Pet Food Press Releases

Darling reports third quarter 2019 financial results

November 12, 2019

The vertically integrated supply chain supports strong performance across operational segments.

Darling Ingredients Inc., a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, feed, industrial, fuel, bioenergy, and fertilizer industries, has announced financial results for the 2019 third quarter, which ended September 28, 2019.

Third Quarter 2019 Overview

  • Revenue of $842.0 million
  • Net income of $25.7 million, or $0.15 per GAAP diluted share
  • Combined adjusted EBITDA of $147.8 million (Darling's adjusted EBITDA plus Darling's share of Diamond Green Diesel (DGD) adjusted EBITDA as reflected on the Non-GAAP Adjusted EBITDA Reconciliation table herein.)
  • Repurchased 636,634 shares during 3rd quarter and subsequently 407,076 shares in Q4
  • Diamond Green Diesel delivered $1.35 EBITDA per gallon with Darling's share of JV earnings reflected in consolidated operating income under Fuel Segment
  • YTD DGD delivering $1.26 EBITDA per gallon when Q1 2019 adjusted to reflect hedge accounting
  • Global slaughter remains at record levels, providing ample raw material supplies
  • Global fat pricing improved but remained stagnant as North America biodiesel industry awaiting Blenders Tax Credit (BTC)
  • Global protein pricing weaker due to excess supplies and Chinese demand destruction due to African Swine Fever (ASF)
  • Rousselot delivered improved results with stronger sales in the Health and Nutrition category
  • Diamond Green II plant construction on time and budget; Diamond Green III in engineering and cost estimating for Port Arthur, Texas
  • Debt paydown of $33.6 million

For the third quarter of 2019, the company reported net sales of $842.0 million, as compared with net sales of $812.6 million for the third quarter of 2018. The $29.4 million increase in net sales resulted from higher finished product fat prices, strong contribution from higher sales values for Food Segment collagen ingredients and higher sales volume that more than offset lower protein pricing.

Net income attributable to Darling for the three months ended September 28, 2019 was $25.7 million, or $0.15 per diluted share, compared to a net loss of $(6.0) million, or $(0.04) per diluted share, for the third quarter of 2018. The increase was primarily due to DGD earning $32 million in 2019 third quarter as compared to a $(2.6) million loss in the 2018 third quarter due to extended downtime in the third quarter 2018 for completion of the expansion, as well as a $7.2 million write-down of our China blood plasma inventory in the third quarter 2018 due to the African Swine Fever (ASF) outbreak.

Under Darling's current share repurchase authorization, the Company repurchased 636,634 shares of common stock during the third quarter.  Subsequent to the close of the quarter, the Company repurchased an additional 407,076 shares, totaling $7.5 million. Darling has $180.7 million worth of shares remaining under its current authorization with purchases to be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. Repurchases may occur over the authorized period unless extended or shortened by the Board of Directors.

Comments on the Third Quarter 2019

"We reported solid third quarter results, underscored by the strength of our vertically integrated supply chain and excellent execution amid continued trade uncertainty and escalating disease disruption due to African Swine Fever," said Randall C. Stuewe, Chairman and Chief Executive Officer of Darling Ingredients Inc. "Overall, our operating segments delivered exceptional results with improved earnings in our Feed Segment as we navigated volatile global markets. Led by our Rousselot Functional Ingredients and Health & Nutrition platform, our Food Segment is solidly positioned to capture growing global demand for collagen ingredients. In the Fuel Segment, higher sales volumes supported solid performance across operations despite the lack of the Blenders Tax Credit (BTC).

"Our Diamond Green II expansion increasing capacity to 675 million gallons of renewable diesel is progressing on schedule with expected completion in late 2021. We are also pleased to expand our relationship with Valero, our joint venture partner, as we explore advanced engineering and development cost review for a potential renewable diesel plant at Valero's refinery in Port Arthur, TX. If approved, construction would begin in 2021, with expected operations commencing in 2024, resulting in 1.1 billion gallons of total annual production capacity at DGD," concluded Mr. Stuewe. 

