Second Quarter 2022
- Net income of $202 million, or
$1.23 per GAAP diluted share
- Net Sales of $1.65 billion
- Combined adjusted EBITDA of $402.6
million
- Repurchased $48.7 million of
stock
IRVING, Texas, Aug. 9, 2022 /PRNewswire/ -- Darling Ingredients
Inc. (NYSE: DAR) today reported another record quarter, with net
income of $202 million, or
$1.23 per diluted share for the
second quarter 2022, compared to net income of $196.6 million, or $1.17 per diluted share, for the second quarter
2021. The company also reported net sales of $1.65 billion for the second quarter of 2022, as
compared with net sales of $1.2
billion for the same period a year ago.
"Darling Ingredients delivered another record quarter, setting
an all-time quarterly high of $402.6
million in combined adjusted EBITDA," said Randall C. Stuewe, Chairman and Chief Executive
Officer of Darling Ingredients Inc. "This quarter's outstanding
performance illustrates our diversified platform of specialty
ingredients and decarbonization solutions and our ability to adapt
to dynamic market conditions."
For the six months ended July 2,
2022, Darling Ingredients reported net sales of $3 billion, compared to net sales of $2.2 billion for the same period in 2021. Net
income attributed to Darling Ingredients for the first six months
of 2022 was $390 million, or
$2.37 per diluted share, as compared to net income of
$348.3 million, or $2.08 per diluted share, for the first six months
of 2021.
Combined adjusted EBITDA was $402.6
million for the second quarter 2022, compared to
$353.7 million for the same period in
2021. On a year-to-date basis, combined adjusted EBITDA
totaled $733.2 million for 2022, as
compared to $638.5 million for the
same period in 2021.
Under Darling Ingredients' share repurchase program, the company
repurchased approximately 700,000 shares of common stock during the
second quarter for a total of $48.7
million, bringing the total stock repurchased year to date
2022 as of July 2, 2022, to
approximately 971,000 shares of common stock for a total of
$65.9 million.
As of July 2, 2022, Darling had
$146.8 million in cash and cash
equivalents, and $1.4 billion
available under its committed revolving credit agreement. Total
debt outstanding as of July 2, 2022,
was $2.9 billion. The leverage ratio
as measured by the company's bank covenant was 2.59 as of
July 2, 2022. Second quarter capital
expenditures totaled approximately $79.9
million.
On May 2, 2022, Darling
Ingredients completed the acquisition of Valley Proteins, one of
the largest independent rendering companies in the United States. On Aug. 1, 2022, the company completed its
acquisition of FASA Group, the largest independent rendering
company in Brazil. The company
used cash on hand and borrowings under the company's amended credit
agreement to fund the acquisitions.
Darling Ingredients reaffirms its previously announced forecast
for full year 2022 of $1.55-$1.6 billion
combined adjusted EBITDA.
About Darling
Darling Ingredients Inc. (NYSE: DAR) is the largest publicly
traded company turning edible by-products and food waste into
sustainable products and a leading producer of renewable energy.
Recognized as a sustainability leader, the company operates more
than 250 plants in 17 countries and repurposes approximately 15% 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 and follow us on LinkedIn.
The earnings call replay can be accessed through Aug. 17, 2022, by dialing 1-877-344-7529 (U.S.
callers), 1-855-669-9658 (Canada)
and 1-412-317-0088 (international callers). The access code
for the replay is 8664057. The conference call will also be
archived on the Company's website.
Contact:
|
Suann
Guthrie
|
|
VP, Investor Relations,
Sustainability & Communications
|
|
(469) 214-8202;
Suann.Guthrie@darlingii.com
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