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    Darling Ingredients Inc (DAR)

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    Darling Ingredients Inc. is a global producer of sustainable natural ingredients derived from edible and inedible bio-nutrients. The company operates across five continents, transforming animal by-products, recycled oils, and residual materials into valuable products for industries such as pharmaceutical, food, pet food, feed, industrial, fuel, bioenergy, and fertilizer. Darling Ingredients sells a wide range of products, including renewable diesel, collagen, protein meals, and organic fertilizers, contributing to environmental sustainability and renewable energy.

    1. Feed Ingredients - Processes animal by-products, used cooking oil, bakery residuals, and specialty proteins into non-food grade oils, protein meals, organic fertilizers, and specialty proteins for use in animal feed, pet food, biodiesel, renewable diesel, and industrial applications.

      • Animal by-products - Converted into non-food grade oils and protein meals for feed and industrial uses.
      • Bakery residuals - Processed into Cookie Meal\u00ae for poultry and swine feed.
      • Used cooking oil - Refined into non-food grade fats for biodiesel and renewable diesel.
      • Blood plasma powder and hemoglobin - Used in animal feed, pet food, and aquaculture.
      • Organic fertilizers - Produced from proteins derived from animal by-products.
      • Black soldier fly larvae - Processed into specialty proteins for animal feed and pet food.
    2. Food Ingredients - Produces food-grade products such as collagen, natural casings, crude heparin, and food-grade fats for pharmaceutical, nutraceutical, food, pet food, and technical industries.

      • Collagen - Derived from beef, pork, and fish materials for use in pharmaceuticals and food.
      • Natural casings - Used in sausage production.
      • Crude heparin - Extracted from porcine mucosa for pharmaceutical applications.
      • Food-grade fats - Refined for use in food production.
    3. Fuel Ingredients - Converts animal fats, recycled greases, and other feedstocks into renewable diesel and bioenergy.

      • Diamond Green Diesel - Joint venture producing renewable diesel from animal fats and recycled oils.
      • Biogas - Generated from organic sludge and food waste.
      • Bio-phosphate - Produced from manure for industrial applications.
    NamePositionExternal RolesShort Bio

    Randall C. Stuewe

    ExecutiveBoard

    Chairman of the Board and Chief Executive Officer

    Director and Chair of Compensation Committee, Teays River Investments LLC

    Randall C. Stuewe has been the Chairman and CEO of Darling Ingredients Inc. since February 2003. He has over 35 years of industry experience including key roles at ConAgra Foods and Cargill, and he also serves as a Director and Chair of the Compensation Committee at Teays River Investments LLC.

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    Sandra Dudley

    ExecutiveBoard

    Executive Vice President – Renewables and Chief Strategy Officer

    Chairman and President of Diamond Green Diesel

    Sandra Dudley is the Executive Vice President – Renewables and Chief Strategy Officer at DAR since February 26, 2025. She also serves as the Chairman and President of Diamond Green Diesel, a joint venture of DAR, and has held various leadership roles in renewables and strategy at DAR since 2015.

    Brandon Lairmore

    Executive

    Executive Vice President – Darling U.S. Rendering Operations

    Brandon Lairmore is the Executive Vice President – Darling U.S. Rendering Operations at DAR since July 2023. He previously served as Senior Vice President – North Central Region (2018–2023) and Regional Vice President – Great Lakes Region (2016–2018), with over two decades of leadership experience in the rendering and agriculture industries.

    Carlos Paz

    Executive

    Executive Vice President, Global Risk Management, Ingredients

    Carlos Paz has extensive experience in risk management and trading, having led strategic operations as CEO of Ceres Global Ag Corp from August 2022 to December 2024. He is currently serving as the Executive Vice President, Global Risk Management, Ingredients at DAR since January 2025, overseeing global risk-taking and trading activities.

    Jan van der Velden

    Executive

    Executive Vice President – International Rendering and Specialties

    Jan van der Velden has been serving as Executive Vice President – International Rendering and Specialties at DAR since October 2017. Previously, he held roles including Executive Vice President – ERS from January 2014 to October 2017 and Vice President Raw Materials & Logistics from January 2001 to March 2012.

    Jeroen Colpaert

    Executive

    Executive Vice President – Rousselot

    Jeroen Colpaert has been serving as Executive Vice President – Rousselot at DAR since January 2023. He previously held leadership roles at DAR, including Managing Director of Rendering and Specialties in Belgium and the Global Food Grade Casings business since joining in 2014, and managed several businesses at a predecessor of Linde Gas from 1999 to 2014.

