjusted earnings per share attributable to Darling was $0.13, for the quarter. Net income and earnings per common share would have been $9.6 million and $0.06 per share, respectively, without the integration costs and the write-off of deferred loan costs associated with the retirement of the Euro Term Loan B.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.07 for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA was $105.5 million, as compared to $143.0 million in the same period in fiscal 2014. The company said the decrease was primarily attributable to lower finished product prices and the impact of foreign exchange rates as a function of the strengthening U.S. dollar as compared mainly to the euro and Canadian dollar, which were partially offset by an increase in raw material volumes. On a pro forma adjusted EBITDA basis, the company would have generated $106.7 million, compared to a pro forma adjusted EBITDA of $152.1 million in the same period in 2014.

Net sales were $859.3 million, compared to $1.03 billion for the second quarter of 2014. The company said the decrease in net sales is primarily attributable to lower finished product prices, primarily in the global fat markets, and due to a foreign exchange rate impact of a weak euro and Canadian dollar. Analysts expected revenue of $891.77 million for the quarter.