US renewable diesel major Diamond Green Diesel (DGD), a 50:50 joint venture between Valero Energy and Darling Ingredients, reported on Thursday July 25 a continued weakening in operating income and margins during the second quarter of 2024.
But the company foresaw a better economic environment during the second half of the year.
The outlook improved because feedstock costs were thought to have bottomed out.
“We remain very optimistic, because we have seen fat prices begin to improve, which should be reflected in our third- and fourth-quarter earnings,” Randall Stuewe, chairman and chief executive officer of Darling Ingredients, said.
Second-quarter results showed renewable diesel operating income of $112 million, down by $78 million from January-March this year and down by $328 million from the second quarter of 2023.
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