Oil-Dri Corporation of America (NYSE: ODC), producer and marketer
of sorbent mineral products, today announced results for its third
quarter and first nine-months of fiscal year 2024.
|
Third
Quarter |
Year to
Date |
(in thousands, except per share amounts) |
Ended April 30, |
Ended April 30, |
|
2024 |
2023 |
Change |
2024 |
2023 |
Change |
Consolidated Results |
|
|
|
|
|
|
Net Sales |
$ |
106,779 |
$ |
105,425 |
1% |
$ |
323,885 |
$ |
305,633 |
6% |
Net Income Attributable to Oil-Dri |
$ |
7,777 |
$ |
8,535 |
(9)% |
$ |
30,901 |
$ |
17,632 |
75% |
Net Income Attributable to Oil-Dri Excluding Nonrecurring Events
† |
$ |
7,777 |
$ |
13,319 |
(42)% |
$ |
31,363 |
$ |
24,393 |
29% |
Diluted EPS - Common |
$ |
1.07 |
$ |
1.24 |
(14)% |
$ |
4.26 |
$ |
2.58 |
65% |
Diluted EPS - Common, Excluding Nonrecurring Events † |
$ |
1.07 |
$ |
1.94 |
(45)% |
$ |
4.32 |
$ |
3.57 |
21% |
Business to Business |
|
|
|
|
|
|
Net Sales |
$ |
36,196 |
$ |
35,412 |
2% |
$ |
111,591 |
$ |
104,253 |
7% |
Segment Operating Income |
$ |
10,605 |
$ |
9,803 |
8% |
$ |
32,713 |
$ |
24,794 |
32% |
Retail and Wholesale |
|
|
|
|
|
|
Net Sales |
$ |
70,583 |
$ |
70,013 |
1% |
$ |
212,294 |
$ |
201,380 |
5% |
Segment Operating Income |
$ |
10,872 |
$ |
10,744 |
1% |
$ |
34,080 |
$ |
27,000 |
26% |
† Please refer to Reconciliation of Non-GAAP
Financial Measures below for a reconciliation of Non-GAAP items to
the comparable GAAP measures.
Daniel S. Jaffee, President and Chief Executive
Officer, stated, “I am pleased to report we set new records for
sales and gross profit for the third quarter, representing a 1% and
10% increase, respectively, over the prior year. These results
reflect the continued growth of our fluids purification and cat
litter businesses. During these past three months, we invested
heavily in our teammates and on advertising. While these elevated
costs impacted our bottom line, we believe they will help drive
future growth of our company. I am also very excited about the
Ultra Pet Company, Inc. acquisition which closed on May 1, 2024.
This strategic move will help propel Oil-Dri into the rapidly
growing crystal cat litter market. As we begin the integration
process in the fourth quarter of fiscal 2024, we anticipate this
acquisition to be immediately accretive to our earnings and that it
will create long-term value for our shareholders.”
Consolidated Results Consolidated
net sales reached $106.8 million, a 1% increase over the prior
year. This marks the 12th consecutive quarter of year-over-year
sales growth. Higher prices and improved product mix were partially
offset by lower volumes. Elevated sales of fluids purification and
cat litter products, including co-packaged items, drove the revenue
increase. Sales from agricultural, animal health, and industrial
& sports products declined in the third quarter compared to
last year.
Third quarter of fiscal 2024 consolidated gross
profit was $30.1 million, a 10% increase over the prior year. Gross
margins expanded to 28% in fiscal 2024 from 26% in fiscal 2023. The
increase was driven by higher selling prices across multiple
products and improved product mix. The company's efforts to
increase profitability have been successful as demonstrated by
year- over-year gross margin expansion for the past seven
consecutive quarters. During the three months ended April 30, 2024,
domestic cost of goods sold per ton increased by 3% compared to the
prior year. This was a result of higher non-fuel manufacturing and
freight costs, partially offset by lower packaging and natural gas
costs.
