Darling Ingredients (NYSE:DAR) has released its financial results for the first quarter of 2024, showing a net income of $81.2 million, or $0.50 per diluted share, a significant decline from the $185.8 million, or $1.14 per diluted share, recorded in the first quarter of 2023.
The company attributed the decrease primarily to a notable drop in fat prices and reduced earnings in its Diamond Green Diesel (DGD) segment.
Net sales also fell, totaling $1.4 billion for the quarter, down from $1.8 billion in the same period last year, largely due to decreased pricing for finished products.
Additionally, Darling Ingredients reported an adjusted EBITDA of $280.1 million, which includes a $25 million inventory adjustment. This marks a decrease from the $418.4 million reported in the first quarter of 2023.