We have reduced our estimates for INGR as we believe demand was softer than expected, Argo production issues likely persisted throughout the quarter, and tapioca costs have surged due to crop disease (up ~60% from…

We believe Darling’s core business likely performed much stronger than anticipated during Q2. Initially, management guided to EBITDA of $260-$275M, but due to fats pricing that can only be described as robust, as well as…

We have raised our Q2 estimate to $1.92 ($1.57) and our full-year 2026 and 2027 estimates go to $5.35 ($4.79 and $5.23, respectively). The primary driver of our Q2 revision is our view that both…

We have raised our Q2 estimate to $2.20 ($2.03) reflecting a better-than-expected crush environment, particularly in North America, offset somewhat by a more challenged Merchandising/Milling climate. Our full-year stays at $9.60 as a more bullish…

The U.S. chicken market continued to deteriorate throughout Q2 primarily reflecting heavier supply, but also demand deterioration. The market in Mexico did not fare much better either, again due to a combination of stronger supply…