Darling Ingredients Inc. (NYSE:DAR) Q1 2018 Earnings Conference Call Transcript

May 10, 2018 • 08:30 am ET

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Darling Ingredients Inc. (NYSE:DAR) Q1 2018 Earnings Conference Call Transcript

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Presentation
Executive
Brad Phillips

2022 by issuing 3.625% (ph) eight-year euro notes due May 2026.

With that, I'll turn it back over to Randy.

Executive
Randall C. Stuewe

Hey. Thanks, Brad. We continue to build positive momentum around the globe. Our capital projects are proceeding on schedule and on a budget, as we continue to transition to our World of Growth strategy. As always, we like to remind our investors of our strategy that we will build, acquire, and develop businesses in geographies, where we can achieve a top three market position within five years for food, feed and fuel. These projects include greenfield plants and plant expansions. Our Mering, Germany, blood plant is up and running and made its first salable material during the quarter. Our newest Ecoson Digester in Denderleeuw, Belgium, is in the final commissioning stages and will start up here later in June. In Grapeland, Texas, the largest and newest poultry protein ingredient plant built in the U.S.A. in the last several decades is taking shape, and we expect equipment to be set in June and fully operational by year-end.

Our second new poultry protein ingredient plant in Wahoo, Nebraska, is also under construction and on schedule to be completed in early 2019. The construction by our EnviroFlight joint venture on black soldier fly larvae plant is well under way and should start up in the fourth quarter. And our Peptan plant in Angouleme, France, and our Peptan expansion in Amparo, Brazil, is expected to come online during the first quarter 2019. Overall, we are pleased with the start and see improving conditions for the balance of the year. We are positioned well, our business model is robust, and we are poised to reap the benefits of the next supercycle. Diamond Green Diesel has once again proven to be the hedge and the catalyst for transforming Darling. Our leading position as North America's premier supplier of low carbon fuels has now set the stage for the future.

With that, Alison, let's go ahead and open it up to Q&A.