Selling, general and administrative (“SG&A”)
expenses were $19.7 million during the third quarter of fiscal 2024
compared to $13.0 million for the same period last year. This $6.7
million, or 51%, increase reflects higher anticipated compensation
and advertising expenses, as well as transaction costs related to
the acquisition of Ultra Pet Company, Inc. (“Ultra Pet”). In
addition to elevated wages and benefits, the expected annual payout
percentage for our performance-based incentives increased in the
third quarter resulting in higher compensation costs. Advertising
expenses were significantly higher in the third quarter compared to
the same period last year, as the majority of the prior year’s
expenditures took place in the fourth quarter. Oil-Dri expects
advertising costs for the full fiscal year 2024 to be higher than
fiscal year 2023. Additional expenses related to the integration of
Ultra Pet are expected to be incurred in the fourth quarter of
fiscal year 2024.
In the third quarter of fiscal 2024, consolidated
operating income decreased to $10.4 million from $14.5 million, or
28%, in the third quarter of fiscal 2023. Higher pricing and
improved product mix were offset by elevated SG&A costs.
Total other expense, net was $294,000 for the
three months ended April 30, 2024 compared to total other expense,
net of $4.5 million in the same period last year. In April 2023,
Oil-Dri settled all outstanding obligations related to its decision
to terminate the Company’s pension plan resulting in a loss of $4.8
million.
Consolidated net income before taxes increased to
$10.1 million in the third quarter of fiscal 2024 from $10.0
million last year. Income tax expense was $2.4 million in the third
quarter of fiscal year 2024 compared to $1.5 million in the same
period last year. Higher taxes resulted from an increase in the
estimated annual effective tax rate in the third quarter and
elevated pre-tax income. This increase in tax expense negatively
impacted third quarter consolidated net income attributed to
Oil-Dri which decreased to $7.8 million in fiscal 2024 from $8.5
million in fiscal 2023.
Cash and cash equivalents for the three-month
period ending April 30, 2024 totaled $46.8 million compared to
$29.7 million for the same period last year. This $17.1 million
increase was driven by higher earnings and the issuance of $10
million in aggregate principal amount of notes to finance a portion
of the Ultra Pet acquisition. Significant uses of cash during the
third quarter of fiscal 2024 include capital investments for
manufacturing infrastructure improvements.
Product Group Review The Business
to Business (“B2B”) Products Group’s third quarter of fiscal 2024
revenues were $36.2 million, or 2% higher than the prior year,
driven by an increase in prices and improved product mix, partially
offset by lower volume. Elevated revenues from fluids purification
products more than offset sales declines in the agricultural and
animal health businesses. During the third quarter of fiscal 2024,
revenues from fluid purification products reached $22.3 million, or
a 26% increase over the prior year. This was primarily due to
increased demand for renewable diesel, edible oil, and jet fuel
products within North America. The recent establishment of several
domestic renewable diesel plants using Oil-Dri’s Metal X and Metal
Z products significantly contributed to this topline growth during
the quarter. In the third quarter of fiscal 2024, sales of
agricultural products were $8.1 million, or a 24% decrease from the
prior year. This decline resulted from reduced demand from a key
customer who was still working through inventory from last year.
Amlan International, the Company’s animal health business,
generated $5.8 million in sales during the third quarter of fiscal
2024, reflecting a 17% decrease from the prior year. This revenue
decline can be attributed to lower demand in all regions, as well
as timing of orders to some foreign countries. Challenging global
economic and market conditions, such as elevated feed prices,
continue to impact the protein production industry. However, sales
of Sorbiam and Phylox, two high-value products aligned with Amlan’s
strategic focus, demonstrated strong growth during the three months
ended April 30, 2024 compared to the prior year.
During the third quarter of fiscal 2024, SG&A
costs within the B2B Products Group decreased by $300,000, or 7%,
compared to the same period last year. This was mainly driven by a
reduction in technical support costs, partially offset by higher
compensation-related expenses.
