IRVING, Texas, Feb. 27, 2018 /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 2017 fourth
quarter and year ended December 30,
2017.
Fourth Quarter 2017 Overview
- Net income of $105.7 million,
or $0.63 per GAAP diluted
share
- Revenue of $952.5 million, up
7.5%
- Adjusted EBITDA of $115.8
million
- Global raw material volumes up 3.0%
- Deflationary finished product pricing in Feed segment,
Consistent performance in Food segment
- Fuel segment reflects improved Q4 biofuel economics without
blenders tax credit (BTC)
- Continued deleverage of $43
million
Fiscal 2017 Overview
- Net income of $128.5 million,
or $0.77 per GAAP diluted
share
- U.S. Tax Cuts and Jobs Act and the European tax reform added
$0.53 to EPS
- No blenders tax credit in results, will be reported Q1
2018
- Adjusted EBITDA of $438.9
million
- Diamond Green Diesel (DGD)
earned $0.54 cents per gallon without
BTC
- Debt paydown of $112.5
million
- $61.8 million in working
capital improvement
Fourth quarter 2017 net sales of $952.5
million, compared to $885.8
million for fourth quarter 2016. Net income
attributable to Darling for fourth quarter 2017 was $105.7 million, or $0.63 per diluted share, compared to $40.5 million, or $0.25 per diluted share, for fourth quarter
2016. The increase in net income is due to the reversal of
deferred tax liabilities due to the U.S. Tax Cuts and Jobs Act,
benefits from European tax reform, along with improved raw material
volumes and pricing across the segments. Fourth quarter
results do not reflect the BTC.
Net Income attributable to Darling for the fiscal year 2017 was
$128.5 million, or $0.77 per diluted share, compared to $102.3 million, or $0.62 per diluted share, for the prior year
period. The increase in net income is due to the reversal of
deferred tax liabilities due to the U.S. Tax Cuts and Jobs Act
along with benefits from European tax reform. First quarter
2018 results for Fuel segment will reflect income of $12.6 million from the BTC.
Randall C. Stuewe, Chairman and
CEO of Darling Ingredients Inc., said, "We leveraged higher global
raw material volumes with consistent margins by managing through
deflationary finished product markets in Feed Ingredients. Food
Ingredients delivered strong performance across all product lines
while managing through continued macroeconomic headwinds in South
American markets. DGD delivered $86
million EBITDA (Darling's half being $43 million), or $0.54 per gallon, excluding the BTC. DGD
expansion is progressing, with facility expected downtime mid-May
for final tie-ins before completion in late Q2 2018."
- Feed Ingredients – EBITDA $313.9 million (up 6.6 percent); Revenue
$2,239.5 million (up 7.2 percent);
Gross Margin $494.7 million (up 6.5
percent); Raw material processed up 3.3 percent.
- Food Ingredients – EBITDA $131.4 million (flat); Revenue $1,157.0 million (up 9.6 percent); Gross Margin
$236.4 million (up 3.9 percent); Raw
material processed up 3.7 percent.
- Fuel Ingredients – EBITDA $44.8 million (down 24.6 percent); Revenue
$265.8 million (up 7.6 percent);
Gross Margin $55.3 million (down 14.4
percent); Raw material processed up 0.85 percent.
- Diamond Green Diesel JV – Delivered solid
earnings of $0.54 per gallon,
excluding BTC. Including the retroactive BTC, the facility earned
$247 million on the sale of 160
million gallons.
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 :
972-281-4478
|