LOGO   Exhibit 99.1    News Release

 

 

DARLING INGREDIENTS INC. REPORTS FOURTH QUARTER AND FISCAL 2015 FINANCIAL RESULTS: HIGHLIGHTS EFFICIENT GROWTH THROUGH DEFLATIONARY COMMODITY CYCLE AND CONTINUED FOCUS ON DEBT REDUCTION

4th Quarter 2015 Highlights

 

    Net income of $84.4 million, or $0.52 per GAAP diluted share; $0.54 per (Non-GAAP) Adjusted diluted share

 

    Revenue of $809.7 million

 

    Food and Fuel Segments contribute solidly.Feed Segment navigated volatile Q4 pricing

Fiscal 2015 Highlights

 

    Consolidated revenue of $3.4 billion

 

    Adjusted EBITDA of $412.5 million

 

    Full year debt reduction of $118 million

 

    Change in working capital cash improvement fiscal 2014 to fiscal 2015 of $72.7 million

 

    SG&A reduction of $52 million compared to 2014

 

    Diamond Green Diesel EBITDA $177.0 million for 2015 at entity level; Darling’s share $88.5 million for 2015

 

    Completed construction on three plants and one expansion in 2015, two additional plants on schedule for completion during 2016

March 1, 2016

– IRVING, TEXAS – Darling Ingredients Inc. (NYSE: DAR), a global leader in converting edible and inedible bio-nutrient streams into a wide range of ingredients and specialty products for customers in the pharmaceutical, food, pet food, feed, technical, fuel, bioenergy, and fertilizer industries, today announced financial results for the fiscal 2015 fourth quarter and year ended January 2, 2016.

For the fourth quarter of 2015, the Company reported net sales of $809.7 million, as compared with net sales of $1 billion for the fourth quarter of 2014. The $190.5 million decrease in net sales is attributable to sustained weakness in global commodity markets and continued FX translation impacts. Overall, global raw material volumes were stronger year over year. For fiscal 2015, the Company reported net sales of $3.40 billion, as compared with net sales of $3.96 billion for fiscal 2014.

Net income attributable to Darling for the three months ended January 2, 2016, was $84.4 million, or $0.52 per diluted share, compared to a net income of $69.9 million, or $0.42 per diluted share, for the three months ended January 3, 2015. Adjusted EBITDA for Darling for the three months ended January 2, 2016 was $102.7 million compared to Adjusted EBITDA of $108.7 million for the three months ended January 3, 2015. The $6.0 million decrease in Adjusted EBITDA is attributable to lower finished product prices in the USA and Canadian rendering businesses and the impact of foreign exchange rates as a function of the strengthening U.S. dollar as compared mainly to the euro and Canadian dollar.

The Company’s ongoing capital allocation initiatives resulted in $42.4 million in debt reduction in the fourth quarter and $118.0 million for fiscal 2015. Darling continued its emphasis on organic growth in 2015 with the completion of two wet pet food plants, one bakery recycling plant and a major expansion at our Dubuque, Iowa gelatin plant. We expect these plants, plus two new rendering plants under construction scheduled for completion in the second half of 2016, to contribute meaningful revenue and earnings during 2016.


The following information was filed by Darling Ingredients Inc. (DAR) on Tuesday, March 1, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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