Darling Ingredients Inc. (NYSE:DAR) Q4 2015 Earnings Conference Call - Final Transcript

Mar 02, 2016 • 08:30 am ET


Darling Ingredients Inc. (NYSE:DAR) Q4 2015 Earnings Conference Call - Final Transcript


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Good morning, everyone, and welcome to the Darling Ingredients Inc Conference Call to discuss the Company's Fourth Quarter and Year-End 2015 Financial Results. With us today are Mr. Randall Stuewe, Chairman and Chief Executive Officer of Darling Ingredients; and Mr. John Muse, Executive Vice President and Chief Financial Officer. After the speakers' opening remarks, there will be a question-and-answer period, and instructions to ask a question will be given at that time. This call is being recorded, and your participation implies consent to our recording this call. If you do not agree to these terms, simply drop off the line. [Operator Instructions]

I would now like to turn the call over to Melissa Gaither, Vice President, Investor Relations and Global Communications for Darling Ingredients. Please go ahead.

Melissa Gaither

Thank you, Andrew. Good morning and thank you for joining us to review Darling's earnings results for the fourth quarter and year-end 2015, ended January 2, 2016. To augment management's formal presentation, please refer to the Presentations section of our IR website for the earnings Slide deck. Randall Stuewe, our Chairman and CEO, will begin today's call with an overview of our fourth quarter and full year operational and financial performance and discuss some of the trends impacting our business.

John Muse, Executive Vice President and Chief Financial Officer will then provide additional details about our financial results. Please see the full disclosure of our non-US GAAP measures in both our earnings release and the earnings slide deck presentation. Finally, Randy will conclude the prepared portion of the call with some general remarks about the business and the year ahead, after which we will be happy to answer your questions.

Now, for the Safe Harbor statement. This conference will contain forward-looking statements regarding Darling Ingredients' business opportunities and anticipated results of operations. Please bear in mind that forward-looking information is subject to many risks and uncertainties, and actual results may differ materially from what is projected. Many of these risks and uncertainties are described in Darling's Annual Report on Form 10-K for the year ending January 2, 2016, our recent press release announced yesterday, and our other filings with the SEC.

Forward-looking statements in this conference call are based on our current expectations and beliefs, and we do not undertake any duty to update any of the forward-looking statements made in this conference call or otherwise.

With that, I'd like to turn the call over to Randy.

Randall Stuewe

Thanks, Melissa. Good morning, everyone and thanks for joining us. 2015 is now in the record books, and we finished strongly, in light of deflationary conditions we faced throughout the year. In 2015, we set a strategy to delever and grow, to control what we could control by lowering costs, improving margins, paying down debt and improving our working capital. On all fronts, our team executed superbly, and we have now set the stage for what we believe, will be an improved 2016.

To cap off the year, Diamond Green Diesel had a record year. We started