IRVING, Texas, Feb. 28, 2017 /PRNewswire/ -- Darling
Ingredients Inc. (NYSE: DAR), a global developer and producer of
sustainable natural ingredients from edible and inedible
bio-nutrients, creating a wide range of ingredients and customized
specialty solutions for customers in the pharmaceutical, food, pet
food, feed, industrial, fuel, bioenergy, and fertilizer industries,
today announced financial results for the fiscal 2016 fourth
quarter and year ended December 31,
2016.
Fourth Quarter 2016 Overview
- Net income of $40.5 million,
or $0.25 per GAAP diluted
share
- Revenue of $887.3
million
- Adjusted EBITDA of $112.8
million
- Strong global raw material volumes
- Global fats pricing steady while ample protein supplies
pressured prices
Fiscal 2016 Overview
- Net income of $102.3 million,
or $0.62 per GAAP diluted
share
- Consolidated revenue of $3.4
billion
- Food segment normalized led by Rousselot while Fuel Segment
margins improved on strong performance.
- Feed segment supported by strong global fat demand and
pricing while global proteins remained weak
- Commissioned four new facilities
- Solid cash flow generation with full year debt reduction of
$169.7 million
For the fourth quarter of 2016, the Company reported net sales
of $887.3 million, as compared with
net sales of $809.7 million for the
fourth quarter of 2015. Net income attributable to Darling
for the fourth quarter was $40.5
million, or $0.25 per diluted
share, compared to a net income of $84.4
million, or $0.52 per diluted
share, for the fourth quarter of 2015. The decrease in net
income for the fourth quarter 2016 is primarily attributable to the
inclusion of the blenders tax credit all in the fourth quarter of
2015, whereas for fiscal 2016, the blenders tax credit was reported
each quarter as earned.
Net Income attributable to Darling for the fiscal year ended
December 31, 2016 was $102.3 million, or $0.62 per diluted share, as compared to a net
income of $78.5 million, or
$0.48 per diluted share, for the
fiscal year ended January 2, 2016.
The increase is primarily attributable to increased margins and
production in both the Food and Fuel Ingredients segments, higher
raw material volumes in the Feed and Food Ingredients segments and
lower selling, general and administrative expense.
Randall C. Stuewe, Chairman and
Chief Executive Officer of Darling Ingredients Inc., said, "We
closed out 2016 with a solid performance across all product
lines. We executed on our strategy of de-levering and
growing, paying down $169.7 million
in debt while commissioning four new factories and expanding five
others. We carry nice momentum and a larger platform into
2017."
- Feed Ingredients – Fiscal Year 2016 compared to
Fiscal Year 2015: EBITDA $294.6
million (up 4.4 percent); Revenue $2.1 billion (up 0.7 percent); Gross margin
$464.3 million (up 0.7 percent); Raw
material processed up 7.0 percent.
- Food Ingredients -- Fiscal Year 2016 compared to
Fiscal Year 2015: EBITDA $131.3
million (up 2.5 percent); Revenue $1.1 billion (down 3 percent); Gross margin
$227.5 million (down 1.7 percent);
Raw material processed up 0.9 percent.
- Fuel Ingredients – Fiscal Year 2016 compared to
Fiscal Year 2015: EBITDA $57.7
million (up 31.4 percent); Revenue $247.1 million (up 8.3 percent); Gross margin
$64.6 million (up 26.4 percent); Raw
material processed up 0.9 percent.
- Diamond Green Diesel Joint
Venture – Solid execution and strong earnings.
Facility expansion completion expected in Q2 2018. EBITDA at entity
level $174.4 million, $87.1 million Darling's share.
For More
Information, contact:
|
Melissa A. Gaither,
VP IR and Global Communications
|
Email :
mgaither@darlingii.com
|
251 O'Connor Ridge
Blvd., Suite 300, Irving, Texas 75038
|
Phone :
972-717-0300
|