secwatch.observer — SEC 8-K summary
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Issuer:     DARLING INGREDIENTS INC. (DAR)
CIK:        0000916540
Form:       8-K
Filed at:   2023-10-26T23:59:59+00:00
Accession:  0000916540-23-000032
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Darling Ingredients cuts FY2023 EBITDA guidance to $1.6-$1.7B; cites DGD disruptions & hedge loss
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- DGD joint venture volumes down due to 37-day outage from turnaround and minor fire at DGD 2 in St. Charles, La.
- Extreme heating oil volatility caused sizeable hedge loss; D4 RIN sell-off and stagnant LCFS prices reduced DGD margins.
- Darling core business Q3 slightly lower than Q2 but seasonally normal; fat prices improved late in quarter, gross margins solid.
- Combined adjusted EBITDA for FY2023 expected between $1.6-$1.7 billion, reflecting Q3 headwinds.
- Q4 outlook: core business to improve, DGD volumes and margins stronger; target leverage 2.5x by year-end 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/916540/000091654023000032/0000916540-23-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/916540/000091654023000032/dar-20231026.htm
  HTML page:      https://secwatch.observer/filing/0000916540-23-000032

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer