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Darling Ingredients Inc. Reports First Quarter 2021 Financial Results

May 11, 2021 4:17 PM EDT

IRVING, Texas, May 11, 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
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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.

Segment Financial Tables (in thousands)

(unaudited)

Three Months Ended April 3, 2021

Feed Ingredients

Food Ingredients

Fuel Ingredients

Corporate

Total

Net Sales

$          651,444

$          298,065

$            97,207

$                   -

$        1,046,716

Cost of sales and operating expenses

474,581

226,413

71,790

-

772,784

Gross Margin

$          176,863

$            71,652

$            25,417

$                   -

$           273,932

Loss/(gain) on sale of assets

(139)

55

20

-

(64)

Selling, general and administrative expenses

52,620

25,191

4,867

14,720

97,398

Restructuring and asset impairment charges

-

-

778

-

778

Depreciation and amortization

54,609

14,883

6,155

2,887

78,534

Equity in net income of Diamond Green Diesel

-

-

102,225

-

102,225

Segment operating income/(loss)

$            69,773

$            31,523

$          115,822

$       (17,607)

$           199,511

Equity in net income of unconsolidated subsidiaries

$                 612

$                      -

$                      -

$                   -

$                  612

Segment Income/(loss)

$            70,385

$            31,523

$          115,822

$       (17,607)

$           200,123

Segment EBITDA

$          124,382

$            46,406

$            20,530

$      (14,720)

$           176,598

DGD adjusted EBITDA (Darling's Share)

$                      -

$                      -

$          108,200

$                   -

$           108,200

Combined adjusted EBITDA

$          124,382

$            46,406

$          128,730

$      (14,720)

$           284,798

Three Months Ended March 28, 2020

Feed Ingredients

Food Ingredients

Fuel Ingredients

Corporate

Total

Net Sales

$          512,625

$          270,294

$            69,923

$                   -

$           852,842

Cost of sales and operating expenses

388,453

205,430

53,025

-

646,908

Gross Margin

$          124,172

$            64,864

$            16,898

$                   -

$           205,934

Loss on sale of assets

50

2

9

-

61

Selling, general and administrative expenses

53,947

25,476

1,654

15,116

96,193

Depreciation and amortization

53,521

20,305

8,092

2,753

84,671

Equity in net income of Diamond Green Diesel

-

-

97,820

-

97,820

Segment operating income/(loss)

$            16,654

$            19,081

$          104,963

$       (17,869)

$           122,829

Equity in net income of unconsolidated subsidiaries

$                 869

$                      -

$                      -

$                   -

$                  869

Segment income/(loss)

$            17,523

$            19,081

$          104,963

$       (17,869)

$           123,698

Segment EBITDA

$            70,175

$            39,386

$            15,235

$      (15,116)

$           109,680

DGD adjusted EBITDA (Darling's Share)

$                      -

$                      -

$          103,634

$                   -

$           103,634

Combined adjusted EBITDA

$            70,175

$            39,386

$          118,869

$      (15,116)

$           213,314

 

 

Darling Ingredients Inc. and Subsidiaries

Consolidated Balance Sheets

April 3, 2021 and January 2, 2021

  (in thousands)

April 3,

January 2,

2021

2021

ASSETS

(unaudited)

Current assets:

Cash and cash equivalents

$                  71,199

$                  81,617

Restricted cash

177

103

Accounts receivable, net

385,663

405,387

Inventories

420,659

405,922

Prepaid expenses

50,251

47,793

Income taxes refundable

3,274

3,883

Other current assets

9,544

42,289

              Total current assets

940,767

986,994

Property, plant and equipment, net

1,822,075

1,863,814

Intangible assets, net

452,539

473,680

Goodwill

1,241,242

1,260,240

Investment in unconsolidated subsidiaries

915,085

804,682

Operating lease right-of-use assets

145,238

146,563

Other assets

59,099

60,682

Deferred income taxes

15,402

16,676

$             5,591,447

$             5,613,331

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt

$                  26,997

$                  27,538

Accounts payable, principally trade

245,648

255,340

Income taxes payable

15,627

17,497

Current operating lease liabilities

38,064

39,459

Accrued expenses

311,371

335,471

              Total current liabilities

637,707

675,305

Long-term debt, net of current portion

1,417,534

1,480,531

Long-term operating lease liabilities

108,777

109,707

Other noncurrent liabilities

115,799

117,371

Deferred income taxes

281,684

276,208

              Total liabilities

2,561,501

2,659,122

Commitments and contingencies

Total Darling's stockholders' equity

2,966,603

2,891,909

Noncontrolling interests

63,343

62,300

              Total stockholders' equity

$             3,029,946

$             2,954,209

$             5,591,447

$             5,613,331

 

