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Darling Ingredients Inc. Announces Third Quarter 2022 Results
"Darling Ingredients delivered another strong quarter, carrying great momentum to finish the year with record earnings," said Randall C. Stuewe , Chairman and Chief Executive Officer of Darling Ingredients Inc. "Strong worldwide demand for fats and proteins will continue to be a tailwind for our global ingredients business. Diamond Green Diesel III is expected to come on-line within the next week, six months ahead of schedule. This, once again, showcases our strength and expertise to satisfy demand for decarbonization solutions in a meaningful way."
For the nine months ended Oct. 1, 2022 , Darling Ingredients reported net sales of $4.8 billion , compared to net sales of $3.4 billion for the same period in 2021. Net income attributable to Darling Ingredients for the first nine months of 2022 was $581.1 million , or $3.54 per diluted share, as compared to net income attributable to Darling Ingredients of $495.2 million , or $2.96 per diluted share, for the first nine months of 2021.
Combined adjusted EBITDA was $394.7 million for the third quarter 2022, compared to $289.6 million for the same period in 2021. On a year-to-date basis, combined adjusted EBITDA totaled $1.13 billion for 2022, as compared to $928 million for the same period in 2021.
Under Darling Ingredients' share repurchase program, the company repurchased approximately 609,000 shares of common stock during the third quarter for a total of $37.2 million , bringing the total stock repurchased year to date 2022 as of Oct. 1, 2022 , to approximately 1.58 million shares of common stock for a total of $103.1 million .
As of Oct. 1, 2022 , Darling had
$126.1 million in cash and cash equivalents, and
$1.35 billion available under its committed revolving credit agreement. Total debt outstanding as of
Oct. 1, 2022 was $3.3 billion . The leverage ratio as measured by the company's bank covenant was 2.48 as of
Oct. 1, 2022 . Year-to-date capital expenditures totaled approximately
$257.1 million .
On Aug. 1, 2022 , Darling Ingredients completed the acquisition of FASA Group, the largest independent rendering company in Brazil . On Oct. 18, 2022 , Darling Ingredients announced it had entered into a definitive agreement to acquire all of the shares of Gelnex, a leading global producer of collagen products for approximately $1.2 billion USD in cash. Darling Ingredients also announced on Nov. 2, 2022 , that it has entered into a definitive agreement to purchase Polish rendering company, Miropasz Group for approximately €110 million Euros.
Darling Ingredients reaffirms its previously announced forecast for full year 2022 of $1.55 - $1.6 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 270 plants 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 and follow us on LinkedIn.
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