Darling Ingredients Inc (DAR)

Darling put up robust Q2 results reflecting broad-based strength in the legacy business and DGD. Interestingly, the legacy Feed business showed greater yr/yr improvement than the underlying fats and meal markets would suggest, in our…

We believe Darling’s core business likely performed much stronger than anticipated during Q2. Initially, management guided to EBITDA of $260-$275M, but due to fats pricing that can only be described as robust, as well as…

Q2 markets were characterized by continued margin deterioration. QTD broiler margins improved sequentially but currently lag the Q1 average. Both fresh pork and hog production margins contracted yr/yr and beef margins deteriorated further. Unsurprisingly, the…

China’s latest (15th) Five-Year Plan (2026-2030) approved this past March echoed the 14th FYP’s emphasis upon foodstuff security as a priority. The latest iteration calls out diversification and modernization of agricultural systems as key to…

Darling reported Q1 results that were a little better than expected on the core business. DGD came in ahead of our estimate on the heels of a large LCM adjustment, which was not in our…

We have raised our Q1 and full-year 2026 estimates, as well as our 2027 projection. Q1 EBITDA goes to $375M ($359M), while 2026 and 2027 go to $1.615B and $1.73B, respectively ($1.46B and $1.615B). Our…

After a long and angst/speculation-ridden wait, the EPA released its finalized RVOs last week. The rule was essentially in-line with expectations as details had been thoroughly leaked prior to publication. That said, the mandated D4…

Our coverage is greatly impacted by most global conflicts, given its intersection with global grain and energy markets. The Iran conflict’s impact on energy prices was immediate, but reverberations are expanding each day as critical…

Darling delivered a constructive Q4 with both the legacy business and DGD exceeding expectations. Further, the Q1 guide ($240-$250M for the core) was better than we had anticipated. The Q4 showing and Q1 guide in…

The landscape for our agribusiness coverage has been in near constant flux. Encouragingly, clarity in the most impactful area – biofuel policy – seems imminent and directionally bullish. Trade dynamics, however, have remained volatile and…