(RTTNews) - Thursday, Darling International, Inc.
(DAR), a recycling and recovery solutions company, announced first quarter financial results, reporting a surge in profit on increased revenues.
Net income of Irving, Texas-based Darling International surged to $21.46 million or $0.26 per share from $9.58 million or $0.12 per share in the same quarter a year ago. On average, six analysts polled by First Call/Thomson Financial expected the company to earn $0.21 per share for the quarter.
Quarterly revenues were $201.96 million from $138.61 million in the prior-year quarter. Five Wall Street analyst expected revenues of 183.77 million for the quarter.
Higher finished product prices and increased raw material volume accounted for the majority of the $63.4 million increase.
The company posted an operating income of $35.17 million, compared to $17.04 million in the corresponding quarter last year.
Total costs and expenses increased to $166.79 million from $121.57 million in the previous-year quarter. Selling, general and administrative expenses were recorded at $14.70 million, higher than $12.58 million in the same quarter last year. Income taxes for the quarter were $13.03 million, up from $5.40 million in the year-ago quarter.
DAR closed Thursday’s regular trading at $14.93, down $.1.42 or 8.69%, on a volume of 2.39 million shares. In after-hours trading, the stock gained $1.07 or 7.17% to settle at $16.00.
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