Operational Update by Segment

  • Feed Ingredients – Segment stabilized, and earnings recovered on modestly improved fat prices year-over-year in light of ample supplies combined with lower global protein values impacted by strong slaughter volumes in North America; continued trade disruptions with China; and ASF moving across Asia. Slow export markets and lower biofuel demand also pressured fat markets.
  • Food Ingredients – Strong demand for our collagen supplements and ingredients drove solid results with capital growth investments in Brazil and France broadening opportunity to capture rising global demand. European edible fats business experienced declining volumes with raw materials continuing to be diverted to China food markets.
  • Fuel Ingredients – Strong execution across operations supported by solid contribution from our European bioenergy business, Ecoson, in addition to volume growth at our biogas digester operation in Belgium. Additionally, earnings from our share of Diamond Green Diesel JV (DGD) is now included in our operating income. While the facility experienced 20 days of maintenance downtime for plant enhancements and catalyst changeout, performance met expectations at $1.35 EBITDA per gallon on 58.7 million gallons of renewable diesel sold during the quarter.

Financial Update by Segment

Feed Ingredients

Three Months Ended

  

Nine Months Ended

($ thousands)

September 28, 2019

September 29, 2018

  

September 28, 2019

September 29, 2018

Net sales 

$                 496,978

$                 482,744

  

$              1,480,244

$              1,467,365

Gross margin

117,186

99,005

  

336,638

344,169

Loss (gain) on sale of assets

(2,429)

107

  

(7,343)

526

Selling, general and administrative expenses

47,319

39,702

  

142,615

131,914

Depreciation and amortization

50,182

47,321

  

148,271

140,933

Segment operating income

22,114

11,875

  

53,095

70,796

Adjusted EBITDA (1)

$                    72,296

$                    59,196

  

$                 201,366

$                 211,729
 

(1) Adjusted EBITDA calculated by adding depreciation and amortization to segment operating income
  • Feed Ingredients operating income for the three months ended September 28, 2019 was $22.1 million, an increase of $10.2 million, or 85.7% as compared to the three months ended September 29, 2018. This was due to the acquisition of Triple-T Foods in October 2018, higher margins on fat sales due to an increase in fat prices and a negative impact on Chinese inventories relating to ASF recorded in fiscal 2018.
  • Feed Ingredients operating income for the nine months ended September 28, 2019 was $53.1 million, a decrease of $17.7 million, or (25.0)%, as compared to the nine months ended September 29, 2018.  This was primarily due to a decrease in protein finished product sales prices, lower spreads in poultry pet grade products and higher factory, depreciation and amortization costs from the addition of several new facilities and partial multiemployer pension withdrawal charges.

Food Ingredients

Three Months Ended

  

Nine Months Ended

($ thousands)

September 28, 2019

September 29, 2018

  

September 28, 2019

September 29, 2018

Net sales 

$                 276,467

$                 265,208

  

$                 830,466

$                 847,457

Gross margin

61,824

54,478

  

187,375

162,495

Gain on sale of assets

(253)

(33)

  

(13,518)

(244)

Selling, general and administrative expenses

22,811

21,843

  

68,129

67,894

Restructuring and impairment charges

-

-

  

-

14,965

Depreciation and amortization

19,743

19,697

  

59,115

60,725

Segment operating income

19,523

12,971

  

73,649

19,155

Adjusted EBITDA (1)

$                    39,266

$                    32,668

  

$                 132,764

$                    94,845
 

(1) Adjusted EBITDA calculated by adding depreciation and amortization and restructuring and impairment charges to segment operating income
  • Food Ingredients operating income was $19.5 million for the three months ended September 28, 2019, an increase of $6.5 million or 50.0% as compared to the three months ended September 29, 2018. The increase was primarily due to improved results in the collagen markets, a gain on sale of assets in China and no restructuring and impairment charges in the current year as compared to the same period in fiscal 2018 when the Company closed its Argentina collagen plant.
  • Food Ingredients operating income was $73.6 million for the nine months ended September 28, 2019, an increase of $54.4 million or 283.3% as compared to the nine months ended September 29, 2018. The increase was primarily due to improved results in the collagen business and the closure of our Argentina collagen plant which more than offset lower casing and edible fat margins.

