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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.
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.
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.
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