Operating income for the R&W Products Group
reached $10.9 million in the third quarter of fiscal year 2024
compared to $10.7 million in the prior year, reflecting a 1%
increase. This growth can be attributed to higher prices,
partially offset by increased SG&A expenses.
The Retail and Wholesale (“R&W”) Products
Group’s third quarter revenues reached $70.6 million, a 1% increase
over the prior year. This growth was driven by higher prices of
domestic and co-packaged cat litter product offerings, partially
offset by lower volume. Domestic cat litter sales, excluding the
Company’s co-packaged coarse cat litter business, rose to $51.1
million, or 2% over the prior year. Higher sales of coarse cat
litter were partially offset by softer revenues from total
lightweight scoopable litter. The decline in total lightweight
litter sales was primarily due to reduced demand from a key
customer who had temporarily increased purchases last year to avoid
out-of-stock items from another supplier. However, Oil-Dri achieved
lightweight litter sales gains at several new and existing
customers, including the growing e-commerce, dollar, farm &
fleet and drug distribution channels, which partially offset these
declines. During the third quarter of fiscal 2024, revenues from
co-packaged litter items remained relatively flat compared to the
same period in fiscal year 2023 as higher prices offset volume
declines. Domestic industrial and sports product revenues were
$11.8 million in the third quarter of fiscal 2024, or 3% lower than
the same period in the prior year as a result of softer demand.
Sales from the Company’s Canadian subsidiary decreased during the
third quarter of fiscal 2024 compared to the same period last year.
Higher revenues from industrial floor absorbents were offset by
reduced cat litter sales.
During the third quarter of fiscal 2024, SG&A
expenses within the R&W Products Group increased by $1.6
million or 51% over the prior year. This was primarily driven by
higher advertising costs to promote Cat’s Pride lightweight litter,
including the newly launched EPA approved Cat’s Pride Antibacterial
Clumping Litter product. Compensation related expenses also
increased during the third quarter of fiscal 2024.
Operating income for the R&W Products Group
reached $10.9 million in the third quarter of fiscal year 2024
compared to $10.7 million in the prior year, reflecting a 1%
increase. This growth can be attributed to higher prices and an
improved product mix, partially offset by increased SG&A
expenses.
Acquisition of Ultra Pet Company,
Inc. On May 1, 2024, Oil-Dri successfully completed the
$46 million acquisition of privately-held Ultra Pet Company, Inc.,
a prominent supplier of silica gel-based crystal cat litter based
in Anderson, South Carolina. The purchase price was financed
through cash on hand, the issuance of $10 million in aggregate
principal amount of notes, and a $10 million advance under an
existing credit agreement. At closing, Ultra Pet became a
wholly-owned subsidiary of Oil-Dri. This acquisition strengthens
Oil-Dri’s position as one of the largest cat litter producers in
North America and helps to fast-track Oil-Dri’s entry into the
rapidly growing crystal litter segment.
Chris Lamson, Group Vice President of Retail and
Wholesale, added, “The Ultra Pet business is a strong fit with
Oil-Dri, as we are strategically aligned, and our cat litter
products complement each other well. Both product portfolios
include efficacious branded and premium private label products
which are sold at a value to consumers. While our clay litter is
inherently lightweight, Ultra Pet’s crystal products are even
lighter in density. Consumers appreciate the lightweight attribute,
as do e-commerce and brick and mortar retailers who reap many
freight benefits as a result of transporting less weight. I am
pleased to report that we have already begun to leverage our strong
relationships within the industry to drive distribution at key
retailers, and we look forward to future growth.”
Oil-Dri is committed to a seamless integration of
Ultra Pet into its business. The Company expects to fully integrate
the business, new teammates, and systems over the next few
quarters, and earnings accretion is anticipated to occur in the
fourth quarter of 2024. Ultra Pet’s financial results will be
reported under the cat litter principal product within the Retail
& Wholesale Products Group.