Fuel Ingredients

Three Months Ended

  

Nine Months Ended

($ thousands)

September 28, 2019

September 29, 2018

  

September 28, 2019

September 29, 2018

Net sales

$                    68,604

$                    64,624

  

$                 193,767

$                 219,774

Gross margin

10,116

11,164

  

31,912

49,203

Loss on sale of assets

13

98

  

16

190

Selling, general and administrative expenses

912

(2,822)

  

583

(4,056)

Depreciation and amortization

7,895

9,370

  

24,055

26,378

Equity in net income/(loss) of Diamond Green Diesel

32,020

(2,630)

  

94,390

109,655

Segment operating income

33,316

1,888

  

101,648

136,346

Combined Adjusted EBITDA (1)

$                    48,739

$                    14,397

  

$                 144,583

$                 171,814
 

(1) Combined adjusted EBITDA calculated by subtracting equity in net income of DGD from segment operating income and adding depreciation and amortization with Darling's share of DGD's EBITDA (referenced in the DGD Operating Financial Results table included herein calculated by taking 50% of the depreciation, amortization and accretion expense plus the operating income)
  • The company's Fuel Ingredients segment operating income for the three months ended September 28, 2019 was $33.3 million, an increase of $31.4 million or 1,652.6% as compared to the same period in fiscal 2018. The increase is primarily due to current year equity in net income at the DGD Joint Venture from higher capacity as compared to a net loss in the prior year period at the DGD Joint Venture, which more than offset the business interruption gain recorded at Rendac in fiscal 2018.
  • The company's Fuel Ingredients segment operating income for the nine months ended September 28, 2019 was $101.6 million, a decrease of $34.7 million or (25.5)% as compared to the same period in fiscal 2018.  The decrease is primarily related to the 2017 blenders tax credits booked in the first quarter of 2018 as compared to no blenders tax credits booked in fiscal 2019.

Darling Ingredients Inc. and Subsidiaries

Consolidated Operating Results

For the Periods Ended September 28, 2019 and September 29, 2018

(in thousands, except per share data)

(unaudited)
 
   

Three Months Ended

    

Nine Months Ended
           

$ Change

            

$ Change
   

September 28,

  

September 29,

  

Favorable

    

September 28,

  

September 29,

  

Favorable
 

2019

  

2018

  

(Unfavorable)

    

2019

  

2018

  

(Unfavorable)

Net sales

$      842,049

  

$      812,576

  

$       29,473

    

$   2,504,477

  

$      2,534,596

  

$     (30,119)

Costs and expenses:

                        
 

Cost of sales and operating expenses

652,923

  

647,929

  

(4,994)

    

1,948,552

  

1,978,729

  

30,177
 

Loss (gain) on sale of assets

(2,669)

  

172

  

2,841

    

(20,845)

  

472

  

21,317
 

Selling, general and administrative expenses

83,549

  

67,447

  

(16,102)

    

249,569

  

232,907

  

(16,662)
 

Restructuring and impairment charges

-

  

-

  

-

    

-

  

14,965

  

14,965
 

Depreciation and amortization

80,407

  

78,842

  

(1,565)

    

239,057

  

235,915

  

(3,142)

Total costs and expenses

814,210

  

794,390

  

(19,820)

    

2,416,333

  

2,462,988

  

46,655
 

Equity in net income/(loss) of Diamond Green Diesel

32,020

  

(2,630)

  

34,650

    

94,390

  

109,655

  

(15,265)

Operating income

59,859

  

15,556

  

44,303

    

182,534

  

181,263

  

1,271

Other expense:

                        
 

Interest expense

(19,359)

  

(20,080)

  

721

    

(60,088)

  

(66,220)

  

6,132
 

Debt extinguishment costs

-

  

-

  

-

    

(12,126)

  

(23,509)

  

11,383
 

Foreign currency gain/(loss)

466

  

(2,106)

  

2,572

    

(654)

  

(7,082)

  

6,428
 

Gain/(loss) on disposal of subsidiaries

-

  

3,038

  

(3,038)

    

-

  

(12,500)

  

12,500
 

Other (expense)/gain, net

(2,614)

  

(2,786)

  

172

    

(7,158)

  

(4,103)

  

(3,055)

Total other expense

(21,507)

  

(21,934)

  

427

    

(80,026)

  

(113,414)

  

33,388
                         

Equity in net loss of unconsolidated subsidiaries

(665)

  

(162)

  

(503)

    

(1,087)

  

(57)

  

(1,030)

Income/(loss) before income taxes

37,687

  

