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 2023.
|
Third Quarter |
Year to Date |
(in
thousands, except per share amounts) |
Ended April 30, |
Ended April 30, |
|
2023 |
2022 |
Change |
2023 |
2022 |
Change |
Consolidated Results |
|
|
|
|
|
|
Net
Sales |
$105,425 |
$85,761 |
23% |
$305,633 |
$255,431 |
20% |
Net
Income (Loss) Attributable to Oil-Dri |
$8,535 |
($2,109) |
N/A |
$17,632 |
$478 |
3,589% |
Net
Income Attributable to Oil-Dri Excluding Nonrecurring Events † |
$13,319 |
$2,353 |
466% |
$24,393 |
$4,940 |
394% |
Earnings
per Common Diluted Share |
$1.24 |
($0.32) |
N/A |
$2.58 |
$0.06 |
4,200% |
Earnings
per Common Diluted Share Excluding Nonrecurring Events † |
$1.94 |
$0.35 |
454% |
$3.57 |
$0.70 |
410% |
Business to Business |
|
|
|
|
|
|
Net
Sales* |
$35,412 |
$27,888 |
27% |
$104,253 |
$81,150 |
28% |
Segment
Operating Income* |
$9,803 |
$4,952 |
98% |
$24,794 |
$16,914 |
47% |
Retail and Wholesale |
|
|
|
|
|
|
Net
Sales* |
$70,013 |
$57,873 |
21% |
$201,380 |
$174,281 |
16% |
Segment
Operating Income (Loss)* |
$10,744 |
($2,349) |
N/A |
$27,000 |
$1,025 |
2,534% |
Segment Operating Income Excluding Nonrecurring Events*† |
$ 10,744 |
$ 3,295 |
226% |
$27,000 |
$6,669 |
305% |
* Segment net sales and operating income for nine months ended
April 30, 2022 have been adjusted for a realignment of
segments. See Note 11 of the unaudited Notes to the Condensed
Consolidated Financial Statements in our Quarterly Report on Form
10-Q for the year ended April 30, 2023.† 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,
“We achieved outstanding third quarter results with record sales,
gross profit and net income. Our team has been committed to driving
profitability across all principal product lines, and I am
extremely pleased with the success. Our goal has been to return
gross margins to historical levels, and we made great strides
during the last nine months and particularly within the third
quarter. We gained 350 basis points in gross margin over the second
quarter of fiscal 2023, as well as 790 basis points over the third
quarter last year. We appreciate that our customers have been
receptive to our pricing actions to offset inflationary headwinds.
Excluding the one-time non-cash charge of $4.8 million in
connection with the termination of our pension plan, we delivered
approximately $13.3 million in net income. As we move forward into
the final three months of our fiscal year, we will remain dedicated
to revenue, volume, and profitability enhancement while
implementing our strategic initiatives.”
Consolidated ResultsConsolidated net sales in
the third quarter reached an all-time high of $105.4 million, a 23%
increase over the prior year. This increase was driven by pricing
actions taken across multiple principal products in order to
improve profitability. As a result, the Company experienced sales
gains within all areas of our business. Revenues from cat litter,
fluids purification and agricultural products fueled a significant
portion of the growth.
Third quarter consolidated gross profit was a record $27.5
million, an increase of $11.8 million, or 76%, over the third
quarter of the prior year, with margin expansion to 26% in fiscal
2023 from 18% in fiscal 2022. Domestic cost of goods sold per ton
increased 12% compared to the third quarter of the prior year as a
result of higher per ton freight and non-fuel manufacturing costs.
The implementation of several rounds of pricing actions during the
last nine months helped to offset this increase.
Selling, general and administrative (“SGA”) expenses were $13.0
million during the third quarter of fiscal 2023 compared to $14.0
million for the same period last year. This $1 million, or 7%,
reduction primarily reflects lower unallocated corporate expenses
and the reclassification of certain trade spending charges from
SG&A to net sales.
Consolidated operating income was approximately $14.5 million
for the three months ended April 30, 2023, compared to a loss of
$4.0 million during the same period in fiscal 2022. Last year’s
operating loss includes a one-time non-cash goodwill impairment
charge of $5.6 million for the Retail & Wholesale (“R&W”)
Products Group. Excluding this impairment, consolidated operating
income for the third quarter of fiscal 2022 was $1.6 million.
