Core Insights - The Hershey Company (HSY) demonstrated robust growth in its North America Salty Snacks business during Q4 2025, driven by strong retail demand and brand portfolio momentum [1][6]. Sales Performance - Segment sales surged 28% year over year to $357 million in Q4, with contributions from the LesserEvil acquisition accounting for approximately 10% and organic constant currency sales growth at 18.2% [2][9]. - Volume contributed around 14% to the organic growth, reflecting strong retail demand and the expansion of variety packs [2]. Profitability - Segment income increased by 38.1% to $75.3 million, with segment margin expanding by 160 basis points to 21.1%, supported by higher volume and reduced promotional investment [5][9]. Retail Trends - Retail trends remained favorable, with Hershey's U.S. salty snack retail takeaway (excluding LesserEvil) increasing by 15.6% in the 12-week period ending December 28, 2025 [4]. - SkinnyPop ready-to-eat popcorn saw retail sales growth exceeding 8%, while Dot's Homestyle Pretzels achieved over 20% growth, reinforcing its position as the leading pretzel brand [4]. Future Outlook - The strong momentum in HSY's North America Salty Snacks business is expected to continue, supported by customer expansion and innovation [6].

Core Insights - Darling Ingredients, Inc. (DAR) reported strong fourth-quarter 2025 results, with earnings per share (EPS) of 64 cents, exceeding the Zacks Consensus Estimate of 43 cents and increasing 1.6% year over year [1][9] - Net sales reached $1,709.8 million, a 20.6% increase from the previous year, surpassing the Zacks Consensus Estimate of $1,534 million [2][9] Financial Performance - Gross profit rose 28.6% year over year to $429.2 million, with gross margin improving by 160 basis points to 25.1% [3] - Adjusted EBITDA grew 16.1% year over year to $336.1 million, including DGD's adjusted EBITDA of $57.9 million [3][9] - Net income was reported at $56.9 million, reflecting a decline of 44.2% year over year [3] Segment Performance - **Feed Segment**: Total net sales reached $1,128.1 million, exceeding the Zacks Consensus Estimate of $984 million. Adjusted EBITDA increased 28.9% to $193.4 million, surpassing the consensus estimate of $165 million [4] - **Food Segment**: Net sales were $429.07 million, ahead of the Zacks Consensus Estimate of $384 million. Adjusted EBITDA rose 28.8% to $82.4 million, exceeding the consensus estimate of $72 million [5] - **Fuel Segment**: Net sales totaled $152.6 million, slightly below the Zacks Consensus Estimate of $155 million. Adjusted EBITDA rose 0.9% to $27.2 million, exceeding the Zacks Consensus Estimate of $23.5 million [6] Financial Health - As of January 3, 2026, the company reported cash and cash equivalents of $89 million and total debt of $3,937 million, resulting in net debt of $3,849 million. The preliminary leverage ratio was 2.90x [7] Future Outlook - The company anticipates modestly lower performance in the first quarter of 2026, with expectations of improved fat prices as RVO clarity emerges. Fuel volumes are estimated at approximately 260 million gallons for the first quarter of 2026 [10] - Positive demand trends in the food segment support a constructive outlook for 2026 [10]