IRVING, Texas, March 1, 2017 /PRNewswire/ -- Darling Ingredients Inc. (NYSE: DAR), a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, feed, industrial, fuel, bioenergy, and fertilizer industries, today announced financial results for the fiscal 2016 fourth quarter and year ended December 31, 2016.
Fourth Quarter 2016 Overview
Fiscal 2016 Overview
For the fourth quarter of 2016, the Company reported net sales of $887.3 million, as compared with net sales of $809.7 million for the fourth quarter of 2015. Net income attributable to Darling for the fourth quarter was $40.5 million, or $0.25 per diluted share, compared to a net income of $84.4 million, or $0.52 per diluted share, for the fourth quarter of 2015. The decrease in net income for the fourth quarter 2016 is primarily attributable to the inclusion of the blenders tax credit all in the fourth quarter of 2015, whereas for fiscal 2016, the blenders tax credit was reported each quarter as earned.
Net Income attributable to Darling for the fiscal year ended December 31, 2016 was $102.3 million, or $0.62 per diluted share, as compared to a net income of $78.5 million, or $0.48 per diluted share, for the fiscal year ended January 2, 2016. The increase is primarily attributable to increased margins and production in both the Food and Fuel Ingredients segments, higher raw material volumes in the Feed and Food Ingredients segments and lower selling, general and administrative expense.
Randall C. Stuewe, Chairman and Chief Executive Officer of Darling Ingredients Inc., said, "We closed out 2016 with a solid performance across all product lines. We executed on our strategy of de-levering and growing, paying down $169.7 million in debt while commissioning four new factories and expanding five others. We carry nice momentum and a larger platform into 2017."
For More Information, contact: |
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Melissa A. Gaither, VP IR and Global Communications |
Email : mgaither@darlingii.com |
251 O'Connor Ridge Blvd., Suite 300, Irving, Texas 75038 |
Phone : 972-717-0300 |