Third Quarter 2022
- Net income of $191 million, or
$1.17 per GAAP diluted share
- Net Sales of $1.7 billion
- Combined adjusted EBITDA of $394.7
million
- Repurchased $37.2 million of
stock
IRVING, Texas, Nov. 8, 2022 /PRNewswire/ -- Darling Ingredients
Inc. (NYSE: DAR) today reported net income attributable to Darling
Ingredients of $191 million, or
$1.17 per diluted share for the third
quarter 2022, compared to net income attributable to Darling
Ingredients of $146.8 million, or
$0.88 per diluted share, for the
third quarter 2021. The company also reported net sales of
$1.7 billion for the third quarter of
2022, as compared with net sales of $1.2
billion for the same period a year ago.
"Darling Ingredients delivered another strong quarter, carrying
great momentum to finish the year with record earnings," said
Randall C. Stuewe, Chairman and
Chief Executive Officer of Darling Ingredients Inc. "Strong
worldwide demand for fats and proteins will continue to be a
tailwind for our global ingredients business. Diamond Green Diesel III is expected to come
on-line within the next week, six months ahead of schedule. This,
once again, showcases our strength and expertise to satisfy demand
for decarbonization solutions in a meaningful way."
For the nine months ended Oct. 1,
2022, Darling Ingredients reported net sales of $4.8 billion, compared to net sales of
$3.4 billion for the same period in
2021. Net income attributable to Darling Ingredients for the first
nine months of 2022 was $581.1
million, or $3.54 per diluted share, as compared to
net income attributable to Darling Ingredients of $495.2 million, or $2.96 per diluted share, for the first nine
months of 2021.
Combined adjusted EBITDA was $394.7
million for the third quarter 2022, compared to $289.6 million for the same period in 2021.
On a year-to-date basis, combined adjusted EBITDA totaled
$1.13 billion for 2022, as compared
to $928 million for the same period
in 2021.
Under Darling Ingredients' share repurchase program, the company
repurchased approximately 609,000 shares of common stock during the
third quarter for a total of $37.2
million, bringing the total stock repurchased year to date
2022 as of Oct. 1, 2022, to
approximately 1.58 million shares of common stock for a total of
$103.1 million.
As of Oct. 1, 2022, Darling had
$126.1 million in cash and cash
equivalents, and $1.35 billion
available under its committed revolving credit agreement. Total
debt outstanding as of Oct. 1, 2022
was $3.3 billion. The leverage ratio
as measured by the company's bank covenant was 2.48 as of
Oct. 1, 2022. Year-to-date capital
expenditures totaled approximately $257.1
million.
On Aug. 1, 2022, Darling
Ingredients completed the acquisition of FASA Group, the largest
independent rendering company in Brazil. On Oct. 18,
2022, Darling Ingredients announced it had entered into a
definitive agreement to acquire all of the shares of Gelnex, a
leading global producer of collagen products for approximately
$1.2 billion USD in cash. Darling
Ingredients also announced on Nov. 2,
2022, that it has entered into a definitive agreement to
purchase Polish rendering company, Miropasz Group for approximately
€110 million Euros.
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 270 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.
Contact:
|
Suann
Guthrie
|
|
VP, Investor Relations,
Sustainability & Communications
|
|
(469) 214-8202;
Suann.Guthrie@darlingii.com
|
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