IRVING, Texas, May 12, 2021 /PRNewswire/ -- Darling Ingredients
Inc. (NYSE: DAR, "Darling") --
First Quarter 2021
- Net income of $151.8 million, or
$0.90 per GAAP diluted share
- Net Sales of $1.05 billion
- Combined adjusted EBITDA of $284.8
million
- Global Ingredients business Q1 EBITDA of $176.6 million, best quarter in the Company's
history
- Diamond Green Diesel ("DGD")
earned a record $2.77 EBITDA per
gallon, contributing $108.2 million
of EBITDA to Darling's fuel segment
Darling reported net sales of $1.05
billion for the first quarter of 2021, as compared with net
sales of $852.8 million for the same
period a year ago. Net income attributable to Darling for the
three months ended April 3, 2021 was
$151.8 million, or $0.90 per diluted share, compared to net income
of $85.5 million, or $0.51 per diluted share, for the first quarter of
2020.
"Our worldwide team delivered the best quarter in our Company's
history as our global ingredients business generated $176.6 million of EBITDA in the first quarter,"
said Randall C. Stuewe, Chairman and
Chief Executive Officer of Darling Ingredients Inc. "Adding the
strong Q1 performance of DGD, our 2021 is off to a great start with
$284.8 million of combined adjusted
EBITDA."
"Both of the renewable diesel projects at DGD remain on track,
with the expansion at Norco, LA
due to begin production in the middle of Q4 of 2021 and the 470
million gallon facility under construction in Port Arthur expected to be operational in the
second half of 2023," Stuewe added. "With the startup of the
Norco expansion, we believe that
DGD will be able to sell approximately 365 million gallons of
renewable diesel this year. The record $2.77 EBITDA per gallon reported in Q1 by DGD,
leads us to believe that DGD's EBITDA per gallon will average in
the range of $2.25 to $2.40 EBITDA per gallon for all of 2021," Stuewe
stated.
"As a result of the solid performance of our global ingredients
business to start the year and an improved outlook for DGD, we are
increasing our combined adjusted EBITDA guidance to a range of
$1.075 billion to $1.150 billion for 2021. This new guidance range
is 28% to 35% better than our 2020 performance and sets up our
global business for continued growth and improved profitability
into the future," commented Stuewe.
As of April 3, 2021, Darling had
$71.4 million in cash and cash
equivalents, and $879.9 million
available under its committed revolving credit agreement. Total
debt outstanding at the end of the three months ended April 3, 2021 was $1.4
billion.
Combined adjusted EBITDA was $284.8
million for the first quarter of 2021, compared to
$213.3 million for the same period in
2020.
About Darling
Darling Ingredients Inc. (NYSE: DAR) is a world leading producer
of organic ingredients, generating a wide array of sustainable
protein and fat products while being one of the largest producers
of renewable clean energy. With operations on five continents,
Darling collects waste streams from the agri-food industry,
repurposing into specialty ingredients, such as hydrolyzed
collagen, edible and feed-grade fats, animal proteins and meals,
plasma, pet food ingredients, fuel feedstocks, and green bioenergy.
Darling Ingredients named one of the 50 Sustainability and Climate
Leaders in 2021, to learn more Darling Ingredients: The greenest
Company on the planet - 50 Sustainability & Climate Leaders
(50climateleaders.com). The Company sells its ingredients around
the globe and works to strengthen our promise for a better
tomorrow, creating product applications for health, nutrients and
bioenergy while optimizing our services to the food chain. Darling
is a 50% joint venture partner in Diamond
Green Diesel (DGD), North
America's largest renewable diesel manufacturer, currently
producing approximately 290 million gallons of renewable diesel
annually which products reduce Greenhouse Gas (GHG) emissions by up
to 85% compared to fossil fuels. For additional information, visit
the Company's website at http://www.darlingii.com.
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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