Date of report (Date of earliest event reported) | August 7, 2019 |
DARLING INGREDIENTS INC. | ||||
(Exact Name of Registrant as Specified in Charter) |
Delaware | 001-13323 | 36-2495346 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Registrant’s telephone number, including area code: | (972) 717-0300 |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock $0.01 par value per share | DAR | New York Stock Exchange (“NYSE”) |
¨ | Emerging growth company |
Item 2.02. | Results of Operations and Financial Condition. |
DARLING INGREDIENTS INC. | |||
Date: August 7, 2019 | By: | /s/ John F. Sterling | |
John F. Sterling | |||
Executive Vice President, General Counsel |
• | Revenue of $827.3 million |
• | Net income of $26.3 million, or $0.16 per GAAP diluted share |
• | Adjusted EBITDA of $115.5 million |
• | Diamond Green Diesel (DGD) delivers $1.25 EBITDA per gallon |
• | Consolidated adjusted pro forma EBITDA $159.4 million |
• | DGD issued partner dividend of $17.7 million in April 2019, with a subsequent dividend of $37.8 million in July 2019 |
• | US bond refinanced, lowering borrowing cost and extending maturity with extinguishment costs incurred in quarter |
News Release August 7, 2019 Page 2 | |||
• | Feed Ingredients - Substantially lower protein meal markets, due to abundant global supplies, drove significantly lower results. Fat pricing improved slightly late in the quarter as a result of higher corn prices and increased global energy market demand. However, North America formulas lagged, with forward supply chain pricing to DGD expected to improve performance in the third quarter. Raw material volumes trended up by 1.6 percent while higher raw material costs further pressured margins and the impact of ASF weighed on supply volumes in Europe due to increased export demand to Asian food markets. |
• | Food Ingredients - Much improved performance when adjusted for the closure of Argentina gelatin facility in the 2018 second quarter. Global collagen delivered higher margins and volume growth, serving improved nutraceutical demand with new product launches. Results also reflect realized gain of $13.2 million from the sale of a dormant Rousselot property in China. Depressed competing palm oil markets pressured the refining margins on edible fats. |
• | Fuel Ingredients - Segment met expectations and demonstrated consistent performance with North American operations delivering steady earnings despite the lack of the BTC. Ecoson bioenergy business performed well, leveraging additional volume from the Belgium digester. Rendac, our European disposal rendering and disease mitigation operations, was impacted by decreased livestock and slaughter volumes compared to last year. |
• | Diamond Green Diesel Joint Venture (DGD) - Delivered solid performance and continues to have broader impact within Darling by providing increased opportunities to more fully utilize our collection and rendering assets and activities as we continue to capitalize on growing Low Carbon Fuel Standard markets. DGD posted $1.25 EBITDA per gallon without the benefit of the BTC. JV partners each received dividends of $17.7 million in the second quarter and $37.8 million to be recorded in the third quarter 2019. Super Diamond phase III expansion remains on track for a late 2021 start up. |
Feed Ingredients | Three Months Ended | Six Months Ended | ||||||||||
($ thousands) | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||
Net sales (1) | $ | 487,447 | $ | 498,823 | $ | 983,266 | $ | 984,621 | ||||
Loss (gain) on sale of assets | (524 | ) | 782 | (4,914 | ) | 420 | ||||||