 

Darling Ingredients Inc. and Subsidiaries

Consolidated Operating Results

For the Three-Month Periods Ended April 3, 2021 and March 28, 2020

(in thousands, except per share data)   

Three Months Ended

(unaudited)

$ Change

April 3,

March 28,

Favorable

2021

2020

(Unfavorable)

Net sales

$       1,046,716

$          852,842

$           193,874

Costs and expenses:

Cost of sales and operating expenses

772,784

646,908

(125,876)

Loss (gain) on sale of assets

(64)

61

125

Selling, general and administrative expenses

97,398

96,193

(1,205)

Restructuring and asset impairment charges

778

-

(778)

Depreciation and amortization

78,534

84,671

6,137

Total costs and expenses

949,430

827,833

(121,597)

Equity in net income of Diamond Green Diesel

102,225

97,820

4,405

Operating income

199,511

122,829

76,682

Other expense:

Interest expense

(16,428)

(19,090)

2,662

Foreign currency gain / (loss)

(410)

1,664

(2,074)

Other expense, net

(1,159)

(1,881)

722

Total other expense

(17,997)

(19,307)

1,310

Equity in net income

    of unconsolidated subsidiaries

612

869

(257)

Income from operations before income taxes

182,126

104,391

77,735

Income tax expense

28,708

18,300

(10,408)

Net income

153,418

86,091

67,327

Net income attributable to

noncontrolling interests

(1,652)

(581)

(1,071)

Net income attributable to Darling

$          151,766

$            85,510

$             66,256

Basic income per share:

$                0.93

$                0.52

$                 0.41

Diluted income per share:

$                0.90

$                0.51

$                 0.39

Number of diluted common shares:

167,749

167,927

 

                                                                             

Darling Ingredients Inc. and Subsidiaries

     Consolidated Statement of Cash Flows

Periods Ended April 3, 2021 and March 28, 2020

(in thousands)

(unaudited)    

Three Months Ended

April 3,

March 28,

Cash flows from operating activities:

2021

2020

Net income

$  153,418

$    86,091

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

78,534

84,671

Loss/(gain) on sale of assets

(64)

61

Asset impairment

138

-

Deferred taxes

11,809

6,377

Decrease in long-term pension liability

(448)

(264)

Stock-based compensation expense

8,415

10,818

Write-off deferred loan costs

598

-

Deferred loan cost amortization

1,040

1,416

Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries

(102,837)

(98,689)

Distributions of earnings from other unconsolidated subsidiaries

57

-

Changes in operating assets and liabilities, net of effects from acquisitions:

     Accounts receivable

10,721

487

     Income taxes refundable/payable

(760)

348

     Inventories and prepaid expenses

(27,188)

(24,999)

     Accounts payable and accrued expenses

(13,462)

(16,790)

     Other

18,834

(14,981)

     Net cash provided by operating activities

138,805

34,546

Cash flows from investing activities:

Capital expenditures

(60,751)

(61,599)

Acquisitions, net of cash acquired

(340)

-

Investment in unconsolidated subsidiaries

(4,449)

-

Gross proceeds from disposal of property, plant and equipment and other assets

1,629

379

Payments related to routes and other intangibles

(347)

(3,416)

     Net cash used in investing activities

(64,258)

(64,636)

Cash flows from financing activities:

Proceeds from long-term debt

9,262

8,264

Payments on long-term debt

(60,444)

(8,638)

Borrowings from revolving credit facility

111,000

219,933

Payments on revolving credit facility

(97,000)

(100,782)

Net cash overdraft financing

499

(9,594)

Issuance of common stock

50

67

Repurchase of common stock

-

(55,044)

Minimum withholding taxes paid on stock awards

(42,268)

(4,328)

