Oil-Dri Corporation of America (NYSE: ODC), producer and marketer
of sorbent mineral products, today announced results for its fourth
quarter and fiscal year 2024.
|
Fourth Quarter |
Year to Date |
(in thousands, except per share amounts) |
Ended July 31, |
Ended July 31, |
|
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
Consolidated Results |
|
|
|
|
|
|
Net Sales |
$ |
113,702 |
$ |
107,388 |
6 |
% |
$ |
437,587 |
$ |
413,021 |
6 |
% |
Operating Income (Including Unallocated Corporate Expenses) |
$ |
12,892 |
$ |
12,709 |
1 |
% |
$ |
51,645 |
$ |
41,040 |
26 |
% |
Net Income Attributable to Oil-Dri |
$ |
8,525 |
$ |
11,919 |
(28 |
)% |
$ |
39,426 |
$ |
29,551 |
33 |
% |
Net Income Attributable to Oil-Dri, Excluding Nonrecurring Events
† |
$ |
8,525 |
$ |
11,762 |
(28 |
)% |
$ |
39,888 |
$ |
36,155 |
10 |
% |
Diluted EPS - Common |
$ |
1.17 |
$ |
1.67 |
(30 |
)% |
$ |
5.43 |
$ |
4.13 |
31 |
% |
Diluted EPS - Common, Excluding Nonrecurring Events † |
$ |
1.17 |
$ |
1.65 |
(29 |
)% |
$ |
5.49 |
$ |
5.06 |
8 |
% |
Business to Business |
|
|
|
|
|
|
Net Sales |
$ |
38,880 |
$ |
38,142 |
2 |
% |
$ |
150,471 |
$ |
142,395 |
6 |
% |
Segment Operating Income |
$ |
12,876 |
$ |
12,319 |
5 |
% |
$ |
45,589 |
$ |
37,678 |
21 |
% |
Retail and Wholesale |
|
|
|
|
|
|
Net Sales |
$ |
74,822 |
$ |
69,246 |
8 |
% |
$ |
287,116 |
$ |
270,626 |
6 |
% |
Segment Operating Income |
$ |
9,724 |
$ |
8,208 |
18 |
% |
$ |
43,804 |
$ |
33,791 |
30 |
% |
Certain amounts in
the prior period financial statements have been reclassified to
conform to the presentation of the current period financial
statements.† 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 very pleased with our fourth quarter and fiscal year 2024
results which include our newly acquired silica gel-based crystal
cat litter business, Ultra Pet Company, Inc. We set new records in
consolidated net sales and gross profit for both periods, and we
achieved the highest annual net income in our company’s history.
Our strategic growth initiatives proved successful as demonstrated
by the topline expansion of our cat litter and fluids purification
businesses. The integration of the Ultra Pet business is proceeding
as planned, and we are making great strides towards gaining new
distribution of our crystal litter products. Customers are very
excited about the combination of Cat’s Pride and Ultra Pet products
on their shelves. I also am happy to report that the acquisition
was accretive to earnings during the fourth quarter of fiscal year
2024. I am very proud of our teammates who have worked diligently
to make this year such a success. As we begin fiscal year 2025, we
will continue to build upon this strong performance and plan to
enhance market penetration across all of our different
businesses.”
Full Year ResultsConsolidated net sales for
fiscal year 2024 reached an all-time high of $437.6 million,
reflecting a 6% increase over the prior year. Record revenues were
achieved in both the Retail & Whole (“R&W”) and Business to
Business (“B2B”) Product Groups. This topline growth was due to
higher prices across both operating segments, increased volume of
fluid purification products, as well as incremental business from
the acquisition of Ultra Pet Company, Inc. (“Ultra Pet”) which was
completed on May 1, 2024. Revenues from domestic cat litter,
excluding co-packaged items, and fluids purification products
increased by 8% and 19%, respectively, compared to the prior year.
Oil-Dri’s industrial and sports business also contributed to
overall gains, with sales growth of 2% over the previous year.
While annual revenues from animal health products remained flat,
the Company’s commitment to this growth opportunity continues to be
very strong. Due to decreased demand, sales from the agricultural
and co-packaging coarse cat litter businesses declined by 17% and
4%, respectively, in fiscal year 2024 compared to the prior
year.
Annual consolidated gross profit was a record $125.1 million, an
increase of 21% over the prior year, with margin expansion to 29%
in fiscal year 2024 from 25% in fiscal year 2023. Domestic cost of
goods sold per ton increased by 6% compared to last year driven by
higher labor, depreciation, and freight costs, partially offset by
lower natural gas and packaging costs. Higher prices and improved
product mix offset these cost increases.
