IRVING, Texas, March 1, 2016 /PRNewswire/ --
4th Quarter 2015 Highlights
- Net income of $84.4 million,
or $0.52 per GAAP diluted share;
$0.54 per (Non-GAAP) Adjusted diluted
share
- Revenue of $809.7
million
- Food and Fuel Segments contribute solidly….Feed Segment
navigated volatile Q4 pricing
Fiscal 2015 Highlights
- Consolidated revenue of $3.4
billion
- Adjusted EBITDA of $412.5
million
- Full year debt reduction of $118
million
- Change in working capital cash improvement fiscal 2014 to
fiscal 2015 of $72.7 million
- SG&A reduction of $52
million compared to 2014
- Diamond Green Diesel EBITDA $177.0
million for 2015 at entity level; Darling's share
$88.5 million for 2015
- Completed construction on three plants and one expansion in
2015, two additional plants on schedule for completion during
2016
Darling Ingredients Inc. (NYSE: DAR), a global leader in
converting edible and inedible bio-nutrient streams into a wide
range of ingredients and specialty products for customers in the
pharmaceutical, food, pet food, feed, technical, fuel, bioenergy,
and fertilizer industries, today announced financial results for
the fiscal 2015 fourth quarter and year ended January 2, 2016.
For the fourth quarter of 2015, the Company reported net sales
of $809.7 million, a $190.5 million decline from fourth quarter 2014.
For fiscal 2015, the Company reported net sales of $3.40 billion, compared to $3.96 billion for fiscal 2014. While global raw
material volumes were stronger year over year, revenue declines
were primarily attributable to sustained weakness in global
commodities and continued FX translation impacts.
Darling's Adjusted EBITDA for the three months ended
January 2, 2016 was $102.7 million, a decrease of $6.0 million compared to fourth quarter 2014.
Darling continued its emphasis on organic growth during the year
with the completion of two wet pet food plants, one bakery feeds
plant, and a major expansion at our Dubuque, Iowa gelatin plant. Two new rendering
plants are scheduled for completion in the second half of
2016.
Comments on the Fourth Quarter and Fiscal 2015 Year
End
Randall C. Stuewe, Darlings
Ingredients Inc. Chairman and Chief Executive Officer, said of the
Company's quarterly and fiscal year performance, "2015 was a year
characterized by continued global commodity deflation. Our
team delivered solid execution led by international businesses with
growth and cost saving efficiencies achieved around the globe.
While challenging conditions persisted through the fourth quarter,
we delivered respectable quarterly results and exit 2015 a stronger
company, highlighted by lower debt, strong cash flows and strategic
investments in new plants and operating efficiencies.
"During the fourth quarter, our Food and Fuel segments performed
well, generating strong EBITDA margins driven primarily by improved
pricing and higher volumes, but were partially offset by continued
FX challenges. In our Feed segment, we successfully navigated some
short-term challenges that negatively impacted results, but pricing
of these products rebounded nicely in early Q1 2016.
"While still early in 2016, our current view is that we will see
improved conditions for fats and oils demand globally as we proceed
into spring. We continue to be focused on areas that we can
control across all levels of the organization. We believe that the
significant cost savings we achieved in 2015 position us for
success in 2016. Our focus continues to be on de-levering the
balance sheet, while at the same time preserving the flexibility to
continue to identify and execute growth opportunities that will
position the Company for future success," concluded Mr. Stuewe.
For the complete press release and full financial results,
please visit the Company's website at http://ir.darlingii.com.
For More Information,
contact:
|
|
Melissa A. Gaither, V.P.
Investor Relations and Global
Communications
|
Email:
mgaither@darlingii.com
|
251 O'Connor Ridge Blvd.,
Suite 300
|
Phone:
972-717-0300
|
Irving, Texas
75038
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