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.
On October 12, 2022, Oil-Dri Corporation of America (NYSE: ODC) declared quarterly cash dividends of $0.28 per share for Common Stock and $0.21 for Class B Stock, payable on November 25, 2022. The record date for stockholders is November 11, 2022. Oil-Dri has consistently paid cash dividends since 1974, raising them annually for 19 consecutive years. The company plans to release its fiscal Q1 earnings on December 6, 2022, and will hold a virtual earnings discussion on December 7, 2022.
Oil-Dri Corporation of America (NYSE: ODC) reported strong fourth quarter results with net sales reaching $93.2 million, a 19% increase year-over-year, and a consolidated net income of $5.2 million, up 762%. For the fiscal year 2022, total net sales hit $348.6 million, a 14% rise, while net income attributable to the company fell by 49% to $5.7 million due to a $5.6 million goodwill impairment charge. Despite inflationary pressures, the company showed growth in its cat litter and fluids purification segments, and announced a dividend increase for the 19th consecutive year, underlining its commitment to shareholder returns.
Oil-Dri Corporation's animal health business, Amlan International, is set to showcase its natural mineral-based feed additives at two major expos in China: the China Feed Expo from September 22-24 and the China Animal Husbandry Expo (CAHE) from September 27-29. Amlan emphasizes the benefits of its products, such as Calibrin-Z and Varium, which support animal health and productivity without antibiotics. Harold Zhou will discuss sustainable agriculture at CAHE. Amlan aims to strengthen its presence in China, enhancing its technical service team and addressing the needs of local producers.
Amlan International, part of Oil-Dri of America, is set to participate in the China Dairy Expo 2022 from September 5-7, 2022, in Ji’Nan, China. This expo is the largest dairy production event in China, with over 600 companies expected to attend. Amlan aims to support the growing dairy industry in China by promoting its product Calibrin-Z, a biotoxin binder that enhances milk production and gut health in livestock. With China's dairy market expanding due to rising health awareness, Amlan's innovative solutions are positioned to meet the demand for high-quality milk.
Oil-Dri Corporation of America (NYSE: ODC) will increase prices for its cat litter products effective October 17, 2022, across the U.S. and Canada. This decision is a response to significant inflation in commodities, transportation, labor, and manufacturing costs. The CEO, Daniel S. Jaffee, emphasized that despite improved efficiencies, pricing actions are necessary to mitigate margin pressures. Specific details regarding the price increase will be communicated to customers directly by sales representatives.
Oil-Dri Corporation of America (NYSE: ODC) announced a price increase for its industrial and automotive absorbents, effective October 1, 2022, ranging from 15% to 20%. These increases are necessary to counteract significant inflation in costs such as diesel, natural gas, and labor, as well as rising capital improvement costs. CEO Daniel S. Jaffee emphasized that these adjustments are vital for maintaining product quality and service levels amid ongoing elevated costs.
Oil-Dri Corporation of America (NYSE: ODC) announces that the Brazilian Patent Office has granted Patent No. 11 2015 007549 5 for a novel mineral-based formulation used in its animal health products, Varium and NeoPrime. These products aim to enhance intestinal health in swine and poultry without antibiotics, responding to Brazil's growing demand for antibiotic-free poultry production. With Brazil as a leading producer of poultry and pork, the patented formulation is positioned to support producers in maintaining animal health and productivity.
Oil-Dri Corporation of America (NYSE: ODC) announced plans to increase prices due to significant rises in capital improvement costs driven by global supply chain challenges and inflation. CEO Daniel S. Jaffee highlighted that fixed asset replacement costs have nearly doubled their historic levels, necessitating these adjustments to maintain business operations. The company anticipates long-term price hikes of approximately 4%, in addition to inflationary increases prompted by higher commodity, transportation, and labor costs. These measures aim to support ongoing investments in infrastructure to meet customer demands.
Oil-Dri Corporation of America (NYSE: ODC) announced price increases for its sports field products, set to take effect on August 1, 2022. This decision is driven by rising inflationary pressures affecting key operational costs, including diesel, natural gas, and labor rates at manufacturing facilities. Sales representatives from Pro’s Choice will provide customers with specific details regarding the upcoming price changes.
Amlan International, a leader in mineral-based feed additives, has appointed Dr. Aldo Rossi as Director of Sales and Technical Service for North America and promoted Heath Wessels to VP of Sales for the Americas. Both bring over 50 years of combined experience in the poultry industry. Dr. Rossi aims to enhance Amlan's global sales strategy and customer partnerships, utilizing a newly launched product range for North America designed to improve livestock gut health. The shift toward antibiotic-free production in the Americas bolsters Amlan's market potential, supported by vertical integration with Oil-Dri Corporation.
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