Acquisition of noncontrolling interest

-

(8,784)

Distributions to noncontrolling interests

(2,143)

(688)

     Net cash provided (used) by financing activities

(81,044)

40,406

Effect of exchange rate changes on cash flows

(3,847)

(6,916)

Net increase / (decrease) in cash, cash equivalents and restricted cash

(10,344)

3,400

Cash, cash equivalents and restricted cash at beginning of period

81,720

73,045

Cash, cash equivalents and restricted cash at end of period

$    71,376

$    76,445

Supplemental disclosure of cash flow information:

Accrued capital expenditures

$     (9,678)

$     (1,630)

Cash paid during the period for:

Interest, net of capitalized interest

$      2,774

$      5,863

Income taxes, net of refunds

$    15,578

$    11,453

Non-cash operating activities:

Operating lease right of use obtained in exchange for new lease liabilities

$    12,404

$      9,121

Non-cash financing activities:

Debt issued for service contract assets

$               -

$            21

 

 

Diamond Green Diesel Joint Venture

Condensed Consolidated Balance Sheets

March 31, 2021 and December 31, 2020

(in thousands)

March 31,

December  31,

2021

2020

Assets:

 (unaudited) 

Total current assets

$           477,840

$          383,557

Property, plant and equipment, net

1,437,905

1,238,726

Other assets

39,171

36,082

Total assets

$        1,954,916

$       1,658,365

Liabilities and members' equity:

Total current portion of long term debt

$                   562

$                  517

Total other current liabilities

177,594

99,787

Total long term debt

8,702

8,705

Total other long term liabilities

8,722

3,758

Total members' equity

1,759,336

1,545,598

Total liabilities and members' equity

$        1,954,916

$       1,658,365

 

 

Diamond Green Diesel Joint Venture

Operating Financial Results

For the Three-Month Periods Ended March 31, 2021 and March 31, 2020

(in thousands)

Three Months Ended

(unaudited)

$ Change

March 31,

March 31,

Favorable

Revenues:

2021

2020

(Unfavorable)

Operating revenues

$           431,633

$           358,615

$               73,018

Expenses:

Total costs and expenses less

depreciation, amortization and accretion expense

215,234

151,347

(63,887)

Depreciation, amortization and

11,687

11,774

87

accretion expense

Total costs and expenses

226,921

163,121

(63,800)

Operating income 

204,712

195,494

9,218

Other income

58

461

(403)

Interest and debt expense, net

(320)

(315)

(5)

Net income 

$           204,450

$           195,640

$                 8,810

 

Darling Ingredients Inc. reports Adjusted EBITDA results, which is a Non-GAAP financial measure, as a complement to results provided in accordance with generally accepted accounting principles (GAAP) (for additional information, see "Use of Non-GAAP Financial Measures" included later in this media release). The Company believes that Adjusted EBITDA provides additional useful information to investors. Adjusted EBITDA, as the Company uses the term, is calculated below:

 

Reconciliation of Net Income to (Non-GAAP) Adjusted EBITDA and (Non-GAAP) Pro forma Adjusted EBITDAFor the Three-Month Periods Ended April 3, 2021 and March 28, 2020

Three Months Ended

Adjusted EBITDA 

April 3,

March 28,

(U.S. dollars in thousands)

2021

2020

Net income attributable to Darling

$        151,766

$               85,510

Depreciation and amortization

78,534

84,671

Interest expense

16,428

19,090

Income tax expense

28,708

18,300

Restructuring and asset impairment charges

778

-

Foreign currency loss / (gain)

410

(1,664)

Other expense, net

1,159

1,881

Equity in net income of Diamond Green Diesel

(102,225)

(97,820)

Equity in net income of unconsolidated subsidiaries

(612)

(869)

Net income attributable to noncontrolling interests

1,652

581

Adjusted EBITDA (Non-GAAP)

$        176,598

$        109,680

Foreign currency exchange impact 

(8,050)

(1)

-

 Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)

$        168,548

$        109,680

DGD Joint Venture Adjusted EBITDA (Darling's Share)

$        108,200

$        103,634

Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA 

$        284,798

$        213,314

(1) The average rate assumption used in this calculation was the actual fiscal average rate for the three months ended

April 3, 2021 of €1.00:USD$1.20 and CAD$1.00:USD$0.79, as compared to the average rate for the three months ended

March 28, 2020 of  €1.00:USD$1.10 and CAD$1.00:USD$0.75, respectively.

