Irving / TX. (di) Darling Ingredients Inc., a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, feed, industrial, fuel, bioenergy, and fertilizer industries, announced financial results for the 2019 fourth quarter and full year ended December 28, 2019.
Fourth Quarter 2019
- Net income of USD 242.6 million, or USD 1.44 per GAAP diluted share
- Net Sales of USD 859.4 million
- Adjusted Ebitda of USD 385.8 million
- Adjusted Ebitda (excluding 2018 BTC) of USD 299.2 million
Full Year 2019
- Net income of USD 312.6 million, or USD 1.86 per GAAP diluted share
- Net Sales of USD 3.4 billion
- Adjusted Ebitda of USD 826.3 million
- Adjusted Ebitda (excluding 2018 BTC) of USD 739.7 million
Darling reported net sales of USD 859.4 million for the fourth quarter of 2019, as compared with net sales of USD 853.1 million for the same period a year ago. Net income attributable to Darling for the three months ended December 28, 2019 was USD 242.6 million, or USD 1.44 per diluted share, compared to a net income of USD 40.6 million, or USD 0.24 per diluted share, for the fourth quarter of 2018. Adjusted net income attributable to Darling for the fourth quarter of 2019 was USD 156.0 million or USD 0.92 per diluted share. The adjustment for the fourth quarter is associated with the 2018 retroactive blender’s tax credit (BTC).
«Our investment in Diamond Green Diesel continues to provide us with outstanding results and the growth of low carbon fuel standards around the world, puts Darling at the forefront of the green revolution,» said Randall C. Stuewe, Chairman and Chief Executive Officer of Darling Ingredients Inc. «Our global rendering operations continue to process higher volumes of raw materials, positioning us to be the preferred supplier of animal fats and oils for the biofuels industry.»
«Our food segment results showed solid growth in 2019 and we believe that the second half of 2020 will show additional strength as we complete the expansion of three additional Peptan facilities in the second and third quarters of this year,» added Stuewe. «Demand for collagen products continue to grow exponentially and our growth strategy of investing in additional production capacities enhances our sustainable portfolio of products and specialty ingredients.»
For the fiscal year ended 2019, Darling reported net sales of USD 3.4 billion, as compared with net sales of USD 3.4 billion for the fiscal year ended 2018. Net Income attributable to Darling for the fiscal year ended December 28, 2019 was USD 312.6 million, or USD 1.86 per diluted share, as compared to a net income of USD 101.5 million, or USD 0.60 per diluted share, for the fiscal year ended December 29, 2018. Adjusted net income attributable to Darling for the fiscal year of 2019 was USD 226.0 million or USD 1.34 per diluted share. The adjustment for the fiscal year is associated with the 2018 retroactive BTC.
Adjusted Ebitda, which is a Non-GAAP financial measure as outlined later in this release, was USD 385.8 million for the fourth quarter of 2019, which includes USD 276.2 million of Darling’s share of the DGD joint venture. Fourth quarter 2019 adjusted Ebitda excluding the 2018 BTC was USD 299.2 million. Adjusted Ebitda for the fiscal year of 2019 was USD 826.3 million, which included USD 389.4 million of Darling’s share of the DGD joint venture. Fiscal 2019 adjusted Ebitda excluding the 2018 BTC was USD 739.7 million.
As of December 28, 2019, Darling had USD 73 million in cash and cash equivalents, and USD 911.9 million available under committed revolving credit agreements, some of which are subject to restrictions and other lending conditions. Total debt outstanding at the end of the fiscal year, was USD 1.6 billion.
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