Total other (expense) income, net was $(4.5) million for the
third quarter of fiscal 2023 compared to total other (expense)
income, net of $0.2 million in the same period of fiscal year 2022.
In April 2023, Oil-Dri settled all outstanding obligations related
to its decision to terminate the Company’s pension plan. This
resulted in the recognition of unrealized losses of $2.0 million
and a surplus distribution of $2.8 million, with a total impact of
$4.8 million.
Income tax expense increased to $1.5 million in the third
quarter of fiscal year 2023 compared to a tax benefit of $1.7
million in the same period last year as a result of the Company’s
higher taxable income.
Third quarter consolidated net income attributed to Oil-Dri was
the highest in the Company’s history reaching $8.5 million in
fiscal 2023, from a net loss of $2.1 million in fiscal 2022.
Excluding both aforementioned nonrecurring charges in fiscal 2023
and in fiscal 2022, net income attributed to Oil-Dri for the third
quarter of fiscal 2023 was approximately $13.3 million compared to
$2.4 million in the same period last year, reflecting a very strong
improvement in the Company’s bottom line.
Product Group ReviewThe Business to Business
(“B2B”) Products Group’s third quarter revenues reached an all-time
high of $35.4 million, a 27% gain over the prior year. This
increase was primarily due to higher prices, and to a lesser extent
from elevated demand. All principal products within the B2B
Products Group demonstrated very strong topline growth. Sales of
fluids purification products increased to $17.8 million, or 21%
compared to the prior year, as a result of higher prices, timing of
orders, and increased demand for our products used in the renewable
diesel and jet fuel markets. Solid revenue growth was achieved in
all regions with significant gains concentrated in North America
and Latin America. The agricultural products business achieved
record quarterly net sales of $10.7 million, or a 35% increase over
last year. Higher prices of our Agsorb and Verge products along
with increased shipments to a key customer contributed to the
revenue improvement. Amlan, the Company’s animal health business,
generated a record $6.9 million in sales during the third quarter
of fiscal 2023. This represents a $1.7 million, or 32%, increase
over the prior year and demonstrates the ongoing success of the
Company’s strategic focus on this area of the business. Revenue
gains from animal health products can be attributed to robust
customer demand and higher prices within Latin America, North
America, Asia (excluding China), and Mexico. During the third
quarter of fiscal 2023, sales of Amlan’s products in China
decreased when compared to the same period last year. As previously
announced last week, the Company decided to transition to a new
distribution strategy in China by engaging a master sales
distributor within the country.
Operating income for the B2B Products Group was $9.8 million in
the third quarter of fiscal 2023 compared to $5.0 million in fiscal
2022, reflecting a 98% increase. Strategic pricing actions and
increased volumes helped to offset inflationary headwinds on cost
of goods sold. SG&A expenses were relatively flat in the third
quarter compared to the same period of fiscal year 2022.
The Retail and Wholesale Products Group’s third quarter revenues
reached a record $70.0 million, a 21% increase over the prior year.
This was primarily driven by a $8.9 million, or 22%, increase in
domestic cat litter sales, excluding the Company’s co-packaged
coarse cat litter business. While pricing actions were responsible
for this revenue enhancement, the Company saw a slight decline in
volume due to the Company’s decision to reduce some non-strategic
business. Both scoopable and coarse cat litter products experienced
topline growth during the third quarter of fiscal 2023 compared to
last year. Revenues from combined domestic branded and private
label lightweight litter items rose 44% in the third quarter of
fiscal 2023 versus the prior year, exceeding the lightweight litter
segment sales growth of 11% for the 13-week period ended April 22,
2023, according to third-party research data for retail sales1. In
addition, demand for lightweight litter products increased as a
result of both organic growth and new distribution. Net sales of
co-packaged products increased by approximately $0.4 million, or
9%, compared to the same period in fiscal year 2022. While pricing
actions were responsible for this gain, they were partially offset
by a decrease in volume. Oil-Dri’s subsidiary in Canada also
demonstrated strong sales growth from its cat litter products in
the third quarter of fiscal 2023 compared to the prior year, driven
by increased customer demand of both private label and branded
lightweight products. Domestic industrial and sports products
achieved record quarterly sales of $12.2 million, representing a
20% improvement over the prior year resulting from price increases
implemented to rebuild margins.
