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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.
The Board of Directors of Oil-Dri Corporation of America (NYSE: ODC) has declared quarterly cash dividends of $0.28 per share for Common Stock and $0.21 per share for Class B Stock, representing a 4% increase for both classes. The dividends will be payable on August 26, 2022, to stockholders of record by the close of business on August 12, 2022. This announcement marks the nineteenth consecutive year of increased dividends, with a current dividend yield of 4.3% based on a closing price of $25.51.
Oil-Dri Corporation of America (NYSE: ODC) reported a net sales increase of 12% in Q3 2022, reaching $85.8 million, and a 13% increase for the fiscal year-to-date, totaling $255.4 million. However, the company faced a net loss of $2.1 million compared to a profit of $2.2 million in Q3 2021, primarily due to a one-time goodwill impairment charge of $5.6 million. Despite rising sales from its Business to Business segment, operating income decreased overall. The company anticipates improved profitability with planned price increases in the upcoming quarter.
Oil-Dri Corporation of America (NYSE: ODC) has announced three senior leadership promotions: Aaron Christiansen is now Vice President of Operations, Wade Robey is Vice President of Agriculture & Amlan Marketing, and Yasmith Bernal takes the role of Vice President, Crop & Horticulture and Innovation Center Site Lead. These promotions are aimed at enhancing the company's growth strategy and operational success. Each appointee brings years of relevant experience and has made significant contributions to the company.
Amlan International has introduced two new natural animal health feed additives, Phylox® Feed and NeutraPath® to address the growing need for antibiotic-free production. These products aim to combat Eimeria species and improve intestinal health in livestock. Phylox serves as an alternative to anticoccidial drugs, enhancing profitability and immunity without withdrawal before slaughter. NeutraPath focuses on reducing pathogenic bacteria, improving feed conversion and animal health. Both products are available in select international markets, with potential for use alongside Amlan's existing range of mineral-based products.
Oil-Dri Corporation of America (NYSE: ODC) announced plans to increase prices on its agricultural and fluid purification products effective May 2022. This decision aims to counteract rising costs in freight, packaging, materials, natural gas, labor, and other manufacturing expenses. The price hikes, along with enhanced production efficiencies and expense reduction efforts, are part of the company's strategy for margin improvement in a challenging economic landscape. Sales representatives will provide further details to customers directly.
Oil-Dri Corporation of America (NYSE: ODC) announced plans to raise prices on its industrial and automotive absorbent products by 15% to 20% in Q4 2022. This decision stems from the necessity to offset increased costs in packaging, natural gas, labor, and manufacturing, as explained by President and CEO Daniel S. Jaffee. The company is focused on pricing adjustments, production optimization, and cost reductions to restore margins to historical levels. Sales representatives will provide customers with additional pricing details.
Oil-Dri Corporation of America (NYSE: ODC) appointed Patrick J. Walsh as Vice President of Human Resources, effective March 21, 2022. Walsh brings extensive experience from PepsiCo and Pizza Hut, focusing on human capital management. Concurrently, the Board declared quarterly cash dividends of $0.27 per share for Common Stock and $0.2025 for Class B Stock, payable on May 27, 2022. This marks the company's continuous dividend payments since 1974, with annual increases for 18 consecutive years.
Amlan International will showcase new research and solutions to industry challenges at the XLVI ANECA 2022 Annual Congress in Mexico from March 29 to April 1, 2022. Key highlights include the introduction of Phylox Feed, a natural non-pharmaceutical solution aimed at improving poultry performance, and findings from a commercial trial on the mineral-based product Varium. The congress will feature multiple presentations focusing on animal welfare and alternatives to traditional antibiotics for poultry producers.
Oil-Dri Corporation of America (NYSE: ODC) reported its Q2 2022 results, achieving record net sales of $87.2 million, a 17% increase year-over-year. However, net income dropped by 53% to $2 million, with earnings per share declining 54% to $0.28. Despite sales growth in the Business to Business segment, ongoing inflation and supply chain challenges reduced gross profit margins to 18%, down from 22% in the prior year. Oil-Dri continues to focus on pricing strategies and cost-saving measures to combat these pressures.
Oil-Dri Corporation of America (NYSE: ODC) announced a price increase for its sports field products effective April 1, 2022. This decision is driven by rising inflation affecting key cost inputs such as packaging, materials, natural gas, and manufacturing expenses. CEO Daniel S. Jaffee stated that the price adjustments are crucial to maintain product quality and to restore profit margins to historical levels. Pro’s Choice sales representatives will provide further details to customers directly.
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