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.
Amlan International, a leader in natural feed additives, has appointed Dr. Kim Huang as regional technical services manager for the Asia Pacific (APEC) region. His role is crucial in supporting the growing Southeast Asia poultry market, expected to represent one-third of global production by 2023. Increasing input costs emphasize the need for better feed conversion and animal health, making Amlan's solutions vital for profitability. Dr. Huang brings over 30 years of experience, aiming to enhance customer service and productivity in the region.
The Board of Directors of Oil-Dri Corporation of America (NYSE: ODC) declared quarterly cash dividends of $0.27 per share for Common Stock and $0.2025 per share for Class B Stock. These dividends will be paid on February 25, 2022 to stockholders of record as of February 11, 2022. Oil-Dri has consistently paid cash dividends since 1974, increasing them annually for eighteen consecutive years.
Earnings for the second quarter of fiscal 2022 will be released post-market on March 11, 2022, with a webcast discussion following on March 14, 2022.
Oil-Dri Corporation of America (NYSE: ODC) announced its fiscal Q1 2022 results, reporting record high consolidated net sales of $82.5 million, an 8% increase year-over-year. However, net income fell significantly by 85% to $585,000, and earnings per share dropped to $0.08, down 86% from the previous year. Cost pressures due to inflation led to a 26% decrease in gross profit, with operating income reduced to $445,000. Despite challenges in supply chains and increased operational expenses, the company plans to implement further price increases to manage costs.
Oil-Dri Corporation of America (NYSE: ODC) announced a price increase for its fluid purification products, effective January 1, 2022. The hikes will be up to 10%, driven by significant inflation in key costs such as natural gas, diesel, packaging, and non-fuel manufacturing. The company emphasizes that these adjustments are essential to navigate the rising expenses. Sales representatives will provide customers with further details regarding the changes.
On November 18, 2021, Amlan International announced the appointment of Xin WU as Technical Sales Manager for North China. His role aims to support poultry and swine producers facing high feed costs and rising demand for natural, antibiotic-free protein. Amlan's mineral-based feed additives are designed to enhance animal health and improve production efficiency, leveraging over 80 years of expertise from Oil-Dri Corporation. Xin brings over 13 years of experience in the animal feed sector and holds advanced degrees in veterinary medicine.
Oil-Dri Corporation of America (NYSE: ODC) announced a price increase of 7% to 10% for its industrial clay and synthetic absorbents, effective January 1, 2022. The decision, according to CEO Daniel S. Jaffee, is driven by ongoing inflationary pressures on materials, packaging, and manufacturing costs. The company emphasizes its commitment to maintaining product quality and supply for its customers. Further details will be communicated directly to customers by sales representatives.
Amlan International, the animal health division of Oil-Dri Corporation of America, will feature research on natural feed additives at the Symposium on Gut Health in Production of Food Animals from October 31 to November 3, 2021. Presentations will be made by Amlan scientists, including Dr. Hongyu Xue, who will address the adverse effects of coccidiosis and the benefits of Amlan’s products. The symposium aims to highlight the importance of gut health in livestock and poultry, especially amidst global restrictions on in-feed antibiotics, creating demand for drug-free solutions.
At the 10th Leman China Swine Conference and 2021 World Swine Industry Expo, Amlan International, the animal health division of Oil-Dri Corporation of America, will showcase its natural, mineral-based feed additives aimed at enhancing swine intestinal health and addressing economic challenges faced by producers. The event, set for October 20-22, 2021, in Chongqing, is expected to draw around 6,000 attendees and over 50,000 visitors. Amlan's patented products, including Varium® and NeoPrime®, leverage 80 years of mineral science expertise and are designed to improve animal performance without antibiotics.
Oil-Dri Corporation of America (NYSE: ODC) has announced plans to increase prices for its cat litter products in the U.S. and Canada during Q2 of fiscal year 2022. This decision comes in response to ongoing inflationary pressures affecting key costs such as freight, packaging, materials, and manufacturing. Despite efforts to optimize operational expenses, the company stated that price adjustments are necessary to uphold product quality and service levels. Specific details regarding the price increase will be communicated directly to customers by sales representatives.
The Board of Directors of Oil-Dri Corporation of America (NYSE: ODC) has declared quarterly cash dividends of $0.27 per share for Common Stock and $0.2025 for Class B Stock. These dividends will be payable on November 26, 2021, to stockholders on record as of November 12, 2021. Notably, Oil-Dri has consistently paid dividends since 1974, increasing them annually for eighteen consecutive years. The company plans to announce its first quarter earnings of fiscal 2022 on December 7, 2021, with a virtual earnings discussion on December 8, 2021.
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