Darling International Reports Q4 Earnings

Darling International

reported fourth quarter and full year earnings this afternoon, Wednesday, February 26, 2014, shares of the Irving,Texas based company are down $0.29 per share or 1.43 percent in after hours trading, shares were up in day trading about 1.15 percent. Below are some key takeaways from today's earnings report: • Net income of $22.5 million, which equates to 0.18 per share, a year ago net income was $28.8 million, according to Darling, this decrease is due to lower margins and product pricing, and transaction costs of $14.4 million which were related to the acquisition of Rothsay, Darling's new Canadian subsidiary. • Net income of $109 million , which equates to $0.91 per share for the entire year ended December 28th, 2013. • Revenues of 428.7 million, which compares to 424.9 million for the fourth quarter of 2012, Darling gives credit to Rothsay, its new Canadian subsidiary, for the increase in sales of about $3.8 million. This is what the company's Chief Executive Officer, Randall Steuwe, had to say regarding this quarter's performance, “As previously reported, the Diamond Green Diesel refinery we own in a joint venture with Valero Energy Corporation commenced operations earlier in the year. During the fourth quarter, the joint venture encountered issues typically consistent with the shakedown phase for a new facility in the refining industry. However, we proved that the technology is capable of producing a high quality renewable diesel, which has been well received by the fuel market and distribution infrastructure,” This was fairly upbeat, as he still believes that Darling will continue to produce better and record results.