Darling Ingredients (DAR) Q3 FY2023 earnings: revenue $1.6 billion, down 7.0% on the year

Darling Ingredients Inc. (DAR) reported revenue of $1.6 billion for Q3 FY2023, the quarter ended 30 September 2023, down 7.0% on the same quarter a year earlier. Net income was $125 million, down 34.6% on the year, and diluted earnings per share $0.77. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$1.6 billiondown 7.0%

Net income$125 milliondown 34.6%

Diluted EPS$0.77

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,625	n/a	n/a	n/a
Cost of revenue	1,239	n/a	n/a	n/a
Gross profit	386	n/a	n/a	n/a
Gross margin	23.8%	n/a	n/a
Selling, general and administrative	138	n/a	n/a	n/a
Operating income	178	n/a	n/a	n/a
Operating margin	11.0%	n/a	n/a
Pre-tax income	113	n/a	n/a	n/a
Income tax	-15.4	n/a	n/a	n/a
Effective tax rate	-13.6%	n/a	n/a
Net income	125	n/a	n/a	n/a
Net margin	7.7%	n/a	n/a
Diluted EPS	$0.77	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	277	n/a	n/a	n/a
Cash from investing	-158	n/a	n/a	n/a
Cash from financing	-118	n/a	n/a	n/a
Depreciation and amortisation	126	n/a	n/a	n/a
Share-based compensation	9.0	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Diluted shares, weighted	162m	n/a	n/a	n/a
Shares outstanding at period end	160m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	4,381	n/a	n/a	n/a
Non-controlling interest	86.3	n/a	n/a	n/a
Debt	4,338	n/a	n/a	n/a
Operating lease liabilities	155	n/a	n/a	n/a
Other liabilities	1,850	n/a	n/a	n/a
Total liabilities and equity	10,810	n/a	n/a	n/a
Fixed assets	2,799	n/a	n/a	n/a
Goodwill	2,447	n/a	n/a	n/a
Intangible assets	1,091	n/a	n/a	n/a
Cash and equivalents	119	n/a	n/a	n/a
Receivables	736	n/a	n/a	n/a
Inventory	823	n/a	n/a	n/a
Other assets	2,795	n/a	n/a	n/a
Total assets	10,810	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,625	1,614	1,420	1,455	1,422	1,418	1,381	1,482	1,564	1,710	1,551	1,724
Cost of revenue	1,239	1,178	1,117	1,128	1,108	1,084	1,069	1,136	1,177	1,281	1,146	1,221
Gross profit	386	436	304	327	314	334	311	346	387	429	405	503
Gross margin	24%	27%	21%	22%	22%	24%	23%	23%	25%	25%	26%	29%
SG&A	138	133	139	130	116	108	122	138	140	152	149	151
Operating income	178	159	137	149	60.1	122	28.4	75.9	71.7	97.4	227	555
Operating margin	11%	10%	10%	10%	4%	9%	2%	5%	5%	6%	15%	32%
Interest expense	n/a	n/a	62.9	69.2	66.8	54.9	58.0	51.9	56.9	55.5	54.1	55.5
Pre-tax income	113	94.5	85.5	82.1	1.6	78.2	-25.0	18.3	19.8	47.9	176	500
Tax rate	-14%	8%	5%	1%	-1063%	-33%	n/a	22%	-6%	-23%	22%	22%
Net income	125	84.5	81.2	78.9	16.9	102	-26.2	12.7	19.4	56.9	134	387
Net margin	8%	5%	6%	5%	1%	7%	-2%	1%	1%	3%	9%	22%
Diluted EPS	$0.77	$0.52	$0.50	$0.49	$0.11	$0.63	-$0.16	$0.08	$0.12	$0.35	$0.83	$2.41
Operating cash flow	277	217	264	147	274	154	249	146	224	441	153	533
Buybacks	0.0	0.0	0.0	29.2	0.0	5.1	34.7	0.0	0.0	0.0	0.0	73.4
Shares outstanding	160m	160m	160m	159m	159m	159m	158m	158m	158m	159m	159m	158m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0000916540-23-000036: the filing on EDGAR. All of Darling Ingredients Inc.'s filings: EDGAR company page.

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