IRVING, Texas, Aug. 11, 2021
/PRNewswire/ -- Darling Ingredients Inc. (NYSE: DAR,
"Darling") --
Second Quarter 2021
- Net income of $196.6 million, or
$1.17 per GAAP diluted share
- Net Sales of $1.2 billion
- Combined adjusted EBITDA of $353.7
million
- Global Ingredients business reported a record Q2 EBITDA of
$221.7 million
- Renewable diesel JV, DGD generated a record quarter,
contributing $132.0 million of EBITDA
to Darling
- Darling repurchased approximately $76
million of common stock in the second quarter
- Darling trailing twelve-month combined adjusted EBITDA
surpasses $1 billion, first time in
company history
- DGD Norco, LA 400 million
gallon renewable diesel project on track to be fully operational in
middle of Q4 2021
- DGD Port Arthur, TX 470
million gallon renewable diesel project expected completion now in
first half of 2023
Darling reported net sales of $1.2
billion for the second quarter of 2021, as compared with net
sales of $848.7 million for the same
period a year ago. Net income attributable to Darling for the
three months ended July 3, 2021 was
$196.6 million, or $1.17 per diluted share, compared to net income
of $65.4 million, or $0.39 per diluted share, for the second quarter
of 2020.
"Our global ingredients business continues to perform at the
highest levels producing a record adjusted EBITDA of approximately
$222 million for the second quarter,"
said Randall C. Stuewe, Chairman and
Chief Executive Officer of Darling Ingredients Inc. "We continue to
see positive signs of strength in a recovering economy both here in
North America and around the world
which should provide for sustained demand for food, feed and fuel,
empowering Darling to take advantage of our leadership position in
the industry."
"Darling's 2021 first half financial performance was strong, as
we generated a combined adjusted EBITDA of $638.5 million and with the continued strength of
commodity pricing for our global ingredients business expected
through the rest of 2021, and the 400 million gallon renewable
diesel expansion of DGD Norco, LA
starting up in the near term, we are once again increasing our
combined adjusted EBITDA guidance for 2021 to approximately
$1.275 billion," commented Stuewe.
Under Darling's current share repurchase authorization, the
Company repurchased 1.14 million shares of common stock during the
second quarter for a total of $75.7
million. Darling has approximately $124.3 million remaining under its current
authorization.
For the six months ended July 3,
2021, Darling reported net sales of $2.25 billion, as compared with net sales of
$1.7 billion for the same period of
2020. Net Income attributable to Darling for the first six months
of 2021 was $348.3 million, or
$2.08 per diluted share, as compared
to a net income of $150.9 million, or
$0.90 per diluted share, for the
first six months of 2020.
As of July 3, 2021, Darling had
$77.9 million in cash and cash
equivalents, and $902.1 million
available under its committed revolving credit agreement. Total
debt outstanding as of July 3, 2021
was $1.4 billion. Capital
expenditures (exclusive of DGD investments) of $126.1 million were made during the first six
months of fiscal 2021, compared to $123.2
million in the first six months of fiscal 2020.
Combined adjusted EBITDA was $353.7
million for the second quarter of 2021, compared to
$195.2 million for the same period in
2020. On a year-to-date basis, combined adjusted EBITDA totaled
$638.5 million for 2021, compared to
$408.5 million on a year-to-date
basis for 2020.
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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