Darling Ingredients Reports Q1 Breakeven Per Share; Sales Down - Quick Facts

(RTTNews) - Darling Ingredients Inc. (DAR) reported first-quarter net income attributable to company of $0.1 million, or breakeven per share, compared to a net loss of $52.8 million, or $0.32 per share, prior year. The company's first quarter 2015 results include 13 weeks of operations from the VION Acquisition, compared to 12 weeks of operations from the VION Acquisition in the first quarter of 2014.

The company noted that its first-quarter net income would have been $3.0 million or $0.02 per share, compared to $23.2 million or $0.13 per share, prior year, without the acquisition and integration costs, noncash inventory step-up associated with the VION Acquisition, the redemption fees and write-off of deferred loan costs associated with the retirement of the 8.5% Senior Notes and the foreign exchange loss related to the closing of the VION Acquisition.

Pro forma adjusted EBITDA was $103.54 million, compared to $129.98 million, a year ago. Adjusted earnings per share attributable to Darling was $0.09, for the quarter.

On average, six 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.

Net sales were $874.7 million, compared to $946.3 million, prior year. The company said the $71.6 million decrease in net sales is primarily attributable to lower finished product prices, primarily global fat markets, and the foreign exchange rate impact of a weaker euro and Canadian dollar. Analysts expected revenue of $900.34 million for the quarter.