 

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.

Darling Ingredients Inc. will host a conference call to discuss the Company's first quarter 2021 financial results at 9:00 am Eastern Time (8:00 am Central Time) on Wednesday, May 12, 2021.  To listen to the conference call, participants calling from within North America should dial 1-844-868-8847; international participants should dial 1-412-317-6593.  Please refer to access code 10153598. Please call approximately ten minutes before the start of the call to ensure that you are connected.

The call will also be available as a live audio webcast that can be accessed on the Company website at http://ir.darlingii.com. Beginning one hour after its completion, a replay of the call can be accessed through May 19, 2021, by dialing 1-877-344-7529 (U.S. callers), 1-855-669-9658 (Canada) and 1-412-317-0088 (international callers).  The access code for the replay is 10153598.  The conference call will also be archived on the Company's website.

Use of Non-GAAP Financial Measures:

Adjusted EBITDA is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity and is not intended to be a presentation in accordance with GAAP.  Adjusted EBITDA is presented here not as an alternative to net income, but rather as a measure of the Company's operating performance. Since EBITDA (generally, net income plus interest expense, taxes, depreciation and amortization) is not calculated identically by all companies, this presentation may not be comparable to EBITDA or Adjusted EBITDA presentations disclosed by other companies. Adjusted EBITDA is calculated in this presentation and represents, for any relevant period, net income/(loss) plus depreciation and amortization, goodwill and long-lived asset impairment, interest expense, (income)/loss from discontinued operations, net of tax, income tax provision, other income/(expense) and equity in net loss of unconsolidated subsidiary. Management believes that Adjusted EBITDA is useful in evaluating the Company's operating performance compared to that of other companies in its industry because the calculation of Adjusted EBITDA generally eliminates the effects of financing, income taxes and certain non-cash and other items that may vary for different companies for reasons unrelated to overall operating performance.

Pro forma Adjusted EBITDA to Foreign Currency is not a recognized accounting measurement under GAAP. The Company evaluates the impact of foreign currency on its adjusted EBITDA. DGD Joint Venture Adjusted EBITDA (Darling's share) is not reflected in the Adjusted EBITDA or the Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP).

As a result, the Company's management uses Adjusted EBITDA as a measure to evaluate performance and for other discretionary purposes. In addition to the foregoing, management also uses or will use Adjusted EBITDA to measure compliance with certain financial covenants under the Company's Senior Secured Credit Facilities, 5.25% Notes and 3.625% Notes that were outstanding at April 3, 2021. However, the amounts shown in this presentation for Adjusted EBITDA differ from the amounts calculated under similarly titled definitions in the Company's Senior Secured Credit Facilities, 5.25% Notes and 3.625% Notes, as those definitions permit further adjustments to reflect certain other non-recurring costs, non-cash charges and cash dividends from the DGD Joint Venture. Additionally, the Company evaluates the impact of foreign exchange impact on operating cash flow, which is defined as segment operating income (loss) plus depreciation and amortization.

Information reconciling forward-looking combined adjusted EBITDA to net income is unavailable to the Company without unreasonable effort. The Company is not able to provide reconciliations of combined adjusted EBITDA to net income because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted, such as the impact of volatile commodity prices on the Company's operations, impact of foreign currency exchange fluctuations, depreciation and amortization and the provision for income taxes. Preparation of such reconciliations for Darling Ingredients Inc. and the Company's joint venture, Diamond Green Diesel, would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP for each entity, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. The Company provides a range for its combined adjusted EBITDA outlook that it believes will be achieved; however, it cannot accurately predict all the components of the combined adjusted EBITDA calculation.

