Darling Ingredients Inc.

DAR

US2372661015

Food Processing

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21/05	Darling Ingredients Insider Sold Shares Worth $1,497,686, According to a Recent SEC Filing	MT
20/05	Stifel Cuts Price Target on Darling Ingredients to $85 From $90, Maintains Buy Rating	MT

Darling Ingredients : First Quarter 2024 Transcript

April 25, 2024

Corrected Transcript

25-Apr-2024

Darling Ingredients, Inc. (DAR)

Q1 2024 Earnings Call

	Total Pages: 21
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Darling Ingredients, Inc. (DAR)	Corrected Transcript
Q1 2024 Earnings Call	25-Apr-2024

CORPORATE PARTICIPANTS

Suann Guthrie	Matthew J. Jansen
Senior Vice President-Investor Relations, Sustainability & Global	Executive Vice President and Chief Operating Officer, North America,
Communications, Darling Ingredients, Inc.	Darling Ingredients, Inc.
Randall C. Stuewe	Robert Day
Chairman & Chief Executive Officer, Darling Ingredients, Inc.	Executive Vice President and Chief Strategy Officer, Darling Ingredients,
Brad Phillips	Inc.

Executive Vice President & Chief Financial Officer, Darling Ingredients,
Inc.

.....................................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Dushyant Ailani	Paul Y. Cheng
Analyst, Jefferies LLC	Analyst, Scotia Capital (USA), Inc.
Thomas Palmer	Andrew Strelzik
Analyst, Citigroup Global Markets, Inc.	Analyst, BMO Capital Markets Corp.
Ben Bienvenu	Ryan M. Todd
Analyst, Stephens, Inc.	Analyst, Piper Sandler & Co.
Adam Samuelson	Benjamin Joseph Kallo
Analyst, Goldman Sachs & Co. LLC	Analyst, Robert W. Baird & Co., Inc.
Manav Gupta	Heather Lynn Jones
Analyst, UBS Securities LLC	Analyst, Heather Jones Research, LLC

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Darling Ingredients, Inc. (DAR)	Corrected Transcript
Q1 2024 Earnings Call	25-Apr-2024

MANAGEMENT DISCUSSION SECTION

Operator: Good morning and welcome to the Darling Ingredients Incorporated Conference Call to discuss the company's first quarter 2024 financial results. After the speakers' prepared remarks, there will be a question-and- answer period and instructions to ask a question will be given at that time. Today's call is being recorded.

I would like to turn the call over to Ms. Suann Guthrie. Please go ahead.

Suann Guthrie

Senior Vice President-Investor Relations, Sustainability & Global Communications, Darling Ingredients, Inc.

Thank you. Thank you for joining the Darling Ingredients first quarter 2024 earnings call. Here with me today are Mr. Randall C. Stuewe, Chairman and Chief Executive Officer; Mr. Brad Phillips, Chief Financial Officer; Mr. Bob Day, Chief Strategy Officer and Mr. Matt Jansen, Chief Operating Officer of North America. Our first quarter 2024 earnings news release and slide presentation are available on the investor page under Events & Presentations tab on our corporate website and will be joined by a transcript of this call once it is available.

During this call, we will be making forward-looking statements, which are predictions, projections and other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in the yesterday's press release and the comments made during this conference call and in the Risk Factors section of our Form 10-K,10-Q and other reported filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements.

Now, I will hand the call over to Randy.

Randall C. Stuewe

Chairman & Chief Executive Officer, Darling Ingredients, Inc.

Thanks, Suann, and good morning, everyone. Thanks for joining us for our first quarter 2024 earnings call. As I mentioned to you during our last earnings call in February, the global ingredients markets are facing challenges due to replenish global oilseed and grain stocks, slower global consumer demand for premium ingredients, and most importantly, delayed or canceled renewable diesel start-ups. For the quarter, our combined adjusted EBITDA was $280.1 million, but it included a $25 million out-of-period inventory adjustment within the food segment. As you can see on the slides, this is the third quarter in a row we have dealt with a deflationary pricing, but we now feel strongly we are seeing the winds begin to change in a positive direction.

Now, turning to the Feed Ingredients segment. Global raw material volumes remain strong and we are seeing fat prices slowly improve. Palm and soy oil continues to hold a strong premium over waste fats and imported fats are now a premium to North America. This shows me that we are still waiting for renewable diesel capacity and pretreatment to ramp up. Global fat prices illustrate that these announced renewable diesel producers are not yet taking advantage of the economics and lower carbon intensity of waste fats and feedstocks. Also during the quarter, we completed the Miropasz acquisition on January 30, adding three poultry rendering plants to our portfolio. The plants are performing quite well and I expect them to be accretive this year. And after 481 days offline, our Ward, South Carolina rendering plant is operational, providing us much needed capacity in the eastern United States.

