Darling Ingredients Inc (NYSE:DAR), the world’s leading company turning food waste into sustainable products and producer of renewable energy, stock rose 3.88% (As on Mar 1, 12:04:31 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 21. DAR has reported net income of $155.8 million compared to net income of $44.7 million, for fourth quarter 2020. DGD sold a record 370 million gallons of renewable diesel in fiscal year 2021 at an average of $2.07 EBITDA per gallon. The DGD Norco, La. renewable diesel expansion project was commissioned in the fourth quarter and is operating above nameplate capacity. The leverage ratio as measured by the company’s bank covenant was 1.57x at the end of the year. The company reduced its Term Loan B outstanding balance by $100 million during 2021. Capital expenditures totaled approximately $274 million in 2021.  Repurchase of the company’s common stock totaled $167.7 million in 2021. As of Jan. 1, 2022, Darling had $69.1 million in cash and cash equivalents, and $1.29 billion available under its committed revolving credit agreement. Total debt outstanding at the end of the fiscal year was $1.46 billion. Further, the company announced agreement to purchase Valley Proteins strategically positions the company to provide low CI feedstocks to fuel growing demand for renewable diesel. It also opens the door to potential new export opportunities as the world drives toward decarbonization.

DAR in the fourth quarter of FY 21 has reported the adjusted earnings per share of 94 cents, beating the analysts’ estimates for the adjusted earnings per share of 82 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 35.9 percent to $1.31 billion in the fourth quarter of FY 21, beating the analysts’ estimates for revenue by 11.03%. Combined adjusted EBITDA was $306.8 million for the fourth quarter of 2021, compared to $214.5 million for the same period in 2020. The company has delivered combined adjusted EBITDA of $306.8 million and global ingredients business EBITDA of $223.6 million. The gross margin for the quarter expanded 20 basis points to 24.5%, and the gross profit rose 29.2% Y/Y to $321.1 million. The operating margin was 16.1%, and operating income for the quarter jumped 183.7% Y/Y to $211 million.

On the other hand, the company announced Melissa Gaither, Vice President, Investor Relations, Sustainability and Global Communications, will retire effective April 29 after more than 33 years of dedicated service. Suann Guthrie has been named to succeed Ms. Gaither, effective Jan. 31.