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Darling Ingredients Inc. Reports Fourth Quarter and Fiscal Year 2022 Results
For the 2022 fiscal year, Darling Ingredients reported net income of $737.7 million , or $4.49 per diluted share, as compared to $650.9 million , or $3.90 per diluted share for 2021. Net sales for fiscal year 2022 were $6.5 billion , as compared with net sales of $4.7 billion in 2021.
Combined adjusted EBITDA for the fourth quarter 2022 was $413.0 million , compared to $306.8 million for the same period in 2021. Fiscal year 2022 combined adjusted EBITDA was $1.541 billion , compared to $1.235 billion for full year 2021.
Diamond Green Diesel (DGD) sold a record 754 million gallons of renewable diesel for fiscal year 2022, at an average $1.18 EBITDA per gallon. DGD began operations at its Port Arthur, Texas , plant in the fourth quarter of 2022, bringing DGD's total renewable diesel capacity to 1.2 billion gallons per year. On Jan. 31, 2023 , the company announced approval of a new sustainable aviation fuel project at Port Arthur, Texas .
"For the fifth consecutive year, Darling Ingredients has delivered superior earnings growth driven by our market presence, vertical integration and diverse, but synergistic segments," said Randall C. Stuewe , Darling Ingredients Chairman and Chief Executive Officer. "We are well positioned to execute and integrate the investments we have made in our four growth areas: the core rendering business, collagen peptides, green energy in Europe and soon sustainable aviation fuel at Diamond Green Diesel. Our value proposition is simple, we eliminate waste from the meat industry and upcycle those products to their highest value. Darling is not just participating in the circular economy, we are the circular economy."
These acquisitions are key to our vertical integration, company strength and strong market position.
The company's significant business highlights in 2022 include:
Under the company's share repurchase program, the company repurchased approximately 336,000 shares of common stock during the fourth quarter of 2022 for a total of approximately $22.5 million , bringing the total common stock repurchased for 2022 to approximately 1.9 million shares for a total of approximately $125.5 million .
As of Dec. 31, 2022 , Darling Ingredients had
$127.0 million in cash and cash equivalents, and
$1.3 billion available under its committed revolving credit agreement. Total debt outstanding as of
Dec. 31, 2022 , was $3.4 billion . The leverage ratio as measured by the company's bank covenant was 2.54X as of
Dec. 31, 2022 . Capital expenditures were
$134.1 million for the fourth quarter and $391.3 million for fiscal year 2022.
The company expects continued growth, and sets guidance for fiscal year 2023 at $1.80 - $1.85 billion combined adjusted EBITDA.
Darling Ingredients Inc. (NYSE: DAR) is the largest publicly traded company turning edible by-products and food waste into sustainable products and a leading producer of renewable energy. Recognized as a sustainability leader, the company operates more than 260 facilities in 17 countries and repurposes approximately 15% of the world's meat industry waste streams into value-added products, such as green energy, renewable diesel, collagen, fertilizer, animal proteins and meals, and pet food ingredients. To learn more, visit darlingii.com. Follow us on LinkedIn.
Darling Ingredients Inc. will host a conference call to discuss the Company's fourth quarter and fiscal year 2022 financial results at 9 a.m. Eastern Time ( 8 a.m. Central Time ) on Tuesday, Feb. 28, 2023 . 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, and ask to be connected to the Darling Ingredients Inc. call. 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 March 7, 2023 , 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 6860343. The conference call will also be archived on the Company's website.
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