Oil-Dri’s senior leadership will discuss
additional details regarding the acquisition of Ultra Pet when the
Company hosts its third quarter of fiscal year 2024 earnings
discussion via a live webcast on Friday, June 7, 2024 at 10:00 a.m.
Central Time. Participation details and a short presentation are
available on the Company’s website’s Events page.
“Oil-Dri”, “Cat’s Pride”, “Metal X”, “Metal Z”,
“Sorbiam”, and “Amlan” are registered trademarks of Oil-Dri
Corporation of America, and “Phylox” is a trademark of Oil-Dri
Corporation of America.
About Oil-Dri Corporation of
America Oil-Dri Corporation of America is a leading
manufacturer and supplier of specialty sorbent products for the pet
care, animal health and nutrition, fluids purification,
agricultural ingredients, sports field, industrial and automotive
markets. Oil-Dri is vertically integrated which enables the Company
to efficiently oversee every step of the process from research and
development to supply chain to marketing and sales. With over 80
years of experience, the Company continues to fulfill its mission
to Create Value from Sorbent Minerals.
Forward-Looking Statements
Certain statements in this press release may contain
forward-looking statements, within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995, that are based on our current expectations, estimates,
forecasts and projections about our future performance, our
business, our beliefs and our management’s assumptions. In
addition, we, or others on our behalf, may make forward-looking
statements in other press releases or written statements, or in our
communications and discussions with investors and analysts in the
normal course of business through meetings, webcasts, phone calls
and conference calls. Forward-looking statements can be identified
by words such as “expect,” “outlook,” “forecast,” “would,” “could,”
“should,” “project,” “intend,” “plan,” “continue,” “believe,”
“seek,” “estimate,” “anticipate,” “may,” “assume,” “potential,”
“strive,” and similar references to future periods.
Such statements are subject to certain risks,
uncertainties and assumptions that could cause actual results to
differ materially, including, but not limited to, those described
in Item 1A, “Risk Factors” of our Quarterly Report on Form 10-Q for
the quarter ended April 30, 2024 and our most recent Annual Report
on Form 10-K and from time to time in our other filings with the
Securities and Exchange Commission. Should one or more of these or
other risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those anticipated, intended, expected, believed, estimated,
projected, planned or otherwise expressed in any forward-looking
statements. Investors are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. Except to the extent required by law, we do
