IRVING, Texas, March 3, 2022 /PRNewswire/ --
Fourth Quarter 2021
- Net income of $155.8 million, or
$0.94 per GAAP diluted share
- Net Sales of $1.3 billion
- Combined adjusted EBITDA of $306.8
million
- Global ingredients business EBITDA of $223.6 million
Fiscal Year 2021
- Net income of $650.9 million, or
$3.90 per GAAP diluted share
- Net sales of $4.7 billion
- Combined adjusted EBITDA of $1.235
billion
- Global ingredients business record EBITDA of $851.4 million
- Diamond Green Diesel sold a record 370.2 million gallons of
renewable diesel at an average of $2.07 EBITDA per gallon
- Valley Proteins acquisition will strengthen low carbon
feedstock supply
Darling Ingredients Inc. (NYSE: DAR) today reported net income
of $155.8 million, or $0.94 per diluted share for fourth quarter 2021,
compared to net income of $44.7
million, or $0.27 per diluted
share, for fourth quarter 2020. The company also reported net sales
of $1.3 billion for the fourth
quarter of 2021, as compared with net sales of $1.0 billion for the same period a year
ago.
"Q4 was an outstanding quarter, capping off another record year
for Darling Ingredients, " said Randall C.
Stuewe, Chairman and Chief Executive Officer of Darling
Ingredients Inc. "Robust demand in our feed segment aligned with
increasing demand at Diamond Green Diesel (DGD) positions us well
for strong performance in 2022."
DGD sold a record 370 million gallons of renewable diesel in
fiscal year 2021 at an average of $2.07 EBITDA per gallon. The DGD Norco, La. renewable diesel expansion project
was commissioned in the fourth quarter and is operating above
nameplate capacity.
"DGD is providing a solid return," Stuewe added. "Our announced
agreement to purchase Valley Proteins strategically positions us to
provide low CI feedstocks to fuel growing demand for renewable
diesel. It also opens the door to potential new export
opportunities as our world drives toward decarbonization."
The leverage ratio as measured by the company's bank covenant
was 1.57x at the end of the year. The company reduced its Term Loan
B outstanding balance by $100 million
during 2021. Capital expenditures totaled approximately
$274 million in 2021. Repurchase of
the company's common stock totaled $167.7
million in 2021.
For the 2021 fiscal year, Darling reported net sales of
$4.7 billion, as compared with net
sales of $3.6 billion for 2020. Net
income attributable to Darling for 2021 was $650.9 million, or $3.90 per diluted share, as compared to net
income of $296.8 million, or
$1.78 per diluted share, for
2020.
As of Jan. 1, 2022, Darling had
$69.1 million in cash and cash
equivalents, and $1.29 billion
available under its committed revolving credit agreement. Total
debt outstanding at the end of the fiscal year was $1.46 billion.
Combined adjusted EBITDA was $306.8
million for the fourth quarter of 2021, compared to
$214.5 million for the same period in
2020. For the 2021 fiscal year, combined adjusted EBITDA totaled
$1.235 billion, compared to
$841.5 million for fiscal year
2020.
About Darling
Darling Ingredients Inc. (NYSE: DAR) is the largest publicly
traded company turning food waste into sustainable products and a
leading producer of renewable energy. Recognized as a
sustainability leader, the company operates 250 plants in 17
countries and repurposes nearly 10% of the world's meat industry
waste streams into value-added products, such as green energy,
renewable diesel, collagen, fertilizer, animal proteins and meals
and pet food ingredients. To learn more, visit darlingii.com.
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Contact:
|
Suann
Guthrie
|
|
VP, Investor
Relations, Sustainability &
Communications
|
|
(469)
214-8202
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