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Darling Ingredients Inc. (NYSE: DAR) is a global leader in transforming both edible and inedible fats and proteins into a wide range of sustainable products. With over 130 years of expertise, the company serves various industries including pharmaceutical, food, pet food, feed, technical, fuel, bioenergy, and fertilizer. Headquartered in Irving, TX, Darling Ingredients operates a vast international network of more than 260 facilities spread across 17 countries, employing over 10,000 people dedicated to creating sustainable solutions for a growing global population.
The company’s core operations focus on collecting and transforming animal by-products into valuable ingredients such as gelatin, fats, proteins, fertilizers, and pet food ingredients. Additionally, Darling Ingredients recovers and converts used cooking oil and bakery remnants into feed and fuel ingredients. The company operates three primary business segments: Feed Ingredients, Food Ingredients, and Fuel Ingredients, with the majority of its revenue generated from customers in North America.
Among its notable achievements, Darling Ingredients is also a major player in the renewable energy sector through its joint venture, Diamond Green Diesel (DGD), which produces renewable diesel. In the third quarter of 2023 alone, DGD sold 266.8 million gallons of renewable diesel. For the fiscal year 2023, the company reported net sales of $6.8 billion and net income of $647.7 million.
Recent innovations include the granting of U.S. Patent No. 11795489B2 to its health brand Rousselot for StabiCaps™, a specialized gelatin that enhances the stability and release of active ingredients in soft gel capsules. This patent secures Rousselot’s intellectual property rights, further solidifying Darling Ingredients’ position as a leader in sustainable and innovative solutions.
As a publicly traded company on the NYSE, Darling Ingredients continues to demonstrate strong financial performance despite market volatility. The company actively engages in sustainable practices, repurposing approximately 15% of the world’s meat industry waste streams into value-added products. Looking forward, Darling Ingredients remains optimistic about its future, bolstered by a vertically integrated business model and a commitment to sustainability.
Darling Ingredients Inc. (NYSE: DAR) announced the retirement of long-time board member Michael E. Rescoe. Rescoe served on the board from 2011 to 2014 and again from 2017 until his recent retirement. Chairman and CEO Randall C. Stuewe praised Rescoe's contributions, highlighting his role in transforming the company and expanding its global footprint. Rescoe's diverse experience across finance, energy, technology, development, and manufacturing sectors was instrumental in guiding Darling Ingredients through significant growth in various business initiatives during his tenure.
Darling Ingredients Inc. (NYSE: DAR) reported Q2 2024 net income of $78.9 million, or $0.49 per diluted share, down from $252.4 million in Q2 2023. Net sales decreased to $1.5 billion from $1.8 billion year-over-year. The decline was primarily due to lower fat prices and reduced earnings from Diamond Green Diesel (DGD). Combined adjusted EBITDA was $273.6 million, compared to $508.3 million in Q2 2023.
Key highlights:
- DGD sold 311.5 million gallons of renewable diesel at $0.49/gallon EBITDA
- Received $77.1 million cash dividend from DGD
- Repurchased $29.2 million of common stock
- Reaffirmed FY2024 guidance of $1.3-$1.4 billion combined adjusted EBITDA
The company remains focused on debt reduction and margin improvement through cost-cutting measures.
Darling Ingredients (NYSE: DAR) will release its Q2 2024 financial results on July 25, 2024, followed by a conference call at 9 a.m. Eastern Time.
The call will provide an update on company operations and include a presentation with supplemental financial data, available on their investor website.
To participate in the call or ask questions, pre-registration is required. An audio-only webcast will be accessible for listeners, with a replay option available until August 1, 2024.
GreenGasUSA and Darling Ingredients (NYSE: DAR) have announced a partnership to produce renewable natural gas (RNG) and capture CO2 from wastewater streams at Darling's U.S. facilities.
This collaboration aims to significantly reduce greenhouse gas (GHG) emissions through the installation of gas upgrading and CO2 capture systems. The project will also generate beneficial co-products, making it a sustainable initiative.
Darling Ingredients focuses on repurposing waste, while GreenGasUSA specializes in producing RNG from waste streams. The partnership seeks to accelerate innovative waste management solutions and deliver environmental benefits.
South Carolina Commissioner of Agriculture Hugh Weathers supports this initiative, highlighting the agricultural sector's role in advancing the clean energy economy.
Darling Ingredients (NYSE: DAR) announced a new initiative to reduce emissions from its wastewater treatment plants by converting biogas into renewable natural gas (RNG) through a partnership with GreenGasUSA. This project will initially focus on five of Darling's rendering facilities in the U.S., with potential expansion based on feasibility and market conditions. CEO Randall C. Stuewe emphasized the company's commitment to sustainability and leveraging its expertise in RNG. GreenGasUSA's CEO Marc Fetten highlighted the economic and environmental benefits of the partnership, aligning with both companies' goals of repurposing waste into valuable resources.
Darling Ingredients Inc. (NYSE: DAR) will participate in upcoming conferences including the BMO Global Farm to Market Conference and TD Cowen 2nd Annual Virtual Sustainability Week Conference. Chairman and CEO Randall C. Stuewe and Senior VP Suann Guthrie will represent the company in fireside chats and investor meetings.
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