Selling, general and administrative expenses | 46,465 | 43,947 | 95,296 | 92,212 | ||||||||
Depreciation and amortization | 48,720 | 46,823 | 98,089 | 96,612 | ||||||||
Segment operating income | 15,831 | 37,264 | 30,981 | 58,921 | ||||||||
EBITDA (2) | $ | 64,551 | $ | 84,087 | $ | 129,070 | $ | 152,533 | ||||
(1) Includes revenue recognition reclass for billed freight moved to cost of sales per new revenue standard | ||||||||||||
(2) Adjusted EBITDA calculated by adding depreciation and amortization to segment operating income |
• | Feed Ingredients operating income for the three months ended June 29, 2019 was $15.8 million, a decrease of $21.4 million or (57.5) % as compared to the three months ended June 30, 2018. This was primarily due to a decrease in protein finished product sales prices, lower spreads in poultry pet grade products and higher operating costs due to the addition of several new facilities. |
News Release August 7, 2019 Page 3 | |||
• | Feed Ingredients operating income during the six months ended June 29, 2019 was $31.0 million, a decrease of $27.9 million or (47.4) % as compared to the six months ended June 30, 2018. This was primarily due to a decrease in protein sales prices, lower spreads in poultry pet grade products and higher factory and depreciation and amortization costs from the addition of several new facilities. |
Food Ingredients | Three Months Ended | Six Months Ended | ||||||||||
($ thousands) | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||
Net sales (1) | $ | 274,835 | $ | 276,729 | $ | 553,999 | $ | 582,249 | ||||
Loss (gain) on sale of assets | (13,379 | ) | (57 | ) | (13,265 | ) | (212 | ) | ||||
Selling, general and administrative expenses | 23,431 | 22,190 | 45,318 | 46,051 | ||||||||
Restructuring and impairment charges | — | 14,965 | — | 14,965 | ||||||||
Depreciation and amortization | 19,861 | 20,388 | 39,372 | 41,028 | ||||||||
Segment operating income/(loss) | 30,478 | (5,649 | ) | 54,126 | 6,184 | |||||||
EBITDA (2) | $ | 50,339 | $ | 14,739 | $ | 93,498 | $ | 47,212 | ||||
(1) Includes revenue recognition reclass for billed freight moved to cost of sales per new revenue standard | ||||||||||||
(2) Adjusted EBITDA calculated by adding depreciation and amortization and restructuring and impairment charges to segment operating income |
• | Food Ingredients operating income was $30.5 million for the three months ended June 29, 2019, an increase of $36.2 million or 646.4 % as compared to the three months ended June 30, 2018. The increase is primarily due to gain on sale of land at a former facility in China, no impairment charges in the current year and improved results in the collagen markets. The Company’s edible fat margins were lower because of lower raw material volumes as compare to the same period in fiscal 2018. The casing business delivered lower earnings due to lower margins as compared to the same period in fiscal 2018. |
• | Food Ingredients operating income was $54.1 million for the six months ended June 29, 2019, an increase of $47.9 million or 772.6 % as compared to the six months ended June 30, 2018. The increase is primarily due to improved results in the collagen markets, a gain on sale of land in China and no impairment charges in the current year as compared to the same period in fiscal 2018 when the Company closed its Argentina collagen plant. The Company’s edible fat margins were lower because of lower raw material volumes as compared to the same period in fiscal 2018. The casing business delivered lower earnings due to lower margins as compared to the same period in fiscal 2018. |
News Release August 7, 2019 Page 4 | |||
