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Darling Ingredients | Investors Darling Ingredients Inc. Reports Second Quarter 2021 Financial Results IRVING , Texas , Aug 10 , 2021 / PRNewswire / -- Darling Ingredients Inc. ( NYSE : DAR , " Darling " ) -- Second Quarter 2021 • Net income of $ 196.6 million , or $ 1.17 per GAAP diluted share • Net Sales of $ 1.2 billion • Combined adjusted EBITDA of $ 353.7 million • Global Ingredients business reported a record Q2 EBITDA of $ 221.7 million • Renewable diesel JV , DGD generated a record quarter , contributing $ 132.0 million of EBITDA to Darling • Darling repurchased approximately $ 76 million of common stock in the second quarter • Darling trailing twelve - month combined adjusted EBITDA surpasses $ 1 billion , first time in company history • DGD Norco , LA 400 million gallon renewable diesel project on track to be fully operational in middle of Q4 2021 ⚫ DGD Port Arthur , TX 470 million gallon renewable diesel project expected completion now in first half of 2023 Darling reported net sales of $ 1.2 billion for the second quarter of 2021 , as compared with net sales of $ 848.7 million for the same period a year ago . Net income attributable to Darling for the three months ended July 3 , 2021 was $ 196.6 million , or $ 1.17 per diluted share , compared to net income of $ 65.4 million , or $ 0.39 per diluted share , for the second quarter of 2020 . " Our global ingredients business continues to perform at the highest levels producing a record adjusted EBITDA of approximately $ 222 million for the second quarter , " said Randall C. Stuewe , Chairman and Chief Executive Officer of Darling Ingredients Inc. " We continue to see positive signs of strength in a recovering economy both here in North America and around the world which should provide for sustained demand for food , feed and fuel , empowering Darling to take advantage of our leadership position in the industry . " " Darling's 2021 first half financial performance was strong , as we generated a combined adjusted EBITDA of $ 638.5 million and with the continued strength of commodity pricing for our global ingredients business expected through the rest of 2021 , and the 400 million gallon renewable diesel expansion of DGD Norco , LA starting up in the near term , we are once again increasing our combined adjusted EBITDA guidance for 2021 to approximately $ 1.275 billion , " commented Stuewe . Under Darling's current share repurchase authorization , the Company repurchased 1.14 million shares of common stock during the second quarter for a total of $ 75.7 million . Darling has approximately $ 124.3 million remaining under its current authorization . For the six months ended July 3 , 2021 , Darling reported net sales of $ 2.25 billion , as compared with net sales of $ 1.7 billion for the same period of 2020. Net Income attributable to Darling for the first six months of 2021 was $ 348.3 million , or $ 2.08 per diluted share , as compared to a net income of $ 150.9 million , or $ 0.90 per diluted share , for the first six months of 2020 . As of July 3 , 2021 , Darling had $ 77.9 million in cash and cash equivalents , and $ 902.1 million available under its committed revolving credit agreement . Total debt outstanding as of July 3 , 2021 was $ 1.4 billion . Capital expenditures ( exclusive of DGD investments ) of $ 126.1 million were made during the first six months of fiscal 2021 , compared to $ 123.2 million in the first six months of fiscal 2020 . Combined adjusted EBITDA was $ 353.7 million for the second quarter of 2021 , compared to $ 195.2 million for the same period in 2020. On a year - to - date basis , combined adjusted EBITDA totaled $ 638.5 million for 2021 , compared to $ 408.5 million on a year - to - date basis for 2020 . Segment Financial Tables ( in thousands ) ( unaudited ) Three Months Ended July 3 , 2021 Net Sales Cost of sales and operating expenses Gross Margin Gain on sale of assets Selling , general and administrative expenses Depreciation and amortization $ 771,932 $ 317,031 $ 109,706 $ 556,424 238,539 83,110 78,492 $ Feed Ingredients Food Ingredients Fuel Ingredients Corporate Total $ 1,198,669 878,073 $ 215,508 $ 26,596 $ $ 320,596 ( 122 ) 54,977 53,971 ( 48 ) 25,542 15,850 ( 58 ) ( 228 ) 4,474 6,698 14,139 2,703 99,132 79,222 Equity in net income of Diamond Green Diesel 125,788 125,788 Segment operating income / ( loss ) $ 106,682 $ Equity in net income of other unconsolidated subsidiaries $ Segment Income / ( loss ) $ 1,940 $ 108,622 $ 37,148 $ $ 37,148 $ 141,270 $ ( 16,842 ) $ 268,258 $ 141.270 $ ( 16,842 ) $ $ 1,940 270,198 Segment EBITDA $ DGD adjusted EBITDA ( Darling's Share ) Combined adjusted EBITDA $ 160,653 $ $ 52,998 $ 160,653 $ $ $ 52,998 $ 22,180 $ 132,001 $ 154,181 $ ( 14,139 ) $ ( 14,139 ) $ $ 221,692 132,001 353,693 Feed Food Fuel Three Months Ended June 27 , 2020 Ingredients Ingredients Ingredients Corporate Total Net Sales $ Cost of sales and operating expenses Gross Margin $ 135,788 $ 503,690 $ 278,934 $ 367,902 220,159 58,775 $ 66,049 $ 44,286 21,763 $ $ 848,673 632,347 $ 216,326 Loss / ( gain ) on sale of assets Selling , general and administrative expenses 76 50,484 ( 48 ) 22,564 ( 1 ) 3,953 27 Depreciation and amortization 52,683 19,972 7,980 13,192 2,675 90,193 83,310 Equity in net income of Diamond Green Diesel Segment operating income / ( loss ) $ Equity in net income of other unconsolidated subsidiaries $ Segment income / ( loss ) $ 33,237 32.545 $ 692 $ $ 16,287 16,287 $ $ $ 63,492 73,323 $ $ 73,323 $ 63,492 ( 15,867 ) $ $ ( 15,867 ) $ 106,288 692 106,980