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No. of Recommendations: 2
The EPS for the first quarter was $0.27, which represents a penny beat. Revenue of $445.4M was a $30.49M beat. Up ~10% in afterhours trading.

Darling International Inc. (DAR) today reported net income of $32.4 million, or $0.27 per share, for the first quarter ended March 30, 2013. Net sales and results of operations for the first quarter as compared to the same period of the prior year are as follows:

For the first quarter of 2013, the Company reported net sales of $445.4 million, as compared to $387.1 million for the first quarter of 2012. The $58.3 million increase in sales is primarily attributable to higher finished product selling prices for proteins and bakery finished products. Higher raw material volumes in both the Rendering and Bakery Segments contributed to the increase and helped to offset the decrease in fat prices year over year.

Net income for the first quarter of 2013 increased to $32.4 million, or $0.27 per share, as compared to $28.6 million, or $0.24 per share, for the 2012 comparable period. The $3.8 million increase in net income for the first quarter resulted predominantly from higher finished product prices followed by higher raw material volumes in both Rendering and Bakery Segments. On a sequential basis, comparing fourth quarter of fiscal 2012 results with first quarter of fiscal 2013, finished fat prices improved and raw material volumes remained steady.

Darling International Chairman and Chief Executive Officer Randall Stuewe said, "We are off to a good start in 2013 driven by improving fat values along with strong protein demand especially from our value added poultry ingredients. Rendering raw material volumes remained steady relative to fourth quarter of 2012 with a much anticipated slowdown in the beef sector being offset by improved volumes in poultry, pork and used cooking oil. The Bakery Segment delivered solid results in the first quarter of 2013 as compared to first quarter 2012 with higher volumes and resilient finished product prices."

Long DAR
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