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.
Amlan International, a subsidiary of Oil-Dri of America (NYSE: ODC), has launched Phylox®, a natural anticoccidial solution for poultry, in the Philippines. This innovative feed additive addresses the significant challenge of coccidiosis in Southeast Asian poultry farms, particularly during the rainy season. Phylox offers a safe, effective alternative to traditional chemical drugs and antibiotics, aligning with the growing demand for no-antibiotic-ever (NAE) production systems.
The product will be distributed by Nezus Philippines and showcased at ILDEX 2024 from August 28-30. Phylox has demonstrated performance equivalent to common ionophores or chemicals in trials and is compatible with anticoccidial vaccines. Its multiple modes of action in disrupting Eimeria life cycles position it as a promising solution for enhancing poultry health and profitability in the Asia Pacific market.
Oil-Dri of America (NYSE: ODC) announced record sales and gross profit for Q3 and the first nine months of fiscal 2024. Q3 consolidated net sales reached $106.8 million, up 1% from the prior year. Net income for the quarter was $7.8 million, down 9% from last year, primarily due to increased SG&A expenses. Gross profit increased by 10% to $30.1 million. The company highlighted growth in fluids purification and cat litter products, as well as the acquisition of Ultra Pet Company, which is expected to drive future earnings. Year-to-date net sales were $323.9 million, a 6% increase from the previous year.
Oil-Dri of America (NYSE: ODC) announced a dividend increase to $0.31 per share for Common Stock and $0.233 per share for Class B Stock, representing a 7% rise. This marks the 21st consecutive year of dividend increases, highlighting strong financial performance and confidence in future growth. Dividends will be payable on August 23, 2024, to shareholders who are recorded as of August 9, 2024. Historically, the company increased dividends by $0.01 annually, but this year it doubled the increase to $0.02 per share. A press release detailing Q3 2024 performance will be issued on June 6, with an earnings discussion webcast scheduled for June 7 at 10:00 a.m. Central Time.
Oil-Dri of America (NYSE: ODC) has completed the acquisition of Ultra Pet Company, Inc. for $46 million, aiming to strengthen its position in the cat litter industry. The acquisition was financed through a mix of cash and credit facilities. The combined efforts of both companies will focus on expanding in the crystal cat litter segment, optimizing operations, and sharing core values. Oil-Dri's earnings for the third quarter of fiscal 2024 will be released on June 6, 2024, followed by an earnings discussion on June 7, 2024.
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