- Darling Ingredients (NYSE:DAR) shares jumped +1.71% post-market after the company beat earnings and revenue estimates. Net sales increased +41.4% Y/Y.
- The company's twelve-month combined adjusted EBITDA surpasses $1 billion for the first time in company history.
- Diamond Green Diesel, Darling Ingredient's renewable diesel joint venture with Valero Energy (NYSE: VLO), generated a record quarter, with $132.0M of EBITDA contributed to Darling, and its Port Arthur, TX 470 million gallon project is now expected to be completed a half year earlier in the first half of 2023.
- "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," said CEO Randall C. Stuewe.
- FY Guidance Raised: Full-year adjusted EBITDA for 2021 is now expected to be approximately $1.275B from $1.075B to $1.150B.
- Read about Valero's thoughts on the future of renewable diesel here.