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Darling Ingredients, Inc. (DAR)	Corrected Transcript
Q1 2024 Earnings Call	25-Apr-2024

Now, turning to our food segment. Our Rousselot sales volumes remain robust. Segment revenue was lower quarter over last year, Q1 over last year due to a decline in selling price in collagen, gelatin and our edible fats business. Adjusting for the $25 million out-of-period adjustment related to the Gelnex inventory, gross margins in the food segment actually widened to around 30%. This is a testament to our laser focus on spread management in a declining price environment.

Now, we announced earlier this month that we have identified a portfolio of collagen peptide profiles that are believed to provide targeted health and wellness benefits. During scientific trials, these active collagen peptide profiles have demonstrated that collagen can be beneficial in reducing the post-meal blood sugar spike in a very natural way. This is a game-changing discovery that opens the door for many new product launches worldwide. Our first active peptide will be available this fall in 2024.

Turning to our fuel segment. Feedstock prices tended to trend lower and improved DGD earnings compared to Q4 2023. However, weak RINs and LCFS prices and a lower of cost or market adjustment impacted DGD earnings. The margin outlook remains favorable due to lower fat prices and our competitor advantage plus an optimistic view we have on the LCFS. Our sustainable aviation unit construction is running ahead of schedule and on budget and is planned to start up in the fourth quarter of 2024. We continue to work with a number of interested parties on SAF purchases and remain confident in our outlook for SAF.

Now I'd like to hand the call over to Brad to go through the financials and I'll come back and give you my views on 2024.

Brad Phillips

Executive Vice President & Chief Financial Officer, Darling Ingredients, Inc.

Okay. Thanks, Randy. Net income for the first quarter 2024 totaled $81.2 million or $0.50 per diluted share compared to net income of $185.8 million or $1.14 per diluted share for the first quarter of 2023. Net sales of $1.42 billion for the first quarter of 2024 as compared to $1.79 billion for the first quarter of 2023. Operating income decreased $118.7 million to $137.2 million for the first quarter of 2024 compared to $255.8 million for the first quarter of 2023, primarily due to $120.6 million decrease in the gross margin, which as Randy previously referenced, included a $25 million out-of-period adjustment of overstated Gelnex inventories.

Also, our share of the equity and Diamond Green Diesel's earnings were $15.9 million lower than the first quarter of 2023. Depreciation and amortization was $11.5 million higher, primarily due to the addition of Gelnex. We did recognize $25.2 million of income from the change in fair value of contingent consideration related to lowering an earnout liability. Non-operating expenses increased $14.9 million, primarily due to interest expense increasing $12.6 million attributable primarily to additional debt related to acquiring Gelnex April 1, 2023.

The company recorded income tax expense of $3.9 million for the three months ended March 30, 2024 yielding an effective tax rate of 4.6%, which differs from the federal statutory rate of 21% due primarily to biofuel tax incentives and the relative mix of earnings among jurisdictions with different tax rates. The effective tax rate, excluding the impact of the biofuel tax incentives is 25.4% for the three months ended March 30, 2024. The company also paid $33 million of income taxes in the first quarter.

For 2024, we expect the effective tax rate to remain about the same at 5% and cash taxes of approximately $70 million for the remainder of the year. Company's total debt outstanding as of March 30, 2024 was $4.465 billion compared to $4.427 billion at yearend 2023, primarily due to the acquisition of Miropasz on January 31. Our bank covenant projected leverage ratio at Q1 2024 was 3.71 times and we had $811.1 million available to borrow under our revolving credit facility. Working capital noticeably improved in the first quarter 2024. Capital expenditures

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Darling Ingredients, Inc. (DAR)	Corrected Transcript
Q1 2024 Earnings Call	25-Apr-2024

totaled $93.8 million in the first quarter as compared to $111.3 million in first quarter 2023. No cash dividends were received from Diamond Green Diesel in the first quarter and there were no share repurchases in the first quarter.

With that, I'll turn it back over to you, Randy.

Randall C. Stuewe

Chairman & Chief Executive Officer, Darling Ingredients, Inc.

