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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.
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.
Oil-Dri Corporation of America (NYSE: ODC) reported its third quarter and nine-month fiscal results for 2021. Consolidated net sales for the third quarter were $76.3 million, flat year-over-year, with a net income of $2.2 million, down 52%. Earnings per diluted share decreased to $0.32. Increased costs for commodities and freight led to a gross margin drop from 28% to 22%. However, sales in industrial and sports sectors showed recovery. The company plans additional price increases due to ongoing cost pressures and continues to focus on profitability and growth initiatives.
Amlan International has appointed Saksake Pacharadit as the new regional sales manager for the Asia Pacific region. With extensive experience in poultry and a focus on enhancing sales in countries like Pakistan and India, Pacharadit will drive strategies to meet the growing demand for animal protein, especially as poultry production in Southeast Asia is expected to significantly increase. Amlan aims to align its goals with producer profitability through innovative mineral-based feed additive solutions.
Amlan International has appointed Jay Hughes as the new Regional Technical Service Manager for North America as of April 1, 2021. In this role, he will enhance customer support and implement strategies to meet the poultry production needs of Amlan's clients. Hughes brings extensive experience in poultry genetics and production analytics, previously managing relationships at an agriculture analytics firm. The appointment aligns with Amlan's commitment to delivering mineral-based feed additives to satisfy rising demand for natural solutions in poultry and livestock sectors.
Oil-Dri Corporation of America (NYSE: ODC) appointed Matthew J. Daley as Vice President, Corporate Controller on March 10, 2021. Daley, a seasoned finance executive with over 28 years of experience, will oversee corporate accounting and financial reporting. The company also declared a quarterly cash dividend of $0.26 per share of Common Stock and $0.195 per share of Class B Stock, payable on May 28, 2021, to shareholders of record by May 14, 2021. Oil-Dri has paid continuous dividends since 1974, increasing them annually for 17 years.
Oil-Dri Corporation of America (NYSE: ODC) reported a 5% increase in net sales for Q2 FY2021, reaching $74.5 million, attributed to higher demand for cat litter and animal health products. Net income fell 11% to $4.3 million, with EPS of $0.61, down from $0.67. Operating income in the B2B segment rose slightly, while the Retail and Wholesale segment saw a 27% decline in operating income. The company faced challenges from increased commodity and freight costs, impacting gross margin, which dropped to 24%. Strategic investments in animal health and marketing were highlighted as key growth drivers.
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