not have any intention or obligation to update publicly any
forward-looking statements after the distribution of this press
release, whether as a result of new information, future events,
changes in assumptions, or otherwise.
Contact: Leslie A. Garber Director of Investor
Relations Oil-Dri Corporation of America
InvestorRelations@oildri.com (312) 321-1515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in thousands, except per share amounts) |
|
Third Quarter Ended April 30, |
|
2024 |
|
% of Sales |
|
2023 |
|
% of Sales |
Net Sales |
$ |
106,779 |
|
|
100.0 |
|
% |
|
$ |
105,425 |
|
|
100.0 |
|
% |
Cost of Goods Sold |
|
(76,642 |
) |
|
(71.8 |
) |
% |
|
|
(77,958 |
) |
|
(73.9 |
) |
% |
Gross Profit |
|
30,137 |
|
|
28.2 |
|
% |
|
|
27,467 |
|
|
26.1 |
|
% |
Selling, General and Administrative Expenses |
|
(19,705 |
) |
|
(18.5 |
) |
% |
|
|
(13,011 |
) |
|
(12.3 |
) |
% |
Operating Income |
|
10,432 |
|
|
9.8 |
|
% |
|
|
14,456 |
|
|
13.7 |
|
% |
Loss on Pension Termination |
|
— |
|
|
— |
|
% |
|
|
(4,858 |
) |
|
(4.6 |
) |
% |
Other Expense, Net |
|
(294 |
) |
|
(0.3 |
) |
% |
|
|
383 |
|
|
0.4 |
|
% |
Total Other Expense, Net |
|
(294 |
) |
|
(0.3 |
) |
% |
|
|
(4,475 |
) |
|
(4.2 |
) |
% |
Income Before Income Taxes |
|
10,138 |
|
|
9.5 |
|
% |
|
|
9,981 |
|
|
9.5 |
|
% |
Income Taxes Expense |
|
(2,361 |
) |
|
(2.2 |
) |
% |
|
|
(1,493 |
) |
|
(1.4 |
) |
% |
Net Income |
|
7,777 |
|
|
7.3 |
|
% |
|
|
8,488 |
|
|
8.1 |
|
% |
Net Loss Attributable to Noncontrolling
Interest |
|
— |
|
|
— |
|
% |
|
|
(47 |
) |
|
— |
|
% |
Net Income attributable to Oil-Dri |
$ |
7,777 |
|
|
7.3 |
|
% |
|
$ |
8,535 |
|
|
8.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
Net Income Per Share: Basic Common |
$ |
1.15 |
|
|
|
|
|
$ |
1.28 |
|
|
|
|
Basic Class B |
$ |
0.87 |
|
|
|
|
|
$ |
0.96 |
|
|
|
|
Diluted Common |
$ |
1.07 |
|
|
|
|
|
$ |
1.24 |
|
|
|
|
Diluted Class B |
$ |
0.87 |
|
|
|
|
|
$ |
0.95 |
|
|
|
|
Avg Shares Outstanding: Basic Common |
|
4,912 |
|
|
|
|
|
|
4,838 |
|
|
|
|
Basic Class B |
|
1,980 |
|
|
|
|
|
|
1,964 |
|
|
|
|
Diluted Common |
|
6,892 |
|
|
|
|
|
|
5,003 |
|
|
|
|
Diluted Class B |
|
1,980 |
|
|
|
|
|
|
1,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended April 30, |
|
2024 |
|
% of Sales |
|
2023 |
|
% of Sales |
Net Sales |
$ |
323,885 |
|
|
100.0 |
|
% |
|
$ |
305,633 |
|
|
100.0 |
|
% |
Cost of Goods Sold |
|
(231,815 |
) |
|
(71.6 |
) |
% |
|
|
(232,840 |
) |
|
(76.2 |
) |
% |
Gross Profit |
|
92,070 |
|
|
28.4 |
|
% |
|
|
72,793 |
|
|
23.8 |
|
% |
Selling, General and Administrative Expenses |
|
(53,317 |
) |
|
(16.5 |
) |
% |
|
|
(44,462 |
) |
|
(14.5 |
) |
% |
Operating Income |
|
38,753 |
|
|
12.0 |
|
% |
|
|
28,331 |
|
|
9.3 |
|
% |
Loss on Pension Termination |
|
— |
|
|
— |
|
% |
|
|
(4,858 |
) |
|
(1.6 |
) |
% |
Other Expense, Net |