Thanks, Brad. For several years, we've enjoyed tailwinds from a demand-driven global economy and strong global commodity and specialty ingredient prices. We are now adapting to the new reality of abundant global supplies. In my 21 years plus at this company, I've seen this cycle many times and I am confident in the team's ability to make any necessary adjustments in our procurement processes and lowering our operating costs to regain margin leverage. In April, we saw nice progress in our core ingredients business and DGD has finally worked through its higher priced feedstocks. With SAF starting up in Q4, several contracts are underway and we remain optimistic on LCFS and DGD margin outlook remains favorable. Our goal to reduce debt and working our way toward investment grade has not wavered. Through aggressive CapEx management and a focus on improving working capital along with improved performance at DGD, I still believe we can attain by the end of - the yearend of 2024.

Additionally, as we discussed in February, we're doing a comprehensive review of our global portfolio and continue to put a strong emphasis on cost and spread management. For the full year, given what we see today around the globe with solid raw material volumes, improving premium protein and collagen demand, along with slowly improving fat prices and DGD performance, we feel optimistic that momentum will be built during the year and we will be able to deliver $1.3 billion to $1.4 billion combined adjusted EBITDA, all while setting the table for a much improved 2025.

So with that, let's go ahead and open it up to Q&A.

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Darling Ingredients, Inc. (DAR)	Corrected Transcript
Q1 2024 Earnings Call	25-Apr-2024

QUESTION AND ANSWER SECTION

Operator: We will now begin the question-and-answer session. [Operator Instructions] . The first question comes from Dushyant Ailani from Jefferies. Please go ahead.

Dushyant Ailani

Analyst, Jefferies LLC

Hi. Thank you for taking my questions. I just had the question on the guide that you have for the $1.3 billion to $1.4 billion. Does that include any reversal of the LCM adjustments or could there be additional upside to that?

Randall C. Stuewe

Chairman & Chief Executive Officer, Darling Ingredients, Inc.

No - this is Randy. The $1.3 billion to $1.4 billion is really what we see today with a small improvement in fat prices, but really back half loaded here. It doesn't include any SAF early start-up. It's just a snapshot, as we've always done, of what we see right now. As I said in February, our hope is to beat last year, but we're going to need some help from fat prices. And ultimately, if you do and I'm probably going to answer a few questions here and have Brad help me.

But, you can go straight to the feed segment and do the kind of the year-over-year,quarter-over-quarter type of analysis. And you see 100% of that is related to fat prices being down from Q4 to Q1 by 20% and year-over-year by 35% to 40%. And so, ultimately, fat prices will drive whether that number is $1.3 billion, $1.4 billion, $1.5 billion, $1.6 billion, $1.7 billion, $1.8 billion as we come back here. We also remain and as we'll talk through the Q&A, optimistic that we'll get some LCFS bump towards the end of the year. And clearly, DGD, as worked through the higher price feedstock with the longer supply chain, it continues to outperform anybody on the street out there in the business today. So, the $1.3 billion, $1.4 billion as Suann taught me, be conservative and hopefully we'll give you some upside here.

Dushyant Ailani

Analyst, Jefferies LLC

Awesome. Thank you, Randy. And then just a quick question on I guess on your leverage ratio, 3.7, any kind of updates on targets what your goal is for the year end?

Randall C. Stuewe

Chairman & Chief Executive Officer, Darling Ingredients, Inc.

Yeah. And I've Brad, help here. Remember, the leverage ratio as a point in time of total debt divided by the core ingredients plus dividends. And so clearly, as we've been building out SAF and we had the Q3 and Q4 lower earnings of last year in DGD, dividends didn't arrive here. So, that's just a function of that. As Brad and I and Matt would tell you, cash is building rapidly in DGD and we remain optimistic on dividends, which will then pull that ratio down. It's a rolling 12-month calculation. By no means is anything change other than the delay of the dividend out of DGD. Brad, anything...

Brad Phillips

Executive Vice President & Chief Financial Officer, Darling Ingredients, Inc.

That's right. Just the timing and when these dividends get started, which we anticipate, as Randy just mentioned, cash is building at - has been building at DGD now and the SAF projects winding down.

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Darling Ingredients, Inc. (DAR)	Corrected Transcript
Q1 2024 Earnings Call	25-Apr-2024

Matthew J. Jansen	A
Executive Vice President and Chief Operating Officer, North America, Darling Ingredients, Inc.

This is Matt and I would just add that on the dividend out of DGD is a - it's not a subjective policy here. It's formulaic, it's calculated every month. And so, there is not a discretionary push and pull in that.