Cautionary Statements Regarding Forward-Looking Information:

{This media release contains "forward-looking" statements regarding the business operations and prospects of Darling Ingredients Inc. and industry factors affecting it. These statements are identified by words such as "believe," "anticipate," "expect," "estimate," "intend," "could," "may," "will," "should," "planned," "potential," "continue," "momentum," "combined adjusted EBITDA guidance" and other words referring to events that may occur in the future.  These statements reflect Darling Ingredient's current view of future events and are based on its assessment of, and are subject to, a variety of risks and uncertainties beyond its control, each of which could cause actual results to differ materially from those indicated in the forward-looking statements.  These factors include, among others, existing and unknown future limitations on the ability of the Company's direct and indirect subsidiaries to make their cash flow available to the Company for payments on the Company's indebtedness or other purposes; global demands for bio-fuels and grain and oilseed commodities, which have exhibited volatility, and can impact the cost of feed for cattle, hogs and poultry, thus affecting available rendering feedstock and selling prices for the Company's products; reductions in raw material volumes available to the Company due to weak margins in the meat production industry as a result of higher feed costs, reduced consumer demand or other factors, reduced volume from food service establishments, or otherwise; reduced demand for animal feed; reduced finished product prices, including a decline in fat and used cooking oil finished product prices; changes to worldwide government policies relating to renewable fuels and greenhouse gas("GHG") emissions that adversely affect programs like the U.S. government's renewable fuel standard, low carbon fuel standards ("LCFS") and tax credits for biofuels both in the United States and abroad; possible product recall resulting from developments relating to the discovery of unauthorized adulterations to food or food additives; the occurrence of 2009 H1N1 flu (initially known as "Swine Flu"), Highly pathogenic strains of avian influenza (collectively known as "Bird Flu"), severe acute respiratory syndrome ("SARS"), bovine spongiform encephalopathy (or "BSE"), porcine epidemic diarrhea ("PED") or other diseases associated with animal origin in the United States or elsewhere, such as the outbreak of African Swine Fever ("ASF") in China and elsewhere; the occurrence of pandemics, epidemics or disease outbreaks, such as the current COVID-19 outbreak; unanticipated costs and/or reductions in raw material volumes related to the Company's compliance with the existing or unforeseen new U.S. or foreign (including, without limitation, China) regulations (including new or modified animal feed, Bird Flu, SARS, PED, BSE, ASF or similar or unanticipated regulations) affecting the industries in which the Company operates or its value added products; risks associated with the DGD Joint Venture, including possible unanticipated operating disruptions and issues relating to the announced expansion projects; risks and uncertainties relating to international sales and operations, including imposition of tariffs, quotas, trade barriers and other trade protections imposed by foreign countries; difficulties or a significant disruption in our information systems or failure to implement new systems and software successfully,  risks relating to possible third party claims of intellectual property infringement; increased contributions to the Company's pension and benefit plans, including multiemployer and employer-sponsored defined benefit pension plans as required by legislation, regulation or other applicable U.S. or foreign law or resulting from a U.S. mass withdrawal event; bad debt write-offs; loss of or failure to obtain necessary permits and registrations; continued or escalated conflict in the Middle East, North Korea, Ukraine or elsewhere; uncertainty regarding the exit of the U.K. from the European Union; and/or unfavorable export or import markets. These factors, coupled with volatile prices for natural gas and diesel fuel, climate conditions, currency exchange fluctuations, general performance of the U.S. and global economies, disturbances in world financial, credit, commodities and stock markets, and any decline in consumer confidence and discretionary spending, including the inability of consumers and companies to obtain credit due to lack of liquidity in the financial markets, among others, could cause actual results to vary materially from the forward looking statements included in this release or negatively impact the Company's results of operations. Among other things, future profitability may be affected by the Company's ability to grow its business, which faces competition from companies that may have substantially greater resources than the Company. The Company's announced share repurchase program may be suspended or discontinued at any time and purchases of shares under the program are subject to market conditions and other factors, which are likely to change from time to time. Other risks and uncertainties regarding Darling Ingredients Inc., its business and the industries in which it operates are referenced from time to time in the Company's filings with the Securities and Exchange Commission.  Darling Ingredients Inc. is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.}

For More Information, contact:

Jim Stark, Vice President, Investor Relations                 

Email : [email protected]

5601 MacArthur Blvd., Irving, Texas 75038

Phone : 972-281-4823

 

 

Cision View original content:http://www.prnewswire.com/news-releases/darling-ingredients-inc-reports-first-quarter-2021-financial-results-301289041.html

SOURCE Darling Ingredients Inc.



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