|
(1,103 |
) |
|
(0.3 |
) |
% |
|
|
(2,016 |
) |
|
(0.7 |
) |
% |
Total Other Expense, Net |
|
(1,103 |
) |
|
(0.3 |
) |
% |
|
|
(6,874 |
) |
|
(2.2 |
) |
% |
Income Before Income Taxes |
|
37,650 |
|
|
11.6 |
|
% |
|
|
21,457 |
|
|
7.0 |
|
% |
Income Taxes Expense |
|
(6,749 |
) |
|
(2.1 |
) |
% |
|
|
(3,893 |
) |
|
(1.3 |
) |
% |
Net Income |
|
30,901 |
|
|
9.5 |
|
% |
|
|
17,564 |
|
|
5.7 |
|
% |
Net Loss Attributable to Noncontrolling
Interest |
|
— |
|
|
— |
|
% |
|
|
(68 |
) |
|
— |
|
% |
Net Income Attributable to Oil-Dri |
$ |
30,901 |
|
|
9.5 |
|
% |
|
$ |
17,632 |
|
|
5.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
Net Income Per Share: Basic Common |
$ |
4.59 |
|
|
|
|
|
$ |
2.66 |
|
|
|
|
Basic Class B |
$ |
3.45 |
|
|
|
|
|
$ |
1.99 |
|
|
|
|
Diluted Common |
$ |
4.26 |
|
|
|
|
|
$ |
2.58 |
|
|
|
|
Diluted Class B |
$ |
3.45 |
|
|
|
|
|
$ |
1.97 |
|
|
|
|
Avg Shares Outstanding: Basic Common |
|
4,874 |
|
|
|
|
|
|
4,824 |
|
|
|
|
Basic Class B |
|
1,974 |
|
|
|
|
|
|
1,957 |
|
|
|
|
Diluted Common |
|
6,848 |
|
|
|
|
|
|
4,964 |
|
|
|
|
Diluted Class B |
|
1,974 |
|
|
|
|
|
|
1,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
|
(in thousands, except per share amounts) |
|
|
|
|
As of April 30, |
|
2024 |
|
2023 |
Current Assets |
|
|
|
Cash and Cash Equivalents |
$ |
46,821 |
|
$ |
29,746 |
Accounts Receivable, Net |
|
60,003 |
|
|
56,983 |
Inventories, Net |
|
45,468 |
|
|
36,664 |
Prepaid Expenses and Other Assets |
|
6,554 |
|
|
10,672 |
Total Current Assets |
|
158,846 |
|
|
134,065 |
Property, Plant and Equipment, Net |
|
127,946 |
|
|
111,128 |
Other Assets |
|
32,360 |
|
|
25,103 |
Total Assets |
$ |
319,152 |
|
$ |
270,296 |
|
|
|
|
Current Liabilities |
|
|
|
Current Maturities of Notes Payable |
$ |
1,000 |
|
$ |
1,000 |
Accounts Payable |
|
13,728 |
|
|
11,919 |
Dividends Payable |
|
1,958 |
|
|
1,863 |
Other Current Liabilities |
|
35,232 |
|
|
37,122 |
Total Current Liabilities |
|
51,918 |
|
|
51,904 |
Noncurrent Liabilities |
|
|
|
Notes Payable |
|
40,860 |
|
|
31,818 |
Other Noncurrent Liabilities |
|
23,425 |
|
|
19,479 |
Total Noncurrent Liabilities |
|
64,285 |
|
|
51,297 |
Stockholders' Equity |
|
202,949 |
|
|
167,095 |
Total Liabilities and Stockholders' Equity |
$ |
319,152 |
|
$ |
270,296 |
|
|
|
|
Book Value Per Share Outstanding |
$ |
29.64 |
|
$ |
24.64 |
|
|
|
|
Acquisitions of: |
|
|
|
Property, Plant and Equipment |
|
|
|
Third Quarter |
$ |
8,171 |
|
$ |
4,105 |
Year To Date |
$ |
23,717 |
|
$ |
16,745 |
Depreciation and Amortization Charges |
|
|
|
Third Quarter |
$ |
4,765 |
|
$ |
4,074 |
Year To Date |
$ |
13,619 |
|
$ |
11,348 |
|
|
|
|
|
|
Certain amounts in the prior period financial
statements have been reclassified to conform to the presentation of
the current period financial statements.
