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Overview and Core Business
Darling Ingredients Inc. (NYSE: DAR) is a globally recognized company specializing in the conversion of edible and inedible animal by-products and food waste into a wide array of sustainable ingredients and specialty products. With over 130 years of operational history, the company has established a robust and diverse portfolio that spans multiple industries including pharmaceutical, food, pet food, feed, technical, fuel, bioenergy, and fertilizer. By leveraging advanced processing technologies and sustainable practices, Darling Ingredients transforms fats, proteins, and other by-product streams into high-quality collagen, gelatin, pet food ingredients, and feed components. The incorporation of industry-specific processes such as the recovery and conversion of used cooking oil and bakery remnants further exemplifies their role in reducing waste and supporting renewable energy initiatives.
In its global operations, Darling Ingredients has built an expansive network of facilities across five continents, reinforcing its position as a pioneer in circular economy practices. The company’s operations are structured into three primary business segments: feed ingredients, food ingredients, and fuel ingredients. Notably, the feed segment is a significant revenue contributor due to its comprehensive approach in processing materials into animal feeds. The food ingredients segment meets the growing market demands for natural, high-quality excipients and additives, while the fuel ingredients segment underscores the company’s leadership in renewable energy by producing biogases and sustainable aviation fuel from waste-based feedstocks.
Business Model and Operational Excellence
Darling Ingredients generates revenue through multiple channels, including direct sales of processed ingredients, industrial services such as grease trap maintenance, and equipment that supports the collection and delivery of used cooking oil. The company’s integrated approach ensures that every facet of the conversion process is optimized—turning raw waste materials into valuable resources. This holistic model not only minimizes waste but also supports the development of sustainable solutions that serve a growing global population. The firm’s extensive operational network and proven expertise in handling diverse by-product streams allow it to maintain superior quality control and efficiency standards, making it a resilient player in a highly competitive market.
Sustainability and Circular Economy Leadership
At the heart of Darling Ingredients’ mission is the pursuit of sustainability through the principles of the circular economy. The company’s commitment to repurposing waste material into useful and often essential components for various industries is reflective of an environmentally responsible business ethos. Their innovative techniques, which include state-of-the-art processing and recovery methods, enable the efficient transformation of animal fats, used cooking oil, and other residual materials into products that not only nourish people and feed animals but also fuel renewable energy projects. Through these efforts, Darling Ingredients demonstrates that industrial success and environmental stewardship can go hand in hand.
Industry Impact and Market Position
Darling Ingredients occupies a unique niche in the global marketplace by bridging the gap between waste management and value-added production. Its strategic positioning is enhanced by a comprehensive global footprint, advanced technological capabilities, and a diversified product portfolio that is tailored to meet the needs of multiple high-demand industries. The company’s expertise allows it to respond effectively to market fluctuations and commodity price volatility while upholding sustainable practices. With its significant role in supplying renewable energy components, particularly in the production of sustainable aviation fuel through its joint ventures, Darling Ingredients continues to set benchmarks in both operational excellence and environmental responsibility.
Commitment to Research and Innovation
Driven by a legacy of innovation, Darling Ingredients invests significantly in research and development to enhance product quality and expand its suite of sustainable offerings. Its initiatives in developing novel collagen peptide compositions exemplify its commitment to scientific excellence, with applications that extend into health and nutritional benefits. By continuously exploring new avenues in product development, the company strengthens its competitive position and reinforces its reputation as a thought leader within the specialty ingredients space. This dedication is reflected in the rigorous research processes that underpin the development of ground-breaking products and technologies that optimize the conversion of raw materials into high-value outputs.
Conclusion
In summary, Darling Ingredients Inc. stands out as a fundamental player in the sustainable ingredients market by harnessing the potential of animal by-products and food waste. Its integrated business model, underpinned by a global network, advanced processing technologies, and a steadfast commitment to the circular economy, positions the company as an industry exemplar in both innovation and operational efficiency. With extensive expertise in converting waste to wealth, Darling Ingredients not only fulfills the immediate needs of diverse industrial sectors but also contributes meaningfully to global sustainability efforts.
Darling Ingredients (NYSE: DAR) has released a statement addressing concerns about tariffs, emphasizing its strong position to handle trade policy changes. The company highlights its global presence with 260 facilities across five continents and notes that the majority of its U.S.-produced ingredients are used domestically, with minimal exposure to exports affected by current tariffs, including those to China.
The company states that current tariff developments are not material to their business operations. Drawing from their experience managing commodity market volatility, Darling Ingredients remains confident in their ability to maintain and protect margins through necessary adjustments. They expect global trade flows to eventually normalize and believe their international footprint and market agility position them well to navigate trade policy shifts.
Darling Ingredients (NYSE: DAR) has appointed Soren Schroder as an independent director to its board, effective immediately. Schroder will serve on both the compensation and audit committees. He brings significant experience from his tenure as CEO of Bunge Global SA from 2013-2019, where he previously served as CEO of Bunge North America from 2010 to 2013, managing operations across the United States, Canada, and Mexico.
Prior to his roles at Bunge, Schroder accumulated over 15 years of experience at Continental Grain Company and Cargill. His appointment brings valuable expertise in operations, strategic leadership, financial management, and corporate governance to Darling Ingredients' board.
Darling Ingredients (NYSE: DAR) and GreenGasUSA have announced their first successful renewable natural gas (RNG) deliveries from their Dublin, Georgia facility. The project converts biogas from Darling's rendering facility wastewater streams into pipeline-quality RNG, which is now being injected into the City of Dublin's natural gas pipeline.
