By Kathryn Hardison
Darling Ingredients Inc.'s fourth-quarter revenue increased 35%, driven by gains across its food, feed and fuel ingredients segments.
Darling Ingredients, which turns the byproduct of slaughtered animals into food, animal feed and fuel ingredients, reported revenue of $1.77 billion, up from $1.31 billion the year prior. Analysts expected $1.72 billion.
The Irving, Texas-based company posted net income of $156.6 million, or 96 cents per share, during the fourth quarter, compared with $155.8 million, or 94 cents per share, the year prior. Analysts polled by FactSet expected $1.36 per share.
The company logged asset impairment and acquisition costs during the quarter. That included a $21 million impairment charge in its food segment tied to plans to close a gelatin facility by the end of 2023 as the company optimizes its portfolio.
Feed ingredients sales increased to $1.22 billion from $846.5 million, while food ingredients sales increased to $387.7 million from $344.7 million. Fuel ingredients also increased to $164.3 million from $118.9 million the year prior.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
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February 28, 2023 at 05:11AM
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Darling Ingredients Posts 35% Jump in 4Q Revenue - MarketWatch
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