(6,540)

  

44,227

    

101,421

  

67,792

  

33,629

Income taxes expense/(benefit)

10,850

  

(1,403)

  

(12,253)

    

23,900

  

3,992

  

(19,908)

Net income/(loss)

26,837

  

(5,137)

  

31,974

    

77,521

  

63,800

  

13,721

Net income attributable to noncontrolling interests

(1,116)

  

(900)

  

(216)

    

(7,530)

  

(2,952)

  

(4,578)

Net income/(loss) attributable to Darling

$        25,721

  

$         (6,037)

  

$       31,758

    

$        69,991

  

$           60,848

  

$         9,143
                         

Basic income/(loss) per share:

$            0.16

  

$           (0.04)

  

$           0.20

    

$            0.42

  

$               0.37

  

$           0.05

Diluted income/(loss) per share:

$            0.15

  

$           (0.04)

  

$           0.19

    

$            0.42

  

$               0.37

  

$           0.05
                         

Number of diluted common shares

168,266

  

164,656

        

168,453

  

165,774

    

Darling Ingredients Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

September 28, 2019 and December 29, 2018

  (in thousands)
 
   

September 28,

  

December 29,
 

2019

  

2018

ASSETS

(unaudited)

    

Current assets:

      
 

Cash and cash equivalents

$           69,122

  

$        107,262
 

Restricted cash

159

  

107
 

Accounts receivable, net

355,006

  

385,737
 

Inventories

353,003

  

341,028
 

Prepaid expenses

46,378

  

35,247
 

Income taxes refundable

4,952

  

6,462
 

Other current assets

25,061

  

22,099
 

              Total current assets

853,681

  

897,942

Property, plant and equipment, less accumulated depreciation, net

1,714,768

  

1,687,858

Intangible assets, less accumulated amortization, net

537,360

  

595,862

Goodwill

1,212,313

  

1,229,159

Investment in unconsolidated subsidiaries

447,689

  

410,177

Operating lease right-of-use assets

119,063

  

-

Other assets

46,179

  

53,375

Deferred income taxes

13,846

  

14,981
 

              Total assets

$      4,944,899

  

$     4,889,354
         

LIABILITIES AND STOCKHOLDERS' EQUITY

      

Current liabilities:

      
 

Current portion of long-term debt

$           61,092

  

$            7,492
 

Accounts payable, principally trade

192,010

  

219,479
 

Income taxes payable

10,404

  

4,043
 

Current operating lease liabilities

35,223

  

-
 

Accrued expenses

297,164

  

309,484
 

              Total current liabilities

595,893

  

540,498

Long-term debt, net of current portion

1,559,809

  

1,666,940

Long-term operating lease liabilities

83,754

  

-

Other non-current liabilities

113,222

  

115,032

Deferred income taxes

219,329

  

231,063
 

              Total liabilities

2,572,007

  

2,553,533

Commitments and contingencies

      

Total Darling's stockholders' equity

2,308,493

  

2,273,048

Noncontrolling interests

64,399

  

62,773
 

              Total stockholders' equity

$      2,372,892

  

$     2,335,821
   

$      4,944,899

  

$     4,889,354

Darling Ingredients Inc. and Subsidiaries

Consolidated Statement of Cash Flows

Nine Months Ended September 28, 2019 and September 29, 2018

(in thousands)

(unaudited)
 
       

Nine Months Ended
       

September 28,

  

September 29,

Cash flows from operating activities:

2019

  

2018
 

Net income

$                 77,521

  

$                  63,800
 

Adjustments to reconcile net income to net cash provided by operating activities:

      
   

Depreciation and amortization

239,057

  

235,915
   

Loss/(gain) on disposal of property, plant, equipment and other assets

(20,845)

  

472
   

Loss on disposal of subsidiaries

-

  

12,500
   

Asset impairment

-

  

2,907
   

Gain on insurance proceeds from insurance settlements

(1,371)

  

(1,253)
   

Deferred taxes

(4,765)

  

(15,708)
   

Increase (decrease) in long-term pension liability

1,122

  

(375)
   

Stock-based compensation expense

18,543

  

13,606
   

Write-off deferred loan costs

4,721

  

8,163
   

Deferred loan cost amortization

4,435

  