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
(in thousands) |
|
|
|
|
For the Nine Months Ended |
|
April 30, |
|
2024 |
|
2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
Net Income |
$ |
30,901 |
|
|
$ |
17,564 |
|
Adjustments to reconcile net income to net
cash |
|
|
|
provided by operating activities: |
|
|
|
Depreciation and Amortization |
|
13,619 |
|
|
|
11,348 |
|
Loss on Pension Termination |
|
— |
|
|
|
4,858 |
|
Increase in Accounts Receivable |
|
(793 |
) |
|
|
(5,604 |
) |
Increase in Inventories |
|
(2,972 |
) |
|
|
(1,799 |
) |
(Increase) Decrease in Prepaid Expenses |
|
(3,708 |
) |
|
|
2,298 |
|
(Decrease) Increase in Accounts Payable |
|
(1,006 |
) |
|
|
255 |
|
(Decrease) Increase in Accrued Expenses |
|
(3,940 |
) |
|
|
5,653 |
|
Other |
|
4,828 |
|
|
|
1,468 |
|
Total Adjustments |
|
6,028 |
|
|
|
18,477 |
|
Net Cash Provided by Operating Activities |
|
36,929 |
|
|
|
36,041 |
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
Capital Expenditures |
|
(23,717 |
) |
|
|
(16,745 |
) |
Other |
|
181 |
|
|
|
10 |
|
Net Cash Used in Investing Activities |
|
(23,536 |
) |
|
|
(16,735 |
) |
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
Proceeds from Issuance of Notes Payable |
|
10,000 |
|
|
|
— |
|
Payment of Debt Issuance costs |
|
— |
|
|
|
(7 |
) |
Dividends Paid |
|
(5,848 |
) |
|
|
(5,574 |
) |
Purchases of Treasury Stock |
|
(2,690 |
) |
|
|
(225 |
) |
Net Cash Provided by (Used In) Financing
Activities |
|
1,462 |
|
|
|
(5,806 |
) |
|
|
|
|
Effect of exchange rate changes on Cash and Cash
Equivalents |
|
212 |
|
|
|
(52 |
) |
|
|
|
|
Net Increase in Cash and Cash Equivalents |
|
15,067 |
|
|
|
13,448 |
|
Cash and Cash Equivalents, Beginning of
Period |
|
31,754 |
|
|
|
16,298 |
|
Cash and Cash Equivalents, End of Period |
$ |
46,821 |
|
|
$ |
29,746 |
|
|
|
|
|
|
|
|
|
Certain amounts in the prior period financial
statements have been reclassified to conform to the presentation of
the current period financial statements.
|
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
Third Quarter |
|
Year to Date |
|
Ended April 30, |
|
Ended April 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
CONSOLIDATED RESULTS |
|
|
|
|
|
|
|
GAAP: Net Income Attributable to Oil-Dri |
$ |
7,777 |
|
$ |
8,535 |
|
$ |
30,901 |
|
$ |
17,632 |
Plus: Nonrecurring Events, Net of Tax |
|
|
|
|
|
|
|
Landfill Modification Loss, Net of Tax |
$ |
— |
|
$ |
— |
|
$ |
462 |
|
$ |
1,977 |
Pension Termination, Net of Tax |
$ |
— |
|
$ |
4,784 |
|
$ |
— |
|
$ |
4,784 |
Total Nonrecurring Events, Net of Tax |
$ |
— |
|
$ |
4,784 |
|
$ |
462 |
|
$ |
6,761 |
Non-GAAP: Net Income Attributable to Oil-Dri excluding
Nonrecurring Events |
$ |
7,777 |
|
$ |
13,319 |
|
$ |
31,363 |
|
$ |
24,393 |
|
|
|
|
|
|
|
|
GAAP: Diluted EPS - Common |
$ |
1.07 |
|
$ |
1.24 |
|
$ |
4.26 |
|
$ |
2.58 |
Plus: Nonrecurring Events, Net of Tax |
$ |
— |
|
$ |
0.70 |
|
$ |
0.06 |
|
$ |
0.99 |
Non-GAAP: Diluted EPS - Common, excluding Nonrecurring
Events |
$ |
1.07 |
|
$ |
1.94 |
|
$ |
4.32 |
|
$ |
3.57 |
|
|
|
|
|
|
|
|
Grafico Azioni Oil Dri Corp of America (NYSE:ODC)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Oil Dri Corp of America (NYSE:ODC)
Storico
Da Dic 2023 a Dic 2024