Selling, general and administrative (“SG&A”) expenses were
$73.4 million for fiscal 2024 compared to $62.2 million last year.
This 18% increase consists of both ongoing and one-time expenses.
Significant expenditures reflect elevated compensation costs,
including a higher bonus accrual, and increased advertising costs
to promote Cat’s Pride lightweight litter. Expenses related to the
Ultra Pet acquisition, including transaction and integration costs,
as well as amortization of intangible assets, were also
incurred.
Fiscal year 2024’s consolidated operating income reached a
record high of $51.6 million, reflecting a $10.6 million, or 26%
increase, over the prior year.
Total other expense, net was $2.0 million for fiscal year 2024
compared to total other expense, net of $6.4 million in the prior
year. This $4.4 million decrease was driven by non-recurring
expenses in fiscal 2023 related to the termination of Oil-Dri’s
pension plan and the capacity modification project at its sole
landfill in Georgia.
Income tax expense was approximately $10.2 million in fiscal
year 2024 compared to $5.2 million last year. This increase was
driven by a higher annual effective tax rate and elevated taxable
income.
Annual net income attributable to Oil-Dri hit a historic high of
$39.4 million in fiscal 2024, or a 33% increase over the prior
year, reflecting the Company’s strong performance in improving its
bottom line.
Cash and cash equivalents as of July 31, 2024, totaled $23.5
million compared to $31.8 million in fiscal 2023. This decrease can
be attributed to the allocation of cash to partially fund the Ultra
Pet acquisition. Other significant uses of cash during the year
included capital investments to replace aging infrastructure and
expand manufacturing facilities to support increased demand of the
Company’s products.
Fourth Quarter Results
Consolidated Results Consolidated net sales for
the fourth quarter of fiscal 2024 reached a historic high of $113.7
million, or a 6% increase over the prior year. This marks the 13th
consecutive quarter of year-over-year sales growth. This was
achieved through the acquisition of Ultra Pet’s crystal cat litter
business, higher pricing within both operating segments, and
increased demand of fluid purification and animal health products.
Elevated revenues from domestic cat litter, fluids purification,
animal health, and industrial & sports products were partially
offset by decreased sales from the Company’s agricultural and
co-packaging coarse cat litter businesses. The acquisition of Ultra
Pet contributed net sales of $4.8 million, or 5% of the total
consolidated net sales increase over the prior year, and the
remaining 1% can be attributed to organic growth from Oil-Dri’s
other products.
Consolidated gross profit of $33.0 million, an all-time
quarterly high, was achieved during the fourth quarter of fiscal
2024, representing a 9% increase over the prior year. Gross margins
expanded to 29% in fiscal year 2024 from 28% in fiscal year 2023.
The company's efforts to improve profitability have been successful
as demonstrated by year-over-year gross margin expansion for the
past eight consecutive quarters. During the three months ended July
31, 2024, domestic cost of goods per ton increased by 10% compared
to the prior year. This was driven by higher per ton freight costs,
a significant non-cash inventory step-up purchase accounting
adjustment related to the Ultra Pet acquisition, and higher per ton
packaging costs. These elevated costs were partially offset by
lower per ton non-fuel manufacturing costs as well as decreased per
ton natural gas costs.
Selling, general and administrative expenses were $20.1 million
during the fourth quarter of fiscal 2024 compared to $17.7 million
for the same period last year. This $2.4 million, or 14%, increase
reflects higher compensation expenses, sales commissions, as well
as acquisition related amortization of intangible assets and
integration costs. Advertising expenses during the fourth quarter
of fiscal year 2024 decreased compared to the same period last year
when the majority of advertising spending occurred. Oil-Dri expects
advertising costs for the upcoming fiscal year 2025 to be lower
than fiscal year 2024. Additional expenses related to the
integration of Ultra Pet are expected to be incurred in the first
quarter of fiscal year 2025.
In the fourth quarter of fiscal year 2024, consolidated
operating income increased to $12.9 million, or by 1%, compared to
the fourth quarter of fiscal year 2023. Higher sales slightly
offset elevated cost of goods sold and SG&A costs.
Total other expense, net was $891,000 for the three months ended
July 31, 2024, compared to total other income, net of $512,000 in
the same period last year. Interest expense on the debt assumed for
the Ultra Pet acquisition, along with foreign exchange losses and
miscellaneous other expenses drove this increase and resulted in
lower consolidated net income before taxes.