6,265
   

Equity in net income of Diamond Green Diesel and unconsolidated subsidiaries

(93,303)

  

(109,598)
   

Distribution of earnings from unconsolidated subsidiaries

57,118

  

27,418
   

Changes in operating assets and liabilities, net of effects from acquisitions:

      
   

  Accounts receivable

20,388

  

9,657
   

  Income taxes refundable/payable

8,058

  

(9,838)
   

  Inventories and prepaid expenses

(34,371)

  

(25,960)
   

  Accounts payable and accrued expenses

(19,799)

  

(23,004)
   

  Other

6,173

  

4,731
     

Net cash provided by operating activities

262,682

  

199,698

Cash flows from investing activities:

      
 

Capital expenditures

(245,092)

  

(213,726)
 

Acquisitions, net of cash acquired

(1,431)

  

(51,301)
 

Investment of unconsolidated subsidiaries

(2,000)

  

(10,000)
 

Proceeds from sale of investment in subsidiaries

-

  

82,805
 

Gross proceeds from disposal of property, plant and equipment and other assets

15,402

  

3,361
 

Proceeds from insurance settlement

1,371

  

1,253
 

Payments related to routes and other intangibles

(3,150)

  

(1,253)
     

Net cash used by investing activities

(234,900)

  

(188,861)

Cash flows from financing activities:

      
 

Proceeds from long-term debt

511,985

  

623,698
 

Payments on long-term debt

(566,107)

  

(661,268)
 

Borrowings from revolving credit facility

325,485

  

386,436
 

Payments on revolving credit facility

(332,884)

  

(362,463)
 

Net cash overdraft financing

27,858

  

3,361
 

Deferred loan costs

(7,027)

  

(9,668)
 

Issuance of common stock

39

  

182
 

Repurchase of common stock

(11,740)

  

-
 

Minimum withholding taxes paid on stock awards

(3,247)

  

(2,215)
 

Distributions to noncontrolling interests

(4,500)

  

(8,005)
     

Net cash used by financing activities

(60,138)

  

(29,942)

Effect of exchange rate changes on cash

(5,732)

  

(6,238)

Net decrease in cash, cash equivalents and restricted cash

(38,088)

  

(25,343)

Cash, cash equivalents and restricted cash at beginning of period

107,369

  

106,916

Cash, cash equivalents and restricted cash at end of period

$                 69,281

  

$                 81,573

Supplemental disclosure of cash flow information:

      
 

Accrued capital expenditures

$                   3,978

  

$                 (5,295)
 

Cash paid during the period for:

      
   

Interest, net of capitalized interest

$                 49,727

  

$                58,731
   

Income taxes, net of refunds

$                 21,475

  

$                28,682
 

Non-cash operating activities

      
   

Operating lease right of use asset obtained in exchange for new lease liabilities

$                 16,425

  

$                          -
 

Non-cash financing activities

      
   

Debt issued for assets

$                           -

  

$                       24

Selected financial information for the Company's Diamond Green Diesel Joint Venture is as follows:

Diamond Green Diesel Joint Venture

Condensed Consolidated Balance Sheets

September 30, 2019 and December 31, 2018

(in thousands)
 
       

September  30,

  

December  31,
       

2019

  

2018

Assets:

  

 (unaudited) 

    
 

Total current assets

  

$          193,457

  

$         186,258
 

Property, plant and equipment, net

  

653,463

  

576,384
 

Other assets

  

30,587

  

24,601
   

Total assets

  

$          877,507

  

$         787,243
             

Liabilities and members' equity:

        
 

Total current portion of long term debt

  

$                 293

  

$                189
 

Total other current liabilities

  

47,373

  

40,619
 

Total long term debt

  

8,859

  

8,485
 

Total other long term liabilities

  

4,409

  

539
 

Total members' equity

  

816,573

  

737,411
   

Total liabilities and members' equity

  

$          877,507

  

$         787,243

Diamond Green Diesel Joint Venture

Operating Financial Results

Three Months and Nine Months Ended September 30, 2019 and September 30, 2018

(in thousands)

(unaudited)
 
     

Three Months Ended

    

Nine Months Ended
             

$ Change

            

$ Change
     

September 30,

  

September 30,

  

Favorable

    

September 30,

  

September 30,

  

Favorable

Revenues:

