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 fourth quarter and fiscal year 2021.
The company reported net income of USD 155.8 million, or USD 0.94 per diluted share for fourth quarter 2021, compared to net income of USD 44.7 million, or USD 0.27 per diluted share, for fourth quarter 2020. The company also reported net sales of USD 1.3 billion for the fourth quarter of 2021, as compared with net sales of USD 1.0 billion for the same period a year ago.
«Q4 was an outstanding quarter, capping off another record year for Darling Ingredients,» said Randall C. Stuewe, Chairman and Chief Executive Officer. «Robust demand in our feed segment aligned with increasing demand at Diamond Green Diesel (DGD) positions us well for strong performance in 2022.»
DGD sold a record 370 million gallons of renewable diesel in fiscal year 2021 at an average of USD 2.07 Ebitda per gallon. The DGD Norco, La. renewable diesel expansion project was commissioned in the fourth quarter and is operating above nameplate capacity.
«DGD is providing a solid return,» Stuewe added. «Our announced agreement to purchase Valley Proteins strategically positions us to provide low CI feedstocks to fuel growing demand for renewable diesel. It also opens the door to potential new export opportunities as our world drives toward decarbonization.»
The leverage ratio as measured by the company’s bank covenant was 1.57x at the end of the year. The company reduced its Term Loan B outstanding balance by USD 100 million during 2021. Capital expenditures totaled approximately USD 274 million in 2021. Repurchase of the company’s common stock totaled USD 167.7 million in 2021.
For the 2021 fiscal year, Darling reported net sales of USD 4.7 billion, as compared with net sales of USD 3.6 billion for 2020. Net income attributable to Darling for 2021 was USD 650.9 million, or USD 3.90 per diluted share, as compared to net income of USD 296.8 million, or USD 1.78 per diluted share, for 2020.
As of January 01, 2022, Darling had USD 69.1 million in cash and cash equivalents, and USD 1.29 billion available under its committed revolving credit agreement. Total debt outstanding at the end of the fiscal year was USD 1.46 billion.
Combined adjusted Ebitda was USD 306.8 million for the fourth quarter of 2021, compared to USD 214.5 million for the same period in 2020. For the 2021 fiscal year, combined adjusted Ebitda totaled USD 1.235 billion, compared to USD 841.5 million for fiscal year 2020.
For additional information please read the Company’s PDF file below (127 KB):
20220228-DARLING-Q4-2021.