Operating income for the R&W Products Group was $10.7
million in the third quarter of fiscal year 2023 compared to an
operating loss of $2.3 million in the prior year, which included
$5.6 of goodwill impairment. Excluding this one-time non-cash
charge, third quarter of fiscal 2022 operating income was $3.3
million. Revenue gains and reduced SG&A expenses offset
inflation on cost of goods sold. SG&A expenses for the third
quarter of fiscal 2023 declined by 10% from last year as a result
of the reclassification of certain trade spending charges from
SG&A to net sales, partially offset by increased advertising
expenses and broker commissions. Oil-Dri expects advertising
expenses for the full fiscal year 2023 to be higher than fiscal
year 2022 and more in line with historical levels. The majority of
the spending will be concentrated in the fourth quarter of the
fiscal year.
The Company will host its third quarter of fiscal 2023 earnings
discussion via webcast on Friday, June 9, 2023 at 10:00 a.m.
Central Time. Participation details are available on the company’s
website’s Events page.
1Based in part on data reported by NielsenIQ
through its Scantrack Service for the Cat Litter Category in the
13-week period ended April 22, 2023, for the U.S. xAOC+Pet Supers
market. Copyright © 2023 NielsenIQ.
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.
“Oil-Dri”, “Agsorb”, “Verge”, and “Amlan” are
registered trademarks of Oil-Dri Corporation of America.
Certain statements in this press release may
contain forward-looking statements 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. Words such as
“expect,” “outlook,” “forecast,” “would,” “could,” “should,”
“project,” “intend,” “plan,” “continue,” “believe,” “seek,”
“estimate,” “anticipate,” “may,” “assume,” “potential,” and
variations of such words and similar expressions are intended to
identify such forward-looking statements, which are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
Such statements are subject to certain risks,
uncertainties and assumptions that could cause actual results to
differ materially including, but not limited to, the dependence of
our future growth and financial performance on successful new
product introductions, intense competition in our markets,
volatility of our quarterly results, risks associated with
acquisitions, our dependence on a limited number of customers for a
large portion of our net sales and other risks, price fluctuations
and pressures, increases in costs, disruptions to our and our
counterparties’ businesses and operations and other uncertainties
and assumptions that are described in Item 1A (Risk Factors) of our
Quarterly Report on Form 10-Q for the quarter ended April 30, 2023
and our most recent Annual Report on Form 10-K and other reports we
file with the Securities and Exchange Commission. Should one or
more of these or other risks or uncertainties materialize, or
should underlying assumptions prove incorrect, our actual results
may vary materially from those anticipated, intended, expected,
