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Darling Ingredients | Investors Darling Ingredients Inc. Reports Third Quarter 2021 Financial Results IRVING , Texas , Nov. 9 , 2021 / PRNewswire / -- Darling Ingredients Inc. ( NYSE : DAR , " Darling " ) -- Third Quarter 2021 • Net income of $ 146.8 million , or $ 0.88 per GAAP diluted share Net Sales of $ 1.2 billion • Combined adjusted EBITDA of $ 289.6 million • Global Ingredients business reported Q3 EBITDA of $ 229.6 million • Renewable diesel JV , Diamond Green Diesel ( DGD ) contributed $ 60.0 million of EBITDA to Darling Darling repurchased approximately $ 22 million of common stock in the third quarter Darling reported net sales of $ 1.2 billion for the third quarter of 2021 , as compared with net sales of $ 851 million for the same period a year ago . Net income attributable to Darling for the three months ended October 2 , 2021 was $ 146.8 million , or $ 0.88 per diluted share , compared to net income of $ 101.1 million , or $ 0.61 per diluted share , for the third quarter of 2020 . " We produced another strong quarterly earnings in our global ingredients business , reporting adjusted EBITDA of approximately $ 230 million for the third quarter , " said Randall C. Stuewe , Chairman and Chief Executive Officer of Darling Ingredients Inc. " Demand for protein products and low carbon feedstocks around the world continue to provide positive tailwinds for our global platform , enabling us to deliver what we expect to be our best annual financial results in Darling Ingredients ' history and in line with our previous guidance of combined adjusted EBITDA of $ 1.275 billion for the year . " " DGD's Norco , Louisiana expansion project was completed ahead of schedule and continues to ramp up and should reach our expected operating capacity within the next week , " stated Mr. Stuewe . " Our Port Arthur DGD III project continues to make exceptional progress on construction and remains on target for completion in the first half of 2023. " Under Darling's current share repurchase authorization , the Company repurchased 319,330 shares of common stock during the third quarter for a total of $ 22.3 million . Darling has approximately $ 102 million remaining under its current authorization which was extended to August 13 , 2022. For the first nine months of 2021 , the Company has repurchased approximately $ 98 million of common stock . For the nine months ended October 2 , 2021 , Darling reported net sales of $ 3.4 billion , as compared with net sales of $ 2.6 billion for the same period of 2020. Net Income attributable to Darling for the first nine months of 2021 was $ 495.2 million , or $ 2.96 per diluted share , as compared to a net income of $ 252.1 million , or $ 1.51 per diluted share , for the first nine months of 2020 . As of October 2 , 2021 , Darling had $ 67.4 million in cash and cash equivalents , and $ 912.6 million available under its committed revolving credit agreement . Total debt outstanding as of October 2 , 2021 was $ 1.38 billion . Capital expenditures ( exclusive of DGD investments ) of $ 191.7 million were made during the first nine months of fiscal 2021 , compared to $ 184.9 million in the first nine months of fiscal 2020 . Combined adjusted EBITDA was $ 289.6 million for the third quarter of 2021 , compared to $ 218.5 million for the same period in 2020. On a year - to - date basis , combined adjusted EBITDA totaled $ 928.1 million for 2021 , compared to $ 627.0 million on a year - to - date basis for 2020 . Segment Financial Tables ( in thousands ) ( unaudited ) Feed Three Months Ended October 2 , 2021 Ingredients Food Ingredients Fuel Ingredients Corporate Total Net Sales $ Cost of sales and operating expenses 769,626 $ 553,662 Gross Margin $ 215,964 $ 311,856 $ 241,308 70,548 $ 104,434 64,634 39,800 $ $ $ 1,185,916 859,604 $ 326,312 Gain on sale of assets ( 229 ) ( 8 ) ( 264 ) ( 501 ) Selling , general and administrative expenses 54,997 24,417 4,481 Depreciation and amortization 53,824 14,933 6,361 13,380 2,708 97,275 77,826 Equity in net income of Diamond Green Diesel 53,951 53,951 Segment operating income / ( loss ) $ 107,372 $ Equity in net income of other unconsolidated subsidiaries $ Segment Income / ( loss ) $ 1,647 $ 109,019 $ 31,206 $ $ 31,206 $ 83,173 $ ( 16,088 ) $ $ 83,173 $ 205,663 $ ( 16,088 ) $ 1,647 207,310 Segment EBITDA $ DGD adjusted EBITDA ( Darling's Share ) Combined adjusted EBITDA $ $ 161,196 $ $ 161,196 $ 46,139 $ $ 46,139 $ 35,583 $ 60,026 $ 95,609 $ ( 13,380 ) $ 229,538 $ 60,026 ( 13,380 ) $ 289,564 Feed Three Months Ended September 26 , 2020 Ingredients Food Ingredients Fuel Ingredients Corporate Total Net Sales $ 483,025 $ Cost of sales and operating expenses 361,576 Gross Margin $ 121,449 $ 291,842 $ 226,745 65,097 75,702 $ 50,047 $ 850,569 638,368 $ 25,655 $ $ 212,201 Loss / ( gain ) on sale of assets 167 16 ( 61 ) 122 Selling , general and administrative expenses 49.028 23,366 5,038 Depreciation and amortization 53,764 20,648 8,633 12,561 2,685 89,993 85,730 Equity in net income of Diamond Green Diesel Segment operating income / ( loss ) $ Equity in net income of other unconsolidated subsidiaries Segment income / ( loss ) $ $ 18,490 $ 906 $ 19,396 $ 21,067 $ $ 21,067 $ 103,144 91,099 103,144 $ $ $ 91,099 ( 15,246 ) $ $ ( 15,246 ) $ 127,455 906 128,361 Segment EBITDA $ DGD adjusted EBITDA ( Darling's Share ) $ Combined adjusted EBITDA $ 72,254 $ $ 72,254 $ 41,715 41,715 $ $ $ 20,678 $ 96,435 $ 117,113 $ ( 12,561 ) $ $ 122,086 ( 12,561 ) $ 96,435 218,521