Operator: The next question comes from Tom Palmer from Citi. Please go ahead.

Thomas Palmer

Analyst, Citigroup Global Markets, Inc.

Good morning and thanks for the question. In the past, you've given a bit of a breakdown in terms of EBITDA between the base business and DGD. I know at least from your response to the prior question that maybe there is a bit more variability on the feed side, but was hoping maybe you could give us kind of a rough split of how you're thinking about the year.

Randall C. Stuewe	A
Chairman & Chief Executive Officer, Darling Ingredients, Inc.

So, Tom, you're referencing really the guidance and splitting that out, is that's kind of where you're going?

Thomas Palmer

Analyst, Citigroup Global Markets, Inc.

Yes, that's right. Kind of base business versus DGD for 2024?

Randall C. Stuewe

Chairman & Chief Executive Officer, Darling Ingredients, Inc.

Yeah, Tom. If we had to throw that out there today, 900 million out of the base business is what we see today and basically a billion out of DGD. And that's 0.75 times a little over 1.3 billion gallons. Remember, just a point in time.

Thomas Palmer

Analyst, Citigroup Global Markets, Inc.

Great. Thanks for that detail. And then just wanted to follow up on kind of some of the moving pieces within feed. I mean, you noted the expectation for fat and potentially protein prices to strengthen a bit here. I guess could you walk through what the major catalysts are. I mean, obviously, there is disconnect right now between some of the products you sell and what we're seeing with, say, soybean or palm oil, what kind of bridges that gap and how quickly might that take hold?

Matthew J. Jansen

Executive Vice President and Chief Operating Officer, North America, Darling Ingredients, Inc.

So, this is Matt. I'll take the first cut at that. And so, first of all, for the last little over a year, we've been hindered by the ward plant that we've been rebuilding. And we're actually very proud of the fact that we've got that plant now up and running. We did a total rebuild of that plant in 481 days and frankly could have even done a little bit quicker if we could have gotten the equipment there even earlier. So now, what that does going forward, that allows us to leverage our footprint in the space, especially in the eastern half of the US where we've been over the last year, like I mentioned incurring some cost. And it's frankly been inefficient for the - just because of that plant being down. So, that's back up and running now. And that's something that will give us now the ability to leverage our footprint in the space.

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Darling Ingredients, Inc. (DAR)	Corrected Transcript
Q1 2024 Earnings Call	25-Apr-2024

Randall C. Stuewe	A
Chairman & Chief Executive Officer, Darling Ingredients, Inc.

Yeah, that's a good point. And globally, I'd step back, Tom, and give you give you three analysis. One, there's an absolute fact here that anybody that says they're pre-treating waste fats in North America for RD isn't doing a very good job of it, or we wouldn't be a discount to where we were 10 years ago to vegetable oil, whether it's palm or soy or canola, that's number one. That impact we're seeing globally. I mean, you had European fats move in here for the first time in my career even with plus €106, €110. Brazil was moving up here and now Brazil's over US. But at the end of the day, the fat pricing drives this thing. And when you look at what's going on in the segment, you got three pieces. You've got animal fats, you got premium proteins. We saw a massive destocking of the premium pet foods.

People were trading down. That seems to have come back a little bit now. We've got great orders in that business again, so that feels much better. China was - it kind of disappeared for a little while Chinese New Year, but once again, buying the premium chicken products for the aquaculture business. And then the other piece that obviously exists in the feed segment because of shared assets is the UCO business. And that business has come down sharply and that's a very profitable business for us. And so at the end of the day, the outlook for the feed segment has improved protein demand and then a rebound in fat prices at some point in time here as we go forward. Bob, anything I'm forgetting here.

Robert Day

Executive Vice President and Chief Strategy Officer, Darling Ingredients, Inc.

I think you highlighted it really well and it's the spread between vegetable oil and animal fats. And as time goes on, we should see that spread tighten versus where we are. Otherwise, yeah [indiscernible] (00:19:04). Hope that helps, Tom.

Operator: The next question comes from Ben Bienvenu from Stephens. Please go ahead.

Ben Bienvenu

Analyst, Stephens, Inc.

Hey, thanks so much. You mentioned the pull forward of the SAF production commissioning, making good progress there. Can you talk a little bit about the development of getting that volume contracted and the potential contribution that you think that could bring to 2025 or even 2024 Randy, as you mentioned, maybe there is some stock contribution.