believed, estimated, projected, planned or otherwise expressed in
any forward-looking statements. You 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. GarberManager of Investor
RelationsOil-Dri Corporation of
AmericaInvestorRelations@oildri.com (312) 321-1515
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
(in thousands, except per
share amounts) |
|
|
Third Quarter Ended April 30, |
|
|
2023 |
|
|
% of Sales |
|
|
2022 |
|
|
% of Sales |
Net Sales |
$ |
105,425 |
|
|
100.0 |
% |
|
$ |
85,761 |
|
|
100.0 |
% |
Cost of Goods
Sold |
|
(77,958 |
) |
|
(73.9)% |
|
|
(70,131 |
) |
|
(81.8)% |
Gross Profit |
|
27,467 |
|
|
26.1 |
% |
|
|
15,630 |
|
|
18.2 |
% |
Selling, General and
Administrative Expenses |
|
(13,011 |
) |
|
(12.3)% |
|
|
(14,013 |
) |
|
(16.3)% |
Loss on Impairment of
Goodwill |
|
— |
|
|
— |
% |
|
|
(5,644 |
) |
|
(6.6)% |
Operating Income
(Loss) |
|
14,456 |
|
|
13.7 |
% |
|
|
(4,027 |
) |
|
(4.7)% |
Loss on Pension
Termination |
|
(4,858 |
) |
|
(4.6)% |
|
|
— |
|
|
— |
% |
Other Income,
Net |
|
383 |
|
|
0.4 |
% |
|
|
175 |
|
|
0.2 |
% |
Total Other (Expense)
Income, Net |
|
(4,475 |
) |
|
(4.2)% |
|
|
175 |
|
|
0.2 |
% |
Income (Loss) Before
Income Taxes |
|
9,981 |
|
|
9.5 |
% |
|
|
(3,852 |
) |
|
(4.5)% |
Income Taxes (Expense)
Benefit |
|
(1,493 |
) |
|
(1.4)% |
|
|
1,719 |
|
|
2.0 |
% |
Net Income
(Loss) |
|
8,488 |
|
|
8.1 |
% |
|
|
(2,133 |
) |
|
(2.5)% |
Net Loss Attributable to Noncontrolling
Interest |
|
(47 |
) |
|
— |
% |
|
|
(24 |
) |
|
— |
% |
Net Income (Loss)
attributable to Oil-Dri |
$ |
8,535 |
|
|
8.1 |
% |
|
$ |
(2,109 |
) |
|
(2.5)% |
Net Income (Loss) Per Share: |
Basic Common |
$ |
1.28 |
|
|
|
|
|
$ |
(0.32 |
) |
|
|
|
|
Basic Class B Common |
$ |
0.96 |
|
|
|
|
|
$ |
(0.24 |
) |
|
|
|
|
Diluted Common |
$ |
1.24 |
|
|
|
|
|
$ |
(0.32 |
) |
|
|
|
|
Diluted Class B Common |
$ |
0.95 |
|
|
|
|
|
$ |
(0.24 |
) |
|
|
|
Avg Shares Outstanding: |
Basic Common |
|
4,838 |
|
|
|
|
|
|
4,932 |
|
|
|
|
|
Basic Class B Common |
|
1,964 |
|
|
|
|
|
|
1,939 |
|
|
|
|
|
Diluted Common |
|
5,003 |
|
|
|
|
|
|
4,932 |
|
|
|
|
|
Diluted Class B Common |
|
1,999 |
|
|
|
|
|
|
1,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
(in thousands, except per
share amounts) |
|
|
|
|
|
|
|
|
|
|
Nine Months Ended April 30, |
|
|
2023 |
|
|
% of Sales |
|
|
2022 |
|
|
% of Sales |
Net Sales |
$ |
305,633 |
|
|
100.0 |
% |
|
$ |
255,431 |
|
|
100.0 |
% |
Cost of Goods
Sold |
|
(232,840 |
) |
|
(76.2)% |
|
|
(210,397 |
) |
|
(82.4)% |
Gross Profit |
|
72,793 |
|
|
23.8 |
% |
|
|
45,034 |
|
|
17.6 |
% |
Selling, General and
Administrative Expenses |
|
(44,462 |
) |
|
(14.5)% |
|
|
(41,054 |
) |
|
(16.1)% |
Loss on Impairment of
Goodwill |
|
— |
|
|
— |
% |
|
|
(5,644 |
) |
|
(2.2)% |
Operating Income
(Loss) |
|
28,331 |
|
|
9.3 |
% |
|
|
(1,664 |
) |
|
(0.7)% |
Loss on Pension
Termination |
|
(4,858 |
) |
|
(1.6)% |
|
|
— |
|
|
— |
% |
Other (Expense)
Income, Net |
|
(2,016 |
) |
|
(0.7)% |
|
|
892 |
|
|
0.3 |
% |
Total Other (Expense)
Income, Net |
|
(6,874 |
) |
|
(2.2)% |
|
|
892 |
|
|
0.3 |