Income tax expense rose to $3.5 million in the fourth quarter of
fiscal year 2024 compared to $1.3 million in the same period last
year. Higher taxes resulted from an increase in the estimated
annual effective tax rate in the fourth quarter.
Consolidated net income attributable to Oil-Dri decreased to
$8.5 million in the fourth quarter of fiscal 2024 from $11.9
million in the prior year.
Product Group ReviewThe Business to Business
Products Group’s fourth quarter of fiscal 2024 revenues were $38.9
million, or 2% greater than the prior year. This was driven by
higher prices and improved product mix, partially offset by lower
volumes. Increased revenues from elevated demand for fluids
purification and animal health products offset sales declines from
the Company’s agricultural business. During the fourth quarter of
fiscal 2024, revenues from fluid purification products remained
very strong and reached a record $25.0 million, or an 11% increase
over the prior year. This was primarily due to higher demand of
Oil-Dri’s Metal X and Metal Z products sold to customers in North
America. This growth in demand continues to be fueled by the recent
establishment of renewable diesel plants within the United
States. Sales of fluid purification products in Europe
and Asia also increased during the three-month period ended July
31, 2024, compared to last year. Amlan International, the Company’s
animal health business, boosted its sales to a record $8.0 million
during the fourth quarter of fiscal year 2024, representing a 39%
improvement over the same period in fiscal year 2023. This increase
was concentrated in Latin America where triple digit sales gains
were achieved as a result of higher demand and timing of orders.
Elevated volumes within Mexico also contributed to Amlan’s topline
growth. In the fourth quarter of fiscal 2024, agricultural product
revenues were $5.9 million, or a 40% decrease from the prior year.
The continued downturn in the agricultural market led to an
inventory surplus at a few key customers, thus reducing demand for
the Company’s products.
During the fourth quarter of fiscal 2024, SG&A costs within
the B2B Products Group increased by $577,000 or 19%, compared to
the same period last year. This was mainly driven by higher
technical service support costs and sales commissions.
Operating income for the B2B Products Group was $12.9 million in
the fourth quarter of fiscal year 2024 compared to $12.3 million in
the same period of fiscal year 2023, reflecting a 5% increase. This
growth can be attributed to higher sales, partially offset by
increased per ton cost of goods sold and SG&A expenses.
The Retail and Wholesale (“R&W”) Products Group’s fourth
quarter revenues reached an all-time high of $74.8 million, an 8%
increase over the prior year. The acquisition of Ultra Pet Company,
Inc. (“Ultra Pet”) contributed 7% of the total R&W sales
growth, and the remaining 1% can be attributed to organic topline
growth from higher prices of clay-based cat litter and industrial
& sports products. With the Ultra Pet acquisition, the Company
is now able to offer a broader product portfolio, including crystal
litter, to both new and existing customers. During the fourth
quarter of fiscal 2024, new distribution of Ultra Pet’s crystal
litter products was achieved, and the Company will continue to
pursue greater market penetration of both Ultra Pet and newly
launched Cat’s Pride branded crystal litter items. Total domestic
clay-based cat litter sales, excluding the Company’s co-packaged
coarse cat litter business, rose to $51.6 million, or 2% over the
prior year. Increased sales of coarse and branded lightweight
litter were partially offset by revenue declines from private label
lightweight litter products. In addition, Oil-Dri expanded
distribution of its EPA approved Cat’s Pride Antibacterial Clumping
Litter into the growing e-commerce channel, allowing it to reach a
wider customer base. During the fourth quarter of fiscal 2024,
revenues from co-packaged litter items decreased compared to the
same period in fiscal year 2023. The Company’s key co-packaging
customer was negatively impacted by a cyberattack in August 2023
and is in the process of rebuilding velocities and market share.
Domestic industrial and sports product revenues were $10.6 million
in the fourth quarter of fiscal 2024, or 5% higher than the same
period in the prior year. This increase was driven by pricing
actions implemented earlier in the fiscal year. The Company’s
Canadian subsidiary also contributed to the R&W Product Group’s
sales growth as a result of higher revenues from both cat litter
and industrial floor absorbents products.
During the fourth quarter of fiscal 2024, SG&A expenses
within the R&W Products Group decreased by $119,000, or 2% from
the prior year. This was primarily driven by lower advertising
costs, partially offset by higher compensation costs and the
amortization of intangible assets related to the Ultra Pet
acquisition.