    John F. Sterling

    Executive

    Executive Vice President, General Counsel, and Secretary

    John F. Sterling has served as Executive Vice President, General Counsel, and Secretary at DAR since August 2007. He previously served as Vice President, General Counsel, and Secretary at Pillowtex Corporation from 1999 to 2007 and began his legal career at Thompson & Knight LLP.

    Matt Jansen

    Executive

    Chief Operating Officer, North America

    Matt Jansen is the Chief Operating Officer, North America at DAR since May 2023. He has over 30 years of experience in the global agri/food industry, having previously held executive roles at StepStone Group Inc., Saudi Arabia Agriculture and Livestock Investment Company, COFCO International, and ADM.

    Patrick McNutt

    Executive

    Executive Vice President and Chief Administrative Officer

    Patrick McNutt is the Executive Vice President and Chief Administrative Officer of DAR since October 2022, and he began his DAR career in 2000 as Director, Safety Management before advancing to VP, Fleet Operations in 2010.

    Robert Day

    Executive

    Executive Vice President and Chief Financial Officer

    Robert Day has been serving as Executive Vice President and Chief Financial Officer at DAR since February 26, 2025. Previously, he held the role of Executive Vice President and Chief Strategy Officer starting in August 2023.

    Celeste A. Clark

    Board

    Director

    Board member at Wells Fargo & Company; Board member at The Hain Celestial Group, Inc.; Board member at Prestige Consumer Healthcare Inc.; Trustee at W.K. Kellogg Foundation

    Celeste A. Clark has been serving as a Director at DAR since 2021 and brings extensive expertise in nutrition, health policy, and sustainability to the board. She has also held significant roles in consulting and academia, as well as active board memberships at Wells Fargo & Company, The Hain Celestial Group, Inc., Prestige Consumer Healthcare Inc., and as Trustee at the W.K. Kellogg Foundation.

    Charles Adair

    Board

    Director

    Director at private packaged protein co-manufacturer; Director at private consumer food company; Director at private research commercialization company

    Charles Adair has been a Director at DAR since 2017, serving as the Chairman of the Audit Committee and as a member of the Nominating and Corporate Governance Committee. Previously, he held senior roles including Vice Chairman at BMO Capital Markets and leadership positions at Harris Capital Markets Group, lending over 40 years of experience in financial services and agribusiness.

    Enderson Guimaraes

    Board

    director

    Director at AutoZone, Inc. (Nominating and Corporate Governance Committee) ; Chairman of the Board of Alphia, Inc.

    Enderson Guimaraes has been a director at DAR since 2021, serving on the Audit and Compensation Committees. He brings extensive international management experience from executive roles at companies including PepsiCo, Laureate Education, Electrolux, and others.

    Gary W. Mize

    Board

    Lead Director

    Partner and Owner at MR & Associates ; Director at Gevo, Inc.

    Gary W. Mize has been a director at DAR since 2016 and currently serves as the Lead Director and Chairman of the Nominating and Corporate Governance Committee. He brings extensive international business experience from his active roles as Partner and Owner at MR & Associates (since October 2009) and as Director at Gevo, Inc. (since 2011).

    Kurt Stoffel

    Board

    Director

    Advisory Board member at AVO Group; Advisory Board member at FRICKE Group

    Kurt Stoffel has been serving as a Director at DAR since 2023, contributing financial expertise as a member of the Audit and Sustainability (or ESG) Committees. He brings a rich background from previous executive roles at companies like SARIA Group and Oetker Group, along with participation on external advisory boards.

    Larry A. Barden

    Board

    Independent Director

    Board member on civic organizations; Board member on education organizations

    Larry A. Barden is an independent director at DAR, serving on both the Nominating and Corporate Governance and the Sustainability (ESG) Committees. He brings extensive legal and corporate governance experience from his tenure as Chairman of the Management Committee at Sidley Austin LLP from 2014 to 2022.

    Linda Goodspeed

    Board

    Director

    Board member at American Electric Power Company, Inc. (Nuclear Oversight, Audit, Technology (Chair), and Policy); Board member at AutoZone, Inc. (Audit and Compensation); Board member at Empower Brands

    Linda Goodspeed has served as a Director at DAR since 2017, currently acting as Chairwoman of the Compensation Committee and as a member of the Nominating and Corporate Governance Committee. Previously, she held key leadership roles at WealthStrategies Financial Advisors, The ServiceMaster Company, and Nissan North America, Inc..

    Randy L. Hill

    Board

    Independent Director

    Partner at Opportune LLP

    Randy L. Hill has been serving as an Independent Director of DAR since September 2024. He brings extensive expertise from over 37 years at KPMG LLP and is currently a Partner at Opportune LLP, contributing to audit, corporate governance, and financial advisory roles.