% |
Income (Loss) Before
Income Taxes |
|
21,457 |
|
|
7.0 |
% |
|
|
(772 |
) |
|
(0.3)% |
Income Taxes (Expense)
Benefit |
|
(3,893 |
) |
|
(1.3)% |
|
|
1,195 |
|
|
0.5 |
% |
Net Income |
|
17,564 |
|
|
5.7 |
% |
|
|
423 |
|
|
0.2 |
% |
Net Loss Attributable
to Noncontrolling Interest |
|
(68 |
) |
|
— |
% |
|
|
(55 |
) |
|
— |
% |
Net Income
Attributable to Oil-Dri |
$ |
17,632 |
|
|
5.8 |
% |
|
$ |
478 |
|
|
0.2 |
% |
Net Income Per Share: |
Basic Common |
$ |
2.66 |
|
|
|
|
|
$ |
0.06 |
|
|
|
|
|
Basic Class B Common |
$ |
1.99 |
|
|
|
|
|
$ |
0.05 |
|
|
|
|
|
Diluted Common |
$ |
2.58 |
|
|
|
|
|
$ |
0.06 |
|
|
|
|
|
Diluted Class B Common |
$ |
1.97 |
|
|
|
|
|
$ |
0.05 |
|
|
|
|
Avg Shares Outstanding: |
Basic Common |
|
4,824 |
|
|
|
|
|
|
5,042 |
|
|
|
|
|
Basic Class B Common |
|
1,957 |
|
|
|
|
|
|
1,933 |
|
|
|
|
|
Diluted Common |
|
4,964 |
|
|
|
|
|
|
5,153 |
|
|
|
|
|
Diluted Class B Common |
|
1,984 |
|
|
|
|
|
|
1,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
(in thousands, except per
share amounts) |
|
|
|
|
|
|
As of April 30, |
|
|
|
2023 |
|
|
2022 |
Current
Assets |
|
|
|
|
Cash and Cash Equivalents |
|
$ |
29,746 |
|
$ |
22,825 |
Accounts Receivable, Net |
|
|
56,983 |
|
|
43,287 |
Inventories |
|
|
36,664 |
|
|
34,951 |
Prepaid Expenses and Other Assets |
|
|
10,672 |
|
|
12,639 |
Total Current Assets |
|
|
134,065 |
|
|
113,702 |
Property, Plant and
Equipment, Net |
|
|
111,128 |
|
|
102,230 |
Other Noncurrent
Assets |
|
|
25,103 |
|
|
25,520 |
Total
Assets |
|
$ |
270,296 |
|
$ |
241,452 |
|
|
|
|
|
Current
Liabilities |
|
|
|
|
Current Maturities of Notes Payable |
|
$ |
1,000 |
|
$ |
1,000 |
Accounts Payable |
|
|
11,919 |
|
|
10,099 |
Dividends Payable |
|
|
1,863 |
|
|
1,845 |
Other Current Liabilities |
|
|
37,122 |
|
|
28,463 |
Total Current Liabilities |
|
|
51,904 |
|
|
41,407 |
Noncurrent
Liabilities |
|
|
|
|
Notes Payable |
|
|
31,818 |
|
|
32,788 |
Other Noncurrent Liabilities |
|
|
19,479 |
|
|
21,502 |
Total Noncurrent Liabilities |
|
|
51,297 |
|
|
54,290 |
Stockholders'
Equity |
|
|
167,095 |
|
|
145,755 |
Total Liabilities and
Stockholders' Equity |
|
$ |
270,296 |
|
$ |
241,452 |
|
|
|
|
|
Book Value Per Share
Outstanding |
|
$ |
24.64 |
|
$ |
20.90 |
|
|
|
|
|
Acquisitions
of: |
|
|
|
|
Property, Plant and
Equipment |
|
|
|
|
Third Quarter |
|
$ |
4,159 |
|
$ |
5,438 |
Year To Date |
|
$ |
17,444 |
|
$ |
16,012 |
Depreciation and
Amortization Charges |
|
|
|
|
Third Quarter |
|
$ |
4,074 |
|
$ |
3,261 |
Year To Date |
|
$ |
11,348 |
|
$ |
10,034 |
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
|
|
|
(in thousands) |
|
|
|
|
For the Nine Months Ended |
|
April 30, |
|
|
2023 |
|
|
|
2022 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
Net
Income |
$ |
17,564 |
|
|
$ |
423 |
|
Adjustments to
reconcile net income to net cash |
|
|
|
provided by operating
activities: |
|
|
|
Depreciation and Amortization |
|
11,348 |
|
|
|
10,034 |
|
Loss on Impairment of Goodwill |
|
— |
|
|
|
5,644 |
|
Loss on Pension Termination |
|
4,858 |
|
|
|
— |
|
