Darling put up robust Q2 results reflecting broad-based strength in the legacy business and DGD. Interestingly, the legacy Feed business showed greater yr/yr improvement than the underlying fats and meal markets would suggest, in our…

Pilgrim’s reported Q2 results below our expectations, with weakness across all three major regions. Mexico represented the largest miss; volumes were significantly stronger than anticipated but pricing was pressured by very heavy local production and…

BG reported Q2 EPS that exceeded both its guidance and consensus. Results were below our estimate, as we overestimated refined oil margins in ex-US markets. We continue to believe margins will strengthen as global veg…

CALM reported a much weaker-than-expected Q4 (loss of $0.78 vs our $0.10 projection). The preponderance of the miss relative to our estimate was driven by pricing, but we believe costs were higher than we had…

Despite an improved outlook on Beef (all three regions), our Q2 and full-year estimates move lower. Our Q2 EBITDA estimate (GAAP basis) goes ~5% lower, but our full-year 2026 projection declines just 1% as a…