IRVING, Texas, May 7, 2020 /PRNewswire/ -- Darling Ingredients
Inc. (NYSE: DAR, "Darling") --
First Quarter 2020
- Net income of $85.5 million, or
$0.51 per GAAP diluted share
- Net Sales of $852.8 million
- Adjusted EBITDA of $213.3
million
- Diamond Green Diesel ("DGD")
earned $2.63 EBITDA per gallon on
approximately 79 million gallons sold
- Repurchased $55 million of common
stock
Darling reported net sales of $852.8
million for the first quarter of 2020, as compared with net
sales of $835.1 million for the same
period a year ago. Net income attributable to Darling for the
three months ended March 28, 2020 was
$85.5 million, or $0.51 per diluted share, compared to a net income
of $18.0 million, or $0.11 per diluted share, for the first quarter of
2019.
"We delivered a strong first quarter performance consistent with
the guidance we provided on our February
2020 earnings call, generating $213
million of combined adjusted EBITDA," said Randall C. Stuewe, Chairman and Chief Executive
Officer of Darling Ingredients Inc. "The diversity of our global
platform from food to feed to green hydrocarbon is helping us to
weather the COVID-19 pandemic."
"We continue to execute our global strategy of creating
sustainable ingredients for feed, food and fuel, from the waste
streams of the food processing industry and being a leader in the
production of green hydrocarbons to assist with global
decarbonization. First and foremost, Darling has acted to ensure
that we are providing a safe work environment for our employees
across our network of 200+ locations around the world," added
Stuewe. "We are also taking the necessary steps to safeguard our
balance sheet in the current environment. While we anticipate some
disruption and potential lighter volumes of raw materials processed
in the coming quarter, accordingly, we are committed to managing
and reducing operating expenses across the business. Consistent
with this approach, we are targeting a deferral of 15% to 20% in
capital expenditures until the uncertainty surrounding the COVID-19
outbreak improves."
"In April, DGD had accumulated over $600
million of cash, sufficient to fund the phase II 2020
expansion of DGD and provide each joint venture partner with a
$125 million distribution. Also,
Darling anticipates receiving an additional $65 to $75 million
in July consistent with the distribution policy at DGD," stated
Stuewe.
As of March 28, 2020, Darling had
$76.4 million in cash and cash
equivalents, and $795.9 million
available under committed revolving credit agreements. Total debt
outstanding at the end of the first quarter of 2020 was
$1.75 billion.
Under Darling's current share repurchase authorization, the
Company repurchased 2.2 million shares of common stock during the
first quarter for a total of $55
million. Darling has approximately $126 million remaining under its current
authorization.
Combined adjusted EBITDA was $213.3
million for the first quarter of 2020, compared to
$133.3 million for the same period in
2019.
For additional information, visit the Company's website at
http://www.darlingii.com and to review the Company's Environmental,
Social and Governance (ESG) Factsheet at
http://www.commitment.darlingii.com/metrics/esgfactsheet.
For More Information,
contact:
Jim Stark, Vice President, Investor
Relations
5601 MacArthur Blvd., Irving,
Texas 75038
Email : james.stark@darlingii.com
Phone : 972-281-4823
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