Increase in Accounts Receivable |
|
(5,604 |
) |
|
|
(2,453 |
) |
Increase in Inventories |
|
(1,209 |
) |
|
|
(11,456 |
) |
Increase in Accounts Payable |
|
255 |
|
|
|
1,333 |
|
Increase in Accrued Expenses |
|
5,653 |
|
|
|
1,120 |
|
Decrease in Pension and Postretirement
Benefits |
|
(981 |
) |
|
|
(924 |
) |
Other |
|
4,907 |
|
|
|
1,739 |
|
Total Adjustments |
|
19,227 |
|
|
|
5,037 |
|
Net Cash Provided by
Operating Activities |
|
36,791 |
|
|
|
5,460 |
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
Capital Expenditures |
|
(17,444 |
) |
|
|
(16,012 |
) |
Other |
|
10 |
|
|
|
— |
|
Net Cash Used in
Investing Activities |
|
(17,434 |
) |
|
|
(16,012 |
) |
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
Proceeds from Issuance of Notes Payable |
|
— |
|
|
|
25,000 |
|
Payment of Debt Issuance costs |
|
(7 |
) |
|
|
(114 |
) |
Dividends Paid |
|
(5,574 |
) |
|
|
(5,573 |
) |
Purchases of Treasury Stock |
|
(225 |
) |
|
|
(10,506 |
) |
Net Cash (Used In)
Provided By Financing Activities |
|
(5,806 |
) |
|
|
8,807 |
|
|
|
|
|
Effect of exchange
rate changes on Cash and Cash Equivalents |
|
(103 |
) |
|
|
(21 |
) |
|
|
|
|
Net Increase
(Decrease) in Cash and Cash Equivalents |
|
13,448 |
|
|
|
(1,766 |
) |
Cash and Cash
Equivalents, Beginning of Period |
|
16,298 |
|
|
|
24,591 |
|
Cash and Cash
Equivalents, End of Period |
$ |
29,746 |
|
|
$ |
22,825 |
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
Third Quarter |
|
Year to Date |
|
Ended April 30, |
|
Ended April 30, |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
RETAIL AND
WHOLESALE |
|
|
|
|
|
|
|
GAAP: Segment
Operating Income |
$ |
10,744 |
|
$ |
(2,349 |
) |
|
$ |
27,000 |
|
$ |
1,025 |
Goodwill
Impairment |
$ |
— |
|
$ |
5,644 |
|
|
$ |
— |
|
$ |
5,644 |
Non-GAAP: Segment
Operating Income excluding Nonrecurring Events |
$ |
10,744 |
|
$ |
3,295 |
|
|
$ |
27,000 |
|
$ |
6,669 |
|
|
|
|
|
|
|
|
CONSOLIDATED
RESULTS |
|
|
|
|
|
|
|
GAAP: Net Income
Attributable to Oil-Dri |
$ |
8,535 |
|
$ |
(2,109 |
) |
|
$ |
17,632 |
|
$ |
478 |
Plus: Nonrecurring
Events, Net of Tax |
|
|
|
|
|
|
|
Goodwill Impairment |
$ |
— |
|
$ |
4,462 |
|
|
$ |
— |
|
$ |
4,462 |
Landfill Modification |
$ |
— |
|
$ |
— |
|
|
$ |
1,977 |
|
$ |
— |
Pension Termination |
$ |
4,784 |
|
$ |
— |
|
|
$ |
4,784 |
|
$ |
— |
Total Nonrecurring
Events, Net of Tax |
$ |
4,784 |
|
$ |
4,462 |
|
|
$ |
6,761 |
|
$ |
4,462 |
Non-GAAP: Net Income
Attributable to Oil-Dri excluding Nonrecurring Events |
$ |
13,319 |
|
$ |
2,353 |
|
|
$ |
24,393 |
|
$ |
4,940 |
|
|
|
|
|
|
|
|
GAAP: Earnings per
Common Diluted Share |
$ |
1.24 |
|
$ |
(0.32 |
) |
|
$ |
2.58 |
|
$ |
0.06 |
Plus: Nonrecurring
Events, Net of Tax |
$ |
0.70 |
|
$ |
0.67 |
|
|
$ |
0.99 |
|
$ |
0.64 |
Non-GAAP: Earnings per
Common Diluted Share excluding Nonrecurring Events |
$ |
1.94 |
|
$ |
0.35 |
|
|
$ |
3.57 |
|
$ |
0.70 |
|
|
|
|
|
|
|
|
Oil Dri Corp of America (NYSE:ODC)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Oil Dri Corp of America (NYSE:ODC)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024