Matthew J. Jansen

Executive Vice President and Chief Operating Officer, North America, Darling Ingredients, Inc.

So, this is Matt. I'll again take the first cut at this. As we mentioned the plant now, we will commission in Q4 of this year, which is a solid quarter ahead of the original plan. That plan is also on budget at $315 million at the entity level, so we're tracking there. And so that's something that we're very optimistic about. I would say from a contracting standpoint, we continue to see a lot of interest in our product. We are taking what I think is the best approach towards this. And I'm confident that we'll be able to, let's say, contract the volume that we'll be producing how that plant is going to be [indiscernible] (00:20:27) at 250 million gallons on an annual basis. We don't have anything in our 2024 numbers related to the project in terms of EBITDA. But I am confident, given the state of the discussions where we are right now that we'll be able to A, meet the volume, and certainly B, meet the return expectations from that project.

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Darling Ingredients, Inc. (DAR)	Corrected Transcript
Q1 2024 Earnings Call	25-Apr-2024

Randall C. Stuewe	A
Chairman & Chief Executive Officer, Darling Ingredients, Inc.

Yeah, I think that's fair enough and I don't think there's been a lot of chatter out there, Ben. It's building. 17,000 barrels a day is not going to be hard to disappear. We have plenty of interest there. It's down to the final negotiations on spread and pricing here in both the voluntary and the mandated markets. And clearly that's going to drive it here. But we have no fear of any challenges there other than hurry up and get it online.

Ben Bienvenu

Analyst, Stephens, Inc.

Okay. That's great. Thank you both. As we think about kind of nearing the end of that CapEx project, you've built out DGD, you've kind of moved through the M&A activity you've had over the last couple of years. As you think about cash spend priorities from here. And I recognize you want to get leverage down and then distributions will be in the wake of that. How should we think about your appetite for continued opportunistic M&A and or incremental growth CapEx projects?

Randall C. Stuewe

Chairman & Chief Executive Officer, Darling Ingredients, Inc.

Yeah. I mean, it's one that I'll comment on. Number one, we are on an aggressive CapEx reduction program this year. Told Brad, we're going to scale it back. We were $93.7 million in Q1. I think that's a pretty close run rate. Q1 is always a little lower because of winter weather and construction, but that also had the final bills of building out, rebuilding ward as Matt mentioned. And so, target there is $400 for the year, plus or minus a little bit there. Ultimately, we've got some pretty substantial inventories while we had a pretty big working capital reduction in Q1.

There is still more work to do there, so cash generation is key. And then the dividends out of DGD, we want to get the debt down below $4 billion and then it puts us in a different position of going forward. We will not walk away from a well-pricedbolt-on, but we're going to be very, very cautious this year because our priorities are operating cost management, working capital improvement and really just getting DGD lined out and living through the lower- priced inventory. I mean, we're trying as you step back [ph] macro (00:23:25). What are we trying to do? We're trying to work towards a share base of owners of this company that both understand that there is going to be some volatility in commodities. We've got a very well managed business model globally. And then ultimately this thing once we're in position in 2025 here, we'll have chances for all kinds of share repurchases to ultimately considering a dividend and that's where we're headed.

And then ultimately, as we go into 2025, we've got some debt maturing or going current as I say. And we've got to figure out the long-term capital structure. But right now for us, it's really just as we said, it's just a real focus on margin management, spread management around the world, which I got to give credit to the team. They've done a nice job and that's what's evident if you look between Q4 and Q1 with a massive price decline again of 20%, but yet other than the inventory adjustment, you were 3 something in Q4 and 3 middle and in there 3 low in Q1 with the 20% fat price decline. And so that's attributable to people making the changes in the spread management ratios around the world.

Matthew J. Jansen

Executive Vice President and Chief Operating Officer, North America, Darling Ingredients, Inc.

I would just say that we get asked regularly about what about SAF2 on top of the - subsequent to the SAF1. And we've got the engineering for that and that's something that as the year progresses, I would say given the fact that we get up and running with Q4 and we are able to contract at the margins and the returns that we are expecting. Then an SAF2 is something that we've got in the holster for some time in potentially 2025.

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Darling Ingredients, Inc. (DAR)	Corrected Transcript
Q1 2024 Earnings Call	25-Apr-2024

Operator: The next question comes from Adam Samuelson from Goldman Sachs. Please go ahead.

Adam Samuelson

Analyst, Goldman Sachs & Co. LLC

Yes, thank you. Good morning, everyone.

