Irving, Texas (@ots/PRNewswire) – Darling Ingredients Inc. (NYSE: DAR, “Darling”) –
Third quarter of 2021
- Net income of $146.8 million, or $0.88 per GAAP diluted share
- Net sales of $1.2 billion
- Gross adjusted EBITDA $289.6 million
- The Global Components division reported revenue of $229.6 million for the third quarter
- Diamond Green Diesel (DGD), a renewable energy joint venture, contributed $60.0 million to Darling’s EBITDA earnings.
- Darling repurchased approximately $22 million of common stock in the third quarter
Darling reported net sales of $1.2 billion for the third quarter of 2021, compared to net sales of $851 million for the same period last year. Darling net income for the three months ended October 2, 2021 was $146.8 million, or $0.88 per diluted share, compared to net income of $101.1 million, or $0.61 per diluted share, for the third quarter of 2020.
Randall C. Stowe, Chairman and CEO of Darling Ingredients Inc., said: “We had another strong quarterly result in our global ingredients business, reporting adjusted EBITDA of approximately $230 million for the third quarter. “. Carbon commodities around the world continue to provide a positive tailwind to our global platform, enabling us to deliver what we believe are the best full-year results in the history of Darling Ingredients and our previous forecast of total EBITDA of $1.275 billion to meet the year. “
“The DGD expansion project in Norco, Louisiana, was completed ahead of schedule and still in full swing, so we should reach our expected operating capacity within the next week,” Stuewe said. “The Port Arthur DGD III project continues to make exceptional construction progress and remains on schedule for completion in the first half of 2023.”
Under Darling’s current share buyback approval, the company repurchased 319,330 common shares for a total of $22.3 million in the third quarter. Darling has approximately $102 million remaining under its current approval, which has been extended through August 13, 2022. In the first nine months of 2021, the company repurchased approximately $98 million of common stock.
For the nine months ended October 2, 2021, Darling reported net sales of $3.4 billion, compared to net sales of $2.6 billion for the same period in 2020. Darling net income for the first nine months of 2021 was $495.2 million, or 2.96 $ per diluted share, compared to net income of $252.1 million, or $1.51 per diluted share in the first nine months of 2020.
As of October 2, 2021, Darling had $67.4 million in cash and cash equivalents and $912.6 million available under the revolving loan agreement. As of October 2, 2021, it has a total outstanding debt of $1.38 billion. Investments (excluding DGD investments) were $191.7 million in the first nine months of fiscal 2021 compared to $184.9 million in the first nine months of fiscal 2020.
Adjusted EBITDA was $289.6 million for the third quarter of 2021 compared to $218.5 million for the same period in 2020. For the year to date, EBITDA was $928.1 million in 2021 by $627.0 million for 2020 so far.
Inquiries and contact:
Jim Stark, Vice President, Investor Relations
5601 MacArthur Blvd. in Irving, TX 75038
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