Fuel Ingredients | Three Months Ended | Six Months Ended | ||||||||||
($ thousands) | June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||
Net sales (1) | $ | 65,042 | $ | 71,094 | $ | 125,163 | $ | 155,150 | ||||
Loss (gain) on sale of assets | (23 | ) | 37 | 3 | 92 | |||||||
Selling, general and administrative expenses | 425 | 164 | (329 | ) | (1,234 | ) | ||||||
Depreciation and amortization | 8,362 | 8,537 | 16,160 | 17,008 | ||||||||
Segment operating income | 2,961 | 5,016 | 5,962 | 22,173 | ||||||||
Adjusted EBITDA (2) | $ | 11,323 | $ | 13,553 | $ | 22,122 | $ | 39,181 | ||||
(1) Includes revenue recognition reclass for billed freight moved to cost of sales per new revenue standard | ||||||||||||
(2) Adjusted EBITDA calculated by adding depreciation and amortization to segment operating income | ||||||||||||
Fuel Ingredients Segment results shown do not include the Diamond Green Diesel (DGD) 50% Joint Venture |
• | Exclusive of the DGD Joint Venture, the Company’s Fuel Ingredients segment operating income for the three months ended June 29, 2019 was $3.0 million, a decrease of $2.0 million or (40.0)% as compared to the same period in fiscal 2018. The decrease in earnings is primarily due to lower Rendac volumes and lower sales values at Ecoson for the second quarter of fiscal 2019 as compared to the same period in fiscal 2018. |
• | Exclusive of the DGD Joint Venture, the Company’s Fuel Ingredients segment income for the six months ended June 29, 2019 was $6.0 million, a decrease of $16.2 million or (73.0)% as compared to the same period in fiscal 2018. The decrease in earnings is primarily related to the 2017 blenders tax credits booked in the first quarter of 2018 as compared to no blenders tax credits booked in fiscal 2019. |
News Release August 7, 2019 Page 5 | |||
Three Months Ended | Six Months Ended | |||||||||||||||||||||
$ Change | $ Change | |||||||||||||||||||||
June 29, | June 30, | Favorable | June 29, | June 30, | Favorable | |||||||||||||||||
2019 | 2018 | (Unfavorable) | 2019 | 2018 | (Unfavorable) | |||||||||||||||||
Net sales | $ | 827,324 | $ | 846,646 | $ | (19,322 | ) | $ | 1,662,428 | $ | 1,722,020 | $ | (59,592 | ) | ||||||||
Costs and expenses: | ||||||||||||||||||||||
Cost of sales and operating expenses | 644,716 | 652,239 | 7,523 | 1,295,629 | 1,330,800 | 35,171 | ||||||||||||||||
Loss (gain) on sale of assets | (13,926 | ) | 762 | 14,688 | (18,176 | ) | 300 | 18,476 | ||||||||||||||
Selling, general and administrative expenses | 81,017 | 78,558 | (2,459 | ) | 166,020 | 165,460 | (560 | ) | ||||||||||||||
Restructuring and impairment charges | — | 14,965 | 14,965 | — | 14,965 | 14,965 | ||||||||||||||||
Depreciation and amortization | 79,486 | 78,454 | (1,032 | ) | 158,650 | 157,073 | (1,577 | ) | ||||||||||||||
Total costs and expenses | 791,293 | 824,978 | 33,685 | 1,602,123 | 1,668,598 | 66,475 | ||||||||||||||||
Operating income | 36,031 | 21,668 | 14,363 | 60,305 | 53,422 | 6,883 | ||||||||||||||||
Other expense: | ||||||||||||||||||||||
Interest expense | (20,853 | ) | (23,016 | ) | 2,163 | (40,729 | ) | (46,140 | ) | 5,411 | ||||||||||||
Debt extinguishment costs | (12,126 | ) | (23,509 | ) | 11,383 | (12,126 | ) | (23,509 | ) | 11,383 | ||||||||||||
Foreign currency loss | (388 | ) | (3,495 | ) | 3,107 | (1,120 | ) | (4,976 | ) | 3,856 | ||||||||||||
Gain/(loss) on disposal of subsidiaries | — | (15,538 | ) | 15,538 | — | (15,538 | ) | 15,538 | ||||||||||||||
Other (expense)/gain, net | (2,019 | ) | 1,199 | (3,218 | ) | (4,544 | ) | (1,317 | ) | (3,227 | ) | |||||||||||
Total other expense | (35,386 | ) | (64,359 | ) | 28,973 | (58,519 | ) | (91,480 | ) | 32,961 | ||||||||||||
