Tech World: Darling International Profiting from Record Sales Growth
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April 15, 2008
Darling International Incorporated (DAR) provides rendering, recycling and recovery solutions to the United States food industry. The company operates through two segments: Rendering, the core business of turning inedible food by-products from meat and poultry processors into feed ingredients and fats for other industrial applications, and Restaurant Services, a group focused on growing the grease collection business and grease collection equipment sales while expanding the line of services, which includes grease trap servicing, and the National Service Center , offered to food service establishments and food processors.
In business since 1882, Darling collects, transports, and transforms used cooking oil, trap waste, and animal by-products through a network of 44 facilities and 1,200 employees nationwide. Darling is certainly a “darling” fundamentally with great sales growth, expanding operating margins, and outstanding earnings growth.
The latest earnings showed higher fourth quarter net income of $14.4 million, or $0.18 per share and record net income of $45.5 million, or $0.56 per share, for its fiscal year ended December 29, 2007. Sales and results of operations for the fourth quarter and fiscal year as compared to the same periods of the prior year are as follows:
For the fourth quarter of 2007, the company reported net sales of $175.4 million compared to $128.1 million for the fourth quarter of 2006. Higher finished product prices and the purchase of finished product for resale accounted for the majority of the $47.3 million increase. Net income for the fourth quarter of 2007 increased to $14.4 million, or $0.18 per share, as compared to $6.1 million, or $0.07 per share, for the 2006 comparable period.
This stock is in a distinct Elliott Wave-4 buy formation, projecting gains into the $17 per share by June. The company does have a liquid options market. There are no LEAPS offered but the options cycle currently extends out to the month of October, which is more than enough time for the options strategist to capture the forecasted opportunity.
Figure 1: Daily Elliott Wave-4 Buy Pattern for Darling International
(Source: Profit Source)
Happy Trading.
Jeff Neal
Senior Writer, Options Strategist & Profit Strategies Radio Show Market Correspondent
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