IRVING, Texas, March 5, 2021 /PRNewswire/ -- Darling Ingredients
Inc. (NYSE: DAR, "Darling") --
Fourth Quarter 2020
- Net income of $44.7 million, or
$0.27 per GAAP diluted share
- Adjusted net income of $75.3
million, or $0.45 per diluted
share, excluding the $30.6 million
after-tax restructuring and asset impairment charge related to the
shutdown of the company's biodiesel plants in Montreal, Quebec and Butler, Kentucky
- Net Sales of $1.0 billion
- Combined adjusted EBITDA of $214.5
million
- Global Ingredients business record Q4 EBITDA of $146.3 million
Fiscal Year 2020
- Net income of $296.8 million, or
$1.78 per GAAP diluted share
- Adjusted net income of $327.4
million, or $1.96 per diluted
share, excluding the $30.6 million
after-tax restructuring and asset impairment charge related to the
shutdown of the company's biodiesel plants in Montreal, Quebec and Butler, Kentucky
- Net Sales of $3.6 billion
- Combined adjusted EBITDA of $841.5
million
- Global Ingredients business FY 2020 EBITDA of $504.2 million
- Diamond Green Diesel sold a
record 288 million gallons of renewable diesel at an average of
$2.34 EBITDA per gallon
Darling reported net sales of $1.0
billion for the fourth quarter of 2020, as compared with net
sales of $859.4 million for the same
period a year ago. Net income attributable to Darling for the
three months ended January 2, 2021
was $44.7 million, or $0.27 per diluted share, compared to a net income
of $242.6 million, or $1.44 per diluted share, for the fourth quarter
of 2019. Excluding the restructuring and asset impairment charge
related to the shutdown of the company's 2 biodiesel locations,
adjusted net income for the three months ended January 2, 2021 was $75.3
million, or $0.45 per diluted
share. The results for the three months ending December 28, 2019 included retroactive blenders
tax credit (BTC) for 2018 and all of 2019. Adjusted net income for
the fourth quarter 2019, excluding the retroactive BTC of 2018 and
the first three quarters of 2019, was $50.1
million, or $0.30 per diluted
share.
"Our global ingredients business performed well in the fourth
quarter of 2020 generating $146.3
million of EBITDA," said Randall C.
Stuewe, Chairman and Chief Executive Officer of Darling
Ingredients Inc. "We made the decision to shutdown operations of
our two biodiesel plants due to unfavorable biodiesel industry
economics and there are no current plans to resume biodiesel
production at these facilities in the future. The closure of the
facilities will create additional feedstock for growth of renewable
diesel in our DGD Joint Venture."
"DGD met our expectation for 2020 selling 288 million gallons of
renewable diesel at an average of $2.34 EBITDA per gallon," Stuewe added. "The
earnings of DGD have been consistent and steady over the last three
years and based on the current environment, we believe that DGD
should generate around $2.25 EBITDA
per gallon for 2021. Also, we anticipate the startup of the 400
million gallon expansion in Norco,
LA to commission in the fourth quarter, potentially adding
some capacity to finish out the year," Stuewe added.
The leverage ratio as measured by the company's bank covenant
was 1.90x at the end of the year. The company reduced its Term Loan
B outstanding balance by $195 million during 2020. Capital
expenditures totaled approximately $280
million for all of 2020, down $79
million from 2019, which was due to the company initiating a
temporary reduction in non-essential capital expenditures in
2020.
For the 2020 fiscal year, Darling reported net sales of
$3.6 billion, as compared with net
sales of $3.4 billion for 2019. Net
Income attributable to Darling for 2020 was $296.8 million, or $1.78 per diluted share, as compared to net
income of $312.6 million, or
$1.86 per diluted share, for 2019.
Excluding the restructuring and asset impairment charge related to
the shutdown of the company's two biodiesel locations, adjusted net
income for 2020 was $327.4 million,
or $1.96 per diluted share. Excluding
the retroactive BTC related to 2018, adjusted net income for fiscal
2019 was $226.0 million, or
$1.34 per diluted share.
As of January 2, 2021, Darling had
$81.7 million in cash and cash
equivalents, and $893.9 million
available under its committed revolving credit agreement. Total
debt outstanding at the end of the fiscal year was $1.5 billion.
Combined adjusted EBITDA was $214.5
million for the fourth quarter of 2020, compared to
$193.3 million for the same period in
2019, excluding retroactive BTCs recorded in the 2019 fourth
quarter. For the 2020 fiscal year, combined adjusted EBITDA totaled
$841.5 million, compared to
$739.7 million for fiscal year 2019,
excluding the 2018 retroactive BTC.
For More
Information, contact:
|
|
Jim Stark, Vice
President, Investor Relations
|
Email :
james.stark@darlingii.com
|
5601 MacArthur Blvd.,
Irving, Texas 75038
|
Phone :
972-281-4823
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