Equity in net income of unconsolidated subsidiaries | 38,175 | 15,236 | 22,989 | 61,948 | 112,390 | (50,442 | ) | |||||||||||||||
Income/(loss) before income taxes | 38,820 | (27,455 | ) | 66,275 | 63,734 | 74,332 | (10,598 | ) | ||||||||||||||
Income taxes expense | 7,776 | 1,683 | (6,093 | ) | 13,050 | 5,395 | (7,655 | ) | ||||||||||||||
Net income/(loss) | 31,044 | (29,138 | ) | 60,182 | 50,684 | 68,937 | (18,253 | ) | ||||||||||||||
Net income attributable to noncontrolling interests | (4,786 | ) | (1,282 | ) | (3,504 | ) | (6,414 | ) | (2,052 | ) | (4,362 | ) | ||||||||||
Net income/(loss) attributable to Darling | $ | 26,258 | $ | (30,420 | ) | $ | 56,678 | $ | 44,270 | $ | 66,885 | $ | (22,615 | ) | ||||||||
Basic income/(loss) per share: | $ | 0.16 | $ | (0.18 | ) | $ | 0.34 | $ | 0.27 | $ | 0.41 | $ | (0.14 | ) | ||||||||
Diluted income/(loss) per share: | $ | 0.16 | $ | (0.18 | ) | $ | 0.34 | $ | 0.26 | $ | 0.40 | $ | (0.14 | ) | ||||||||
Number of diluted common shares: | 168,432 | 164,651 | 168,546 | 166,259 |
News Release August 7, 2019 Page 6 | |||
June 29, | December 29, | |||||||
2019 | 2018 | |||||||
ASSETS | (unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 87,011 | $ | 107,262 | ||||
Restricted cash | 103 | 107 | ||||||
Accounts receivable, net | 357,671 | 385,737 | ||||||
Inventories | 348,309 | 341,028 | ||||||
Prepaid expenses | 44,363 | 35,247 | ||||||
Income taxes refundable | 5,554 | 6,462 | ||||||
Other current assets | 24,127 | 22,099 | ||||||
Total current assets | 867,138 | 897,942 | ||||||
Property, plant and equipment, less accumulated depreciation, net | 1,722,296 | 1,687,858 | ||||||
Intangible assets, less accumulated amortization, net | 565,976 | 595,862 | ||||||
Goodwill | 1,233,486 | 1,229,159 | ||||||
Investment in unconsolidated subsidiaries | 458,032 | 410,177 | ||||||
Operating lease right-of-use assets | 120,950 | — | ||||||
Other assets | 54,353 | 53,375 | ||||||
Deferred income taxes | 14,365 | 14,981 | ||||||
$ | 5,036,596 | $ | 4,889,354 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of long-term debt | $ | 35,877 | $ | 7,492 | ||||
Accounts payable, principally trade | 208,901 | 219,479 | ||||||
Income taxes payable | 10,291 | 4,043 | ||||||
Current operating lease liabilities | 36,703 | — | ||||||
Accrued expenses | 274,534 | 309,484 | ||||||
Total current liabilities | 566,306 | 540,498 | ||||||
Long-term debt, net of current portion | 1,640,056 | 1,666,940 | ||||||
Long-term operating lease liabilities | 83,440 | — | ||||||
Other non-current liabilities | 113,086 | 115,032 | ||||||
Deferred income taxes | 227,073 | 231,063 | ||||||
Total liabilities | 2,629,961 | 2,553,533 | ||||||
Commitments and contingencies | ||||||||
Total Darling's stockholders' equity: | 2,342,911 | 2,273,048 | ||||||
Noncontrolling interests | 63,724 | 62,773 | ||||||
Total stockholders' equity | $ | 2,406,635 | $ | 2,335,821 | ||||
$ | 5,036,596 | $ | 4,889,354 |
News Release August 7, 2019 Page 7 | |||
Six Months Ended | |||||||
June 29, | June 30, | ||||||
Cash flows from operating activities: | 2019 | 2018 | |||||
Net income | $ | 50,684 | $ | 68,937 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 158,650 | 157,073 | |||||
Loss/ (gain) on disposal of property, plant, equipment and other assets | (18,176 | ) | 300 | ||||
Loss on disposal of subsidiaries | — | 15,538 | |||||
Asset impairment | — | 2,907 | |||||
Gain on insurance proceeds from insurance settlements | (845 | ) | (1,253 | ) | |||
Deferred taxes | (3,137 | ) | (7,512 | ) | |||
Increase in long-term pension liability | 1,010 | 123 | |||||
