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 of America (NYSE: ODC) announced the appointment of Patricia "Patti" J. Schmeda to its Board of Directors on March 22, 2023. With over 30 years in information technology, Schmeda will enhance the Board's perspective on IT strategies and cybersecurity. She is currently Global CIO at Wahl Clipper Corporation and has a solid background in IT leadership roles. Additionally, the Board declared a quarterly cash dividend of $0.28 per share of Common Stock and $0.21 per share of Class B Stock, payable on May 26, 2023, to stockholders of record by May 12, 2023. Oil-Dri has paid continuous dividends since 1974 and has increased them annually for 19 years.
Dr. Robin Jarquin has been appointed as the new Director of Sales for LATAM at Amlan International, part of Oil-Dri Corporation of America. With over 17 years in the poultry industry, Dr. Jarquin will focus on expanding Amlan's operations in Latin America, which produced 28 million tons of broiler meat in 2021. He will advance product registration, including the anticoccidial alternative Phylox in Mexico and Chile, and support growth in both poultry and swine sectors. The region's pork production has also experienced over 20% growth in the past five years, positioning Amlan for further market share expansion.
Oil-Dri Corporation of America (NYSE: ODC) announced strong financial results for Q2 and the first half of fiscal 2023. Net sales reached $101.7 million, a 17% increase year-over-year. Net income attributable to Oil-Dri soared to $3.9 million, a 93% increase from $2.0 million in the previous year. Adjusted earnings per diluted share jumped 100% to $0.56. Notably, the Business to Business Products Group achieved record revenues of $35.2 million, driven by price increases. Despite a reserve of $2.5 million for landfill modifications, the company reported robust growth across its product portfolio, showcasing resilience in an inflationary environment.
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