    Soren Schroder

    Board

    Independent Director

    Soren Schroder was elected as an Independent Director of DAR on February 20, 2025. He previously held CEO roles at Bunge Global SA (2013-2019) and Bunge North America (2010-2013), contributing extensive leadership experience in agribusiness.

    1. Can you provide specific examples of incremental operational excellence initiatives implemented in the fourth quarter of 2024 and how they contributed to your margins, particularly in light of the decoupling trends between fat prices and your margins?
    2. With significant increases in fat prices recently observed in both the U.S. and Europe, can you elaborate on the key drivers behind these movements, including the impact of feedstock import shutdowns, refinery expansions, and uncertainty around the 45Z tax credit, especially considering potential pullbacks in demand?
    3. What R&D opportunities are you currently pursuing, specifically regarding new types of feedstocks, and how do you see your competitive advantages translating into tangible results in the R&D space?
    4. Your 2024 CapEx came in lower than expected, and you're projecting a step-up to around $400 million for 2025; can you walk us through the specific projects and investments accounting for this increase and explain how they align with your strategic priorities?
    5. Regarding the $59 million lower of cost or market (LCM) adjustment noted in your quarterly results, can you provide more details on the nature of this adjustment, its non-cash impact, and whether your 2025 guidance includes any assumptions related to future LCM adjustments?
    Program DetailsProgram 1
    Approval DateAugust 2017
    End Date/DurationAugust 13, 2026
    Total Additional Amount$500 million
    Remaining Authorization$494.9 million as of December 28, 2024
    DetailsRefreshed on June 21, 2024, maintaining authorization of $500 million and extending the end date to August 13, 2026

    Competitors mentioned in the company's latest 10K filing.

    CompanyDescription

    Cargill, Inc.

    The company competes with this entity in the U.S. products business, highlighting the competitive landscape in marketing finished products domestically and internationally.

    This entity is identified as a competitor in the U.S. products business, emphasizing the competition faced in marketing finished products.

    JBS & Company

    The company competes with this entity in the U.S. products business, showcasing the rivalry in marketing finished products.

    CustomerRelationshipSegmentDetails

    Diamond Green Diesel (DGD) Joint Venture

    Joint Venture

    All

    In 2024, net sales of $968.9 million (~17% of total).

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Miropasz Group

    2024

    Completed on January 31, 2024, the acquisition was valued at approximately €105.6 million plus a €7.0 million hold‐back, adding significant assets (property, intangibles, and goodwill) to the Feed Ingredients segment and approximately 225 employees, reinforcing the low-carbon feedstock strategy.

    Gelnex

    2023

    Completed on March 31, 2023, this deal involved a purchase price of approximately $1.2 billion USD (including cash payments and an escrow hold-back) and acquired multiple production facilities in South America and the U.S., enhancing the company’s gelatin business and contributing notably to EBITDA growth.

    De Jong Recycling

    2022

    Completed on October 31, 2022, this acquisition is noted in the documents without specific financial details or strategic commentary, aside from being part of Darling Ingredients' completed transactions.

    FASA Group

    2022

    Announced on May 5, 2022 and completed on August 1, 2022, the acquisition was valued at approximately R$2.8 billion (≈$542.6 million USD) with contingent payments, adding 14 rendering plants and enhancing low-carbon waste fat and oil supplies critical for renewable fuels, along with $400.5 million in goodwill.

    Valley Proteins

    2022

    Completed on May 2, 2022, the deal was initially priced at $1.1 billion USD (subject to adjustments) and involved financing through multiple debt facilities; it secured a network of 18 rendering plants in key U.S. regions and generated $349.3 million in goodwill, positioning the company for significant EBITDA contributions.

    Recent press releases and 8-K filings for DAR.

    Darling Ingredients Q1 2025 Earnings & Performance Update
    DAR
    Earnings
    Guidance Update
    Share Buyback
    Dividends
    • DAR reported total net sales of $1.38 billion, a net loss of $(26.2) million, and EPS of $(0.16) in Q1 2025, reflecting a challenging quarter .
    • Achieved a combined adjusted EBITDA of $195.8 million across Feed, Food, and Fuel segments, underscoring solid core performance .
    • Improved margins driven by rising fat prices bolstered performance despite challenges in the DGD fuel segment .
    • Demonstrated active capital management by repurchasing $35 million in common stock and reducing debt by $146.2 million .
    • Received $129.5 million in cash dividends from Diamond Green Diesel, aiding cash generation .
    • Reaffirmed full-year guidance with combined adjusted EBITDA expected between $1.25 billion and $1.3 billion .
    • The earnings call included forward-looking statements addressing market risks and uncertainties, highlighting ongoing balance sheet management .
    1 day ago