Stock-based compensation expense | 14,182 | 13,232 | |||||
Write-off deferred loan costs | 4,547 | 8,105 | |||||
Deferred loan cost amortization | 3,010 | 4,664 | |||||
Equity in net income of unconsolidated subsidiaries | (61,948 | ) | (112,390 | ) | |||
Distribution of earnings from unconsolidated subsidiaries | 17,755 | 26,597 | |||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||
Accounts receivable | 27,218 | 5,217 | |||||
Income taxes refundable/payable | 7,140 | (5,438 | ) | ||||
Inventories and prepaid expenses | (17,374 | ) | (30,561 | ) | |||
Accounts payable and accrued expenses | (29,849 | ) | (25,705 | ) | |||
Other | 1,457 | 8,243 | |||||
Net cash provided by operating activities | 154,304 | 128,047 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (167,871 | ) | (139,130 | ) | |||
Acquisition, net of cash acquired | (1,431 | ) | (51,089 | ) | |||
Investment of unconsolidated subsidiaries | (1,000 | ) | (6,500 | ) | |||
Proceeds from sale of investment in subsidiary | — | 82,805 | |||||
Gross proceeds from disposal of property, plant and equipment and other assets | 9,814 | 2,244 | |||||
Proceeds from insurance settlement | 845 | 1,253 | |||||
Payments related to routes and other intangibles | (3,150 | ) | (294 | ) | |||
Net cash used by investing activities | (162,793 | ) | (110,711 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from long-term debt | 507,722 | 623,695 | |||||
Payments on long-term debt | (526,230 | ) | (650,976 | ) | |||
Borrowings from revolving credit facility | 273,485 | 247,975 | |||||
Payments on revolving credit facility | (266,884 | ) | (221,632 | ) | |||
Net cash overdraft financing | 11,178 | 4,517 | |||||
Deferred loan costs | (7,003 | ) | (9,324 | ) | |||
Issuance of common stock | 12 | 182 | |||||
Minimum withholding taxes paid on stock awards | (3,193 | ) | (2,123 | ) | |||
Distributions to noncontrolling interests | — | (983 | ) | ||||
Net cash used by financing activities | (10,913 | ) | (8,669 | ) | |||
Effect of exchange rate changes on cash | (853 | ) | (11,321 | ) | |||
Net decrease in cash, cash equivalents and restricted cash | (20,255 | ) | (2,654 | ) | |||
Cash, cash equivalents and restricted cash at beginning of period | 107,369 | 106,916 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 87,114 | $ | 104,262 | |||
Supplemental disclosure of cash flow information: | |||||||
Accrued capital expenditures | $ | (7,542 | ) | $ | (6,336 | ) | |
Cash paid during the period for: | |||||||
Interest, net of capitalized interest | $ | 45,196 | $ | 39,614 | |||
Income taxes, net of refunds | $ | 12,607 | $ | 17,154 | |||
Non-cash financing activities: | |||||||
Operating lease right of use asset obtained in exchange for new lease liabilities | $ | 7,492 | $ | — | |||
Debt issued for assets | $ | — | $ | 17 |
News Release August 8, 2019 Page 8 | |||
June 30, | December 31, | ||||||
2019 | 2018 | ||||||
Assets: | |||||||
Total current assets | $ | 252,521 | $ | 186,258 | |||
Property, plant and equipment, net | 621,733 | 576,384 | |||||
Other assets | 23,877 | 24,601 | |||||
Total assets | $ | 898,131 | $ | 787,243 | |||
Liabilities and members' equity: | |||||||
Total current portion of long term debt | $ | 284 | $ | 189 | |||
Total other current liabilities | 51,828 | 40,619 | |||||
Total long term debt | 8,936 | 8,485 | |||||
Total other long term liabilities | 4,511 | 539 | |||||
Total members' equity | 832,572 | 737,411 | |||||
Total liabilities and members' equity | $ | 898,131 | $ | 787,243 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||
$ Change | $ Change | |||||||||||||||||||||
June 30, | June 30, | Favorable | June 30, | June 30, | Favorable | |||||||||||||||||