This initiative creates a new revenue stream while reducing Scope 1 emissions for Darling Ingredients. The project marks the first RNG collaboration between the two companies, focusing on waste repurposing for renewable energy production, delivering both environmental and economic benefits to the local community.
The companies plan to evaluate expanding this RNG production method to other facilities, based on feasibility and market conditions. The partnership aims to reduce greenhouse gas emissions, support agricultural markets, and deliver renewable energy across the United States.
Darling Ingredients (NYSE: DAR) has initiated the production of renewable natural gas (RNG) from wastewater at its Dublin, Georgia rendering facility. In collaboration with GreenGasUSA, the RNG is being injected into Dublin's natural gas distribution system and purchased by the Municipal Gas Authority of Georgia.
This initiative serves multiple purposes: reducing the company's Scope 1 emissions, creating a new revenue stream, and supporting sustainability goals. The project converts methane from wastewater treatment into valuable RNG, which is then integrated into the existing natural gas energy grid, generating thermal energy credits.
The company plans to expand this RNG production method to other rendering plants across the United States, subject to feasibility and market conditions.
Darling Ingredients (NYSE: DAR), a global leader in converting food waste into sustainable products and renewable energy, has announced its participation in several upcoming investor conferences. The company will attend five major events:
• BofA Securities Global Ag and Materials Conference in Fort Lauderdale (Feb 26) - Renewable Fuel Panel at 2:45 PM ET
• Scotia Bank Howard Weil Energy Conference in Miami (Feb 27) - Fireside chat at 10:30 AM ET
• Raymond James Institutional Investors Conference in Orlando (Mar 3) - Fireside chat at 2:15 PM ET
• Citi Consumer Conference in Miami (Mar 10)
• Piper Sandler Energy Conference in Las Vegas (Mar 17)
Interested parties can find additional event details and webcast information on the company's website at darlingii.com/events.
Darling Ingredients (DAR) reported Q4 2024 net income of $101.9 million ($0.63 per share), up from $84.5 million ($0.52 per share) in Q4 2023. Total net sales were $1.4 billion for Q4 2024, down from $1.6 billion in Q4 2023.
For fiscal year 2024, the company reported net sales of $5.7 billion, compared to $6.8 billion in 2023. Net income for FY2024 was $278.9 million ($1.73 per share), down from $647.7 million ($3.99 per share) in FY2023.
Combined Adjusted EBITDA for Q4 2024 was $289.5 million, compared to $350.9 million in Q4 2023. Diamond Green Diesel (DGD) sold 293.8 million gallons of renewable diesel in Q4 at $0.40 per gallon EBITDA, contributing $68.6 million in cash dividends to Darling. The company provided 2025 guidance of $1.25-1.30 billion Combined Adjusted EBITDA.
Darling Ingredients (NYSE: DAR) has released preliminary information about its Q4 and fiscal year 2024 performance through its Diamond Green Diesel (DGD) joint venture. The JV partner reported renewable diesel segment operating income of $170 million for Q4 2024 and $507 million for the full year. DGD experienced a lower of cost-or-market adjustment of $118 million in Q4 and $176 million for the full year.
DGD sold 292.8 million gallons of renewable fuels in Q4 and 1.25 billion gallons for the full year 2024. The Q4 EBITDA per gallon was $0.40 ($0.81 excluding LCM), while the full-year EBITDA per gallon was $0.46 ($0.60 excluding LCM). The company's core business had its strongest quarterly performance in Q4 2024, with management noting strong momentum entering 2025.
The company will host an earnings conference call on February 6, 2025, to discuss detailed financial results and provide its 2025 outlook.
Darling Ingredients (NYSE: DAR), a global leader in converting food waste into sustainable products and renewable energy, has achieved its first-ever ISS ESG Prime status. The company improved its ESG Corporate Rating to B- and ranks in the top 10% of companies within its industry.
This recognition from ISS ESG, the responsible investment arm of proxy advisory firm ISS, highlights Darling's strong sustainability strategy focusing on financial and impact materiality. Key achievements outlined in their recent sustainability report include:
- Setting Scope 1 and 2 emissions reduction goals
- Completing a full inventory of Forest, Land Use and Agriculture emissions
- Increasing women representation in senior management
- Mapping biodiversity risks across U.S. operations to assess species richness and habitat availability
Darling Ingredients (NYSE: DAR) announced significant leadership changes. Brad Phillips, Executive VP and CFO, will retire after 36 years, effective June 15, 2025. Robert Day, current Executive VP and Chief Strategy Officer, will become CFO after the 2024 Form 10-K filing (expected Feb. 25, 2025). Sandra Dudley will be promoted to Executive VP, Renewables and Chief Strategy Officer. Carlos Paz will join as Executive VP, Global Risk Management, Ingredients.
Day joined in 2023 with previous experience at Ascendant Partners and Ceres Global Ag Corp. Dudley, who joined in 2015, currently oversees the Diamond Green Diesel joint venture and specialty operations. Paz comes from Ceres Global Ag Corp., bringing over 20 years of experience from Cargill in trading and merchandising.
Darling Ingredients announced that Avfuel received its first delivery of sustainable aviation fuel (SAF) produced by Diamond Green Diesel (DGD), a joint venture between Darling and Valero Energy. Naples Aviation became the first location in eastern US to offer DGD's SAF for general sale.
The SAF, produced from waste-based feedstocks like used cooking oil, animal tallow, and distiller's corn oil, can reduce greenhouse gas emissions by up to 80% compared to conventional jet fuel. DGD's Port Arthur facility made its first SAF shipment on Nov. 16, with approximately 50% of its 470 million gallon annual capacity converted to SAF production.
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