Darling Ingredients Inc (DAR)

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…

Darling’s Q3 results reflected fairly solid execution across its core Feed and Food businesses, with offsets from weaker-than-expected performance at DGD due to a sizable LCM ($38M) and LIFO (not disclosed) impact. As we expected,…

The global grains/oilseed complex is currently characterized by excess production and processing capacity. Trade tensions has exacerbated the imbalance for U.S. producers. A massive, sustained new demand driver is required – genetics and improved agronomic…

As noted in our companion industry piece published today, while the outlook for biofuel policy has, if anything, become more constructive, definitive clarity has been pushed out further. We expect finalized rules in early Q1…