2019 | 2018 | (Unfavorable) | 2019 | 2018 | (Unfavorable) | |||||||||||||||||
Revenues: | ||||||||||||||||||||||
Operating revenues | $ | 294,811 | $ | 151,989 | $ | 142,822 | $ | 597,529 | $ | 302,310 | $ | 295,219 | ||||||||||
Expenses: | ||||||||||||||||||||||
Total costs and expenses less depreciation, amortization and accretion expense | 207,024 | 115,659 | (91,365 | ) | 450,087 | 65,838 | (384,249 | ) | ||||||||||||||
Depreciation, amortization and accretion expense | 11,914 | 6,254 | (5,660 | ) | 23,332 | 12,374 | (10,958 | ) | ||||||||||||||
Total costs and expenses | 218,938 | 121,913 | (97,025 | ) | 473,419 | 78,212 | (395,207 | ) | ||||||||||||||
Operating income | 75,873 | 30,076 | 45,797 | 124,110 | 224,098 | (99,988 | ) | |||||||||||||||
Other income | 634 | 415 | 219 | 1,275 | 792 | 483 | ||||||||||||||||
Interest and debt expense, net | (321 | ) | (319 | ) | (2 | ) | (645 | ) | (319 | ) | (326 | ) | ||||||||||
Net income | $ | 76,186 | $ | 30,172 | $ | 46,014 | $ | 124,740 | $ | 224,571 | $ | (99,831 | ) |
News Release August 7, 2019 Page 9 | |||
Three Months Ended - Year over Year | Six Months Ended - Year over Year | |||||||||||||||
Adjusted EBITDA | June 29, | June 30, | June 29, | June 30, | ||||||||||||
(U.S. dollars in thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income/(loss) attributable to Darling | $ | 26,258 | $ | (30,420 | ) | $ | 44,270 | $ | 66,885 | |||||||
Depreciation and amortization | 79,486 | 78,454 | 158,650 | 157,073 | ||||||||||||
Interest expense | 20,853 | 23,016 | 40,729 | 46,140 | ||||||||||||
Income tax expense | 7,776 | 1,683 | 13,050 | 5,395 | ||||||||||||
Restructuring and impairment charges | — | 14,965 | — | 14,965 | ||||||||||||
Foreign currency loss | 388 | 3,495 | 1,120 | 4,976 | ||||||||||||
Other expense/(income), net | 2,019 | (1,199 | ) | 4,544 | 1,317 | |||||||||||
Debt extinguishment costs | 12,126 | 23,509 | 12,126 | 23,509 | ||||||||||||
Loss on sale of subsidiary | — | 15,538 | — | 15,538 | ||||||||||||
Equity in net (income) of unconsolidated subsidiaries | (38,175 | ) | (15,236 | ) | (61,948 | ) | (112,390 | ) | ||||||||
Net income attributable to noncontrolling interests | 4,786 | 1,282 | 6,414 | 2,052 | ||||||||||||
Adjusted EBITDA | $ | 115,517 | $ | 115,087 | $ | 218,955 | $ | 225,460 | ||||||||
Foreign currency exchange impact (1) | 5,605 | — | 11,661 | |||||||||||||
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP) | $ | 121,122 | $ | 115,087 | $ | 230,616 | $ | 225,460 | ||||||||
DGD Joint Venture Adjusted EBITDA (Darling's share) | $ | 43,894 | $ | 18,165 | $ | 73,721 | $ | 118,236 | ||||||||
(1) The average rates assumption used in the calculation was the actual fiscal average rate for the three months ended June 29, 2019 of €1.00:USD$1.12 and CAD$1.00:USD$0.75 as compared to the average rate for the three months ended June 30, 2018 of €1.00:USD$1.20 and CAD$1.00:USD $0.77, respectively. The average rates assumption used in the calculation was the actual fiscal average rate for the six month ended June 29, 2019 of €1.00:USD$1.13 and CAD$1.00:USD $0.75 as compared to the average rate for the six months ended June 30, 2018 of €1.00:USD$1.13 and CAD$1.00:USD$0.75 as compared to the average rate for the six months ended June 30, 2018 of €1.00:USD$1.22 and CAD$1.00:USD $0.78, respectively. |
News Release August 7, 2019 Page 10 | |||
News Release August 11, 2019 Page 11 | |||
For More Information, contact: | |||
Melissa A. Gaither, VP IR and Global Communications 5601 N. MacArthur Blvd., Irving, Texas 75038 | Email : mgaither@darlingii.com Phone : 972-281-4478 |