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's Amlan International has announced key internal promotions to support its growth in the Americas and maintain its reputation in Asia. Dr. Wade Robey has been appointed President, succeeding Dan Jaffee, who remains CEO of Oil-Dri. Wade's prior achievements include successful global marketing and product development. Additionally, Reagan Culbertson and Dr. Aldo Rossi have been promoted to Vice President positions focusing on strategic marketing and innovation, respectively. These changes reflect Amlan's commitment to excellence and its mission of delivering effective, mineral-based feed additives.
Oil-Dri Corporation of America (NYSE: ODC) has announced quarterly cash dividends of $0.28 per share for its Common Stock and $0.21 per share for Class B Stock, payable on February 24, 2023. Stockholders must be on record by the close of business on February 10, 2023. This marks the company's continuous dividends since 1974 and a history of annual increases for nineteen consecutive years. The firm will report its second-quarter earnings after market close on March 9, 2023, followed by a webcast on March 10, 2023.
Oil-Dri Corporation of America (ODC) reported impressive financial results for the first quarter of fiscal year 2023, ending October 31, with net sales soaring to $98.5 million, marking a 19% increase year-over-year. Net income surged by 796% to $5.2 million, translating to earnings of $0.78 per share. Strong performance was driven by the Business to Business segment, which saw a 36% revenue increase, and the Retail and Wholesale segment, which grew by 12%. Notably, consolidated gross profit rose 61% to $22.3 million, with gross margins expanding by 580 basis points compared to the prior year.
Amlan International, a division of Oil-Dri Corporation of America, has strengthened its presence in the Philippines with the appointment of Jayson Fernandez as sales manager and the registration of FJ Wegon Animal Health and Nutrition Inc. to distribute Calibrin®-Z. The Philippines is a major poultry and swine producer in Southeast Asia. While the poultry industry faces post-COVID-19 recovery and swine repopulation challenges, Amlan aims to enhance animal health and profitability. Amlan’s innovative mineral technology promises to improve gut protection for livestock, supporting the company's expansion efforts in this key market.
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.
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