2019

  

2018

  

(Unfavorable)

    

2019

  

2018

  

(Unfavorable)
 

Operating revenues

$         262,118

  

$         104,811

  

$       157,307

    

$         859,647

  

$         407,121

  

$      452,526

Expenses:

                        
 

Total costs and expenses less depreciation, amortization and accretion expense

 

183,022

  

 

103,794

  

 

(79,228)

    

 

633,109

  

 

169,632

  

 

(463,477)
 

Depreciation, amortization and accretion expense

15,242

  

6,516

  

(8,726)

    

38,574

  

18,890

  

(19,684)

Total costs and expenses

198,264

  

110,310

  

(87,954)

    

671,683

  

188,522

  

(483,161)
 

Operating income 

63,854

  

(5,499)

  

69,353

    

187,964

  

218,599

  

(30,635)

Other income

506

  

556

  

(50)

    

1,781

  

1,348

  

433
   

Interest and debt expense, net

(320)

  

(318)

  

(2)

    

(965)

  

(637)

  

(328)
   

Net income 

$           64,040

  

$           (5,261)

  

$         69,301

    

$         188,780

  

$         219,310

  

$       (30,530)

Darling Ingredients Inc. reports Adjusted EBITDA results, which is a Non-GAAP financial measure, as a complement to results provided in accordance with generally accepted accounting principles (GAAP) (for additional information, see "Use of Non-GAAP Financial Measures" included later in this media release). The company believes that Adjusted EBITDA provides additional useful information to investors. Adjusted EBITDA, as the company uses the term, is calculated below:

Reconciliation of Net Income to (Non-GAAP) Adjusted EBITDA and (Non-GAAP) Pro forma Adjusted EBITDA
Three and nine months ended September 28, 2019 and September 29, 2018

   

Three Months Ended - Year over Year

  

Nine Months Ended - Year over Year

Adjusted EBITDA 

September 28,

  

September 29,

  

September 28,

  

September 29,

(U.S. dollars in thousands)

2019

  

2018

  

2019

  

2018
               

Net income/(loss) attributable to Darling

$           25,721

  

$           (6,037)

  

$           69,991

  

$           60,848

Depreciation and amortization

80,407

  

78,842

  

239,057

  

235,915

Interest expense

19,359

  

20,080

  

60,088

  

66,220

Income tax expense/(benefit)

10,850

  

(1,403)

  

23,900

  

3,992

Restructuring and impairment charges

-

  

-

  

-

  

14,965

Foreign currency loss/(gain)

(466)

  

2,106

  

654

  

7,082

Other expense/(income), net

2,614

  

2,786

  

7,158

  

4,103

Debt extinguishment costs

-

  

-

  

12,126

  

23,509

Loss/(gain) on sale of subsidiary

-

  

(3,038)

  

-

  

12,500

Equity in net (income)/loss of Diamond Green Diesel

(32,020)

  

2,630

  

(94,390)

  

(109,655)

Equity in net (income) of unconsolidated subsidiaries

665

  

162

  

1,087

  

57

Net income attributable to noncontrolling interests

1,116

  

900

  

7,530

  

2,952
 

Adjusted EBITDA

$         108,246

  

$           97,028

  

$         327,201

  

$         322,488
                 

Foreign currency exchange impact (1)

3,088

  

-

  

14,749

  

-

Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)

$         111,334

  

$           97,028

  

$         341,950

  

$         322,488
               

DGD Joint Venture Adjusted EBITDA (Darling's share) 

$           39,548

  

$                509

  

$         113,270

  

$         118,745
               

Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA

$         147,794

  

$           97,537

  

$         440,471

  

$         441,233
   

(1)

The average rates assumption used in the calculation was the actual fiscal average rate for the three months ended September 28, 2019 of €1.00:USD$1.11 and CAD$1.00:USD$0.76 as compared to the average rate for the three months ended September 29, 2018 of €1.00:USD$1.16 and CAD$1.00:USD$0.76, respectively. The average rates assumption used in the calculation was the actual fiscal average rate for the nine months ended September 28, 2019 of €1.00:USD$1.12 and CAD$1.00:USD$0.75 as compared to the average rate for the nine months ended September 29, 2018 of €1.00:USD$1.20 and CAD$1.00:USD$0.78, respectively.

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