Suann Guthrie

Senior Vice President-Investor Relations, Sustainability & Global Communications, Darling Ingredients, Inc.

Good morning.

Adam Samuelson

Analyst, Goldman Sachs & Co. LLC

So, I guess I wanted to come back to the outlook on DGD margins. And Randy talked $0.75 a gallon plus or minus. You were basically there in the first quarter, excluding the LCM adjustments. And I guess I'm trying to just think about the margin capture at DGD with waste fats still at a healthy discount to veg oils relative to obviously the reduction in margin that implies in the feed segment. And just how do you think about - is that DGD capture kind of satisfactory given kind of the pressure it has on the feed business? Or is the disconnect that the LCFS just needs to work up over 60 to get those values up and that has the double benefit of improving the margin realization of DGD and driving kind of broader demand for the waste fats for the feed business?

Randall C. Stuewe

Chairman & Chief Executive Officer, Darling Ingredients, Inc.

Yeah. And I'll tag this with Matt here. Number one, Adam, I'm just going to step forward to say, I've learned my lesson here a little bit. We're coming out conservative. Clearly, the LCFS is not reacted to what I think is very positive future look here, I think the RINs [ph] S&D (00:26:53) is going to tighten up here because there is RD capacity in real or we wouldn't be a discount and soybean wouldn't be a discount to palm oil. So, ultimately, this is just a projection in time that we believe as we approach 2025 that that margin structure can improve quite a bit, but that's what we see right now. Matt, Bob?

Matthew J. Jansen

Executive Vice President and Chief Operating Officer, North America, Darling Ingredients, Inc.

I would just say that the other complexity to this is that there is a timing discrepancy here in terms of in our feed business, the fat prices are reflected much more responsibly in the results wherein the price movements in a DGD, simply because of the supply chain management that's required to sustain a 1.2 billion to 1.3 billion gallon business. It's got a longer tail to it. And we've seen that over the last few months as prices have fallen, the feedstock prices at DGD haven't fallen as quickly in the numbers. And so, there is a little bit of a timing discrepancy there. But in terms of in the bigger, broader picture, I would say it's doing exactly what we thought it would.

Randall C. Stuewe

Chairman & Chief Executive Officer, Darling Ingredients, Inc.

Yeah. I think from Adam, from not to get too deep in the sausage grinding. But if we would have rewound the movie a year and a half ago, DGD3, when it came online between the system would use two thirds of North America's waste fat supply, so we made a strategic decision to qualify feedstock suppliers from around the world, including our own plants in Europe and South America. And that's the length to the supply chain. That's the good news, we qualified other people and found other sources. The bad news was that in a deflationary environment,

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Darling Ingredients Inc. develops and produces sustainable natural ingredients from edible and inedible bio-nutrients, creating a range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, animal feed, industrial, fuel, bioenergy and fertilizer industries. Its segments include Feed Ingredients, Food Ingredients and Fuel Ingredients. Feed Ingredients operating segment includes its global activities related to the collection and processing of beef, poultry and pork animal by-products in North America, Europe and South America into non-food grade oils and protein meals, and others. Food Ingredients operating segment includes its global activities related to the purchase and processing of beef and pork bone chips, beef hides, pig skins, and fish skins into collagen, and others. Fuel Ingredients operating segment includes its global activities related to the conversion of organic sludge and food waste into biogas in Europe, and others.

Sector

Food Processing

Calendar

06/08/2024 - Q2 2024 Earnings Release (Projected)

More about the company

Income Statement Evolution

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Ratings for Darling Ingredients Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

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Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

41.81 USD

Average target price

59.44 USD

Spread / Average Target

+42.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
DARLING INGREDIENTS INC.	-16.11%	6.52B
NESTLÉ S.A.	-6.02%	265B
MONDELEZ INTERNATIONAL, INC.	-6.71%	91.61B
KRAFT HEINZ	-5.22%	43.53B
DANONE	+0.17%	41.41B
THE HERSHEY COMPANY	+5.99%	39.84B
GENERAL MILLS, INC.	+2.36%	38.56B
ARCHER-DANIELS-MIDLAND COMPANY	-15.69%	29.91B
NESTLÉ INDIA LIMITED	-7.82%	28.53B
ASSOCIATED BRITISH FOODS PLC	+11.58%	25.94B

Other Food Processing

Darling Ingredients Inc.

Equities

DAR

US2372661015

Food Processing

Darling Ingredients : First Quarter 2024 Transcript

EPS Revisions