Welcome to our dedicated page for Oil-Dri Corporation of America news (Ticker: ODC), a resource for investors and traders seeking the latest updates and insights on Oil-Dri Corporation of America stock.
Oil-Dri Corporation of America (NYSE: ODC) is a prominent manufacturer and supplier of high-quality sorbent products, chiefly derived from clay. Established in 1941, the company has evolved over 80 years into a leading player within consumer and business-to-business markets, offering diverse products that leverage their mineral expertise.
Oil-Dri operates through two main segments: Retail and Wholesale Products Group and Business to Business Products Group. The company's varied product range includes well-known brands like Cat's Pride, Jonny Cat, Amlan, Agsorb, Verge, Pure-Flo, and Ultra-Clear. Their offerings extend to cat litter, floor absorbent products, toxin control substances for livestock, and agricultural chemical carriers, providing essential solutions across multiple industries.
Recently, Oil-Dri has achieved substantial milestones. As per their fiscal first quarter of 2024, the company posted its sixth consecutive quarter of record net sales and eighth consecutive quarter of record gross profit. CEO Daniel S. Jaffee highlighted the doubling of net income to an all-time high, reflecting the company’s robust financial health and strategic growth initiatives.
The company is committed to innovation, as evidenced by Amlan International, its animal health division. Amlan continues to showcase their advanced mineral-based feed additives globally, participating in significant industry events like the International Production and Processing Expo (IPPE) and AMVECAJ International Congress. These efforts underline Amlan's dedication to enhancing animal health and production efficiency using natural solutions.
Furthermore, Oil-Dri has expanded its market presence through strategic acquisitions, such as the recent purchase of Ultra Pet for $46 million. Ultra Pet is renowned for its innovative crystal cat litter products, like Litter Pearls, which align well with Oil-Dri's existing product portfolio.
Oil-Dri's vertical integration streamlines every process step, from research and development to supply chain management and marketing, ensuring product quality and customer satisfaction. The company’s ethical and moral values, combined with a passion for excellence, underpin their mission to create value from sorbent minerals, continuously enhancing the value delivered to customers.
Oil-Dri Corporation (NYSE: ODC) reported a strong fourth quarter and fiscal year 2021 with record net sales of $78 million and total sales of $305 million, representing a 20% and 8% increase, respectively. However, net income dropped 90% in Q4 to $603,000 and 41% for the year to $11.1 million, primarily due to severe cost inflation in key inputs like resin and lumber. Despite these challenges, the company continues to focus on growth in mineral-based alternatives and cat litter products. The outlook for fiscal 2022 emphasizes enhancing profitability amidst rising costs.
Amlan International has appointed Betty Yuriko as the new country manager for Indonesia, enhancing its operations in response to the growing demand for animal protein. With 27 years of experience, Betty will lead the distribution strategy for Amlan’s natural, mineral-based feed additives like Varium and NeoPrime, which recently received a patent in Indonesia. This move addresses producers' needs for alternatives to antibiotic growth promoters, aiming to optimize animal health and profitability. Amlan is a division of Oil-Dri Corporation, traded on the NYSE under the symbol ODC.
Oil-Dri Corporation of America (NYSE: ODC) has received a patent in Indonesia for its innovative mineral-based feed additive technology, benefiting the local animal protein industry. The patent, IDP-000071991, protects formulations used in Amlan's Varium® and NeoPrime® products, which promote intestinal health in poultry and swine. With rising demand for antibiotic-free alternatives in Indonesia, these products support livestock production efficiency. Amlan's direct partnership with producers and expansion of services are set to enhance support for high-quality animal protein production.
Oil-Dri Corporation of America (NYSE: ODC) announced price increases of 5% to 9% on clay absorbents and sports field products, effective September 1, 2021. This decision is driven by significant cost increases in packaging, materials, natural gas, and non-fuel manufacturing costs, despite ongoing improvements in manufacturing efficiencies. Sales representatives will communicate detailed information about the price adjustments directly to customers.
Oil-Dri Corporation of America (NYSE: ODC) announced plans to raise prices on its cat litter products in the first quarter of fiscal year 2022. This decision comes due to significant increases in costs associated with freight, packaging, materials, and natural gas. Despite efforts to mitigate these cost pressures, the price hike is necessary to sustain product quality and service levels. Specifics about the price increase will be communicated directly to customers by the sales team.
Amlan International has appointed Chuck Snipes as the new key account manager for the U.S. coastal region, enhancing its push into the U.S. poultry market. With nearly 9 billion broilers in the U.S., Chuck's role is crucial as producers shift towards antibiotic-free poultry production. His 35 years of experience will help strengthen Amlan's customer relationships and support industry-leading producers. Amlan International, part of Oil-Dri Corporation of America, focuses on mineral-based feed additives and has expanded its R&D capabilities.
Amlan International has appointed Nguyen Hai as the new commercial manager for Vietnam, focusing on sales strategy to meet the rising demand for animal protein in Southeast Asia. With poultry consumption per person in Vietnam projected to increase from 13 kg in 2017 to 17 kg by 2027, Amlan aims to provide innovative mineral-based feed additives that enhance intestinal health and production efficiency. Nguyen brings significant experience from a national sales manager role and holds advanced degrees in animal science.
Oil-Dri Corporation of America (NYSE: ODC) announced a price increase for its agricultural, bleaching clay, and fluid purification products, effective August 1, 2021, ranging up to 7%. This decision, according to President and CEO Daniel S. Jaffee, is a response to significant inflationary pressures from rising freight, packaging, materials, natural gas, and manufacturing costs. Despite efforts in expense optimization and operational productivity, the company could no longer absorb these increases without implementing price changes.
Oil-Dri Corporation of America (NYSE: ODC) announces the appointment of Amy Ryan to its Board of Directors effective June 9, 2021. Ryan brings nearly 20 years of experience in Environmental, Social, & Governance (ESG) and risk management. The Board also declared a quarterly cash dividend of $0.27 per share, marking an approximate 4% increase, and extending 18 consecutive years of dividend increases, demonstrating commitment to shareholder value. The dividends will be payable on August 27, 2021, to shareholders of record by August 13, 2021.
Amlan International is enhancing its operations in China to address the growing demand for animal protein, particularly in poultry and pork production. The company has appointed eight new sales and technical professionals, including Michael Hua and King Zhu, to bolster customer service and technical support. Amlan is also expanding its logistics capabilities across three strategically located centers in China. These initiatives aim to help local producers meet the increasing consumer demand and evolving regulatory requirements. Amlan is part of Oil-Dri Corporation of America, publicly traded as ODC.
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