Operating income for the R&W Products Group reached $9.7
million in the fourth quarter of fiscal year 2024 compared to $8.2
million in the prior year, reflecting an 18% increase. This growth
can be attributed to higher prices, the incremental business from
the Ultra Pet acquisition, and lower SG&A costs, partially
offset by higher per ton cost of goods sold.
The Company will host its fourth quarter and fiscal year 2024
earnings discussion via a live webcast on Friday, October 11, 2024,
at 9:00 a.m. Central Time. Participation details are available on
the Company’s website’s Events page.
“Oil-Dri”, “Cat’s Pride”, “Metal X”, “Metal Z”,
and “Amlan” are registered trademarks of Oil-Dri Corporation of
America.
About Oil-Dri Corporation of
AmericaOil-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
StatementsCertain 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 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. GarberDirector of Investor
RelationsOil-Dri Corporation of
AmericaInvestorRelations@oildri.com(312) 321-1515
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in thousands,
except per share amounts) |
|
Fourth Quarter Ended July 31, |
|
|
2024 |
|
|
% of Sales |
|
|
2023 |
|
|
% of Sales |
Net Sales |
$ |
113,702 |
|
|
100.0 |
% |
|
$ |
107,388 |
|
|
100.0 |
% |
Cost of
Goods Sold |
|
(80,678 |
) |
|
(71.0 |
)% |
|
|
(76,954 |
) |
|
(71.7 |
)% |
Gross
Profit |
|
33,024 |
|
|
29.0 |
% |
|
|
30,434 |
|
|
28.3 |
% |
Selling,
General and Administrative Expenses |
|
(20,132 |
) |
|
(17.7 |
)% |
|
|
(17,725 |
) |
|
(16.5 |
)% |
Operating
Income |
|
12,892 |
|
|
11.3 |
% |
|
|
12,709 |
|
|
11.8 |
% |
Gain on
Pension Termination |
|
— |
|
|
— |
% |
|
|
206 |
|
|
0.2 |
% |
Other
(Expense) Income, Net |
|
(891 |
) |
|
(0.8 |
)% |
|
|
306 |
|
|
0.3 |
% |
Total
Other (Expense) Income, Net |
|
(891 |
) |
|
(0.8 |
)% |
|
|
512 |
|
|
0.5 |
% |
Income
Before Income Taxes |
|
12,001 |
|
|
10.6 |
% |
|
|
13,221 |
|
|
12.3 |
% |
Income
Taxes Expense |
|
(3,476 |
) |
|
(3.1 |
)% |
|
|
(1,302 |
) |
|
(1.2 |
)% |
Net
Income |
|
8,525 |
|
|
7.5 |
% |
|
|
11,919 |
|
|
11.1 |
% |
Net Loss Attributable
to Noncontrolling Interest |
|
— |
|
|
— |
% |
|
|
— |
|
|
— |
% |
Net Income
attributable to Oil-Dri |
$ |
8,525 |
|
|
7.5 |
% |
|
$ |
11,919 |
|
|
11.1 |
% |
Net Income Per Share: |
Basic Common |
$ |
1.26 |
|
|
|
|
$ |
1.80 |
|
|
|
|
Basic Class
B |
$ |
0.95 |
|
|
|
|
$ |
1.35 |
|
|
|
|
Diluted
Common |
$ |
1.17 |
|
|
|
|
$ |
1.67 |
|
|
|
|
Diluted Class
B |
$ |
0.95 |
|
|
|
|
$ |
1.35 |
|
|
|
Avg Shares
Outstanding: |
Basic
Common |
|
4,918 |
|
|
|
|
|
4,831 |
|
|
|
|
Basic Class
B |
|
1,980 |
|
|
|
|
|
1,964 |
|
|
|
|
Diluted
Common |
|
6,898 |
|
|
|
|
|
6,795 |
|
|
|
|
Diluted Class
B |
|
1,980 |
|
|
|
|
|
1,964 |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
(in thousands, except per
share amounts) |
|
|
Twelve Months Ended July 31, |
|
|
2024 |
|
|
% of Sales |
|
|
2023 |
|
|
% of Sales |
Net Sales |
$ |
437,587 |
|
|
100.0 |
% |
|
$ |
413,021 |
|
|
100.0 |
% |
Cost of Goods
Sold |
|
(312,493 |
) |
|
(71.4 |
)% |
|
|
(309,794 |
) |
|
(75.0 |
)% |
Gross
Profit |
|
125,094 |
|
|
28.6 |
% |
|
|
103,227 |
|
|
25.0 |
% |
Selling, General and
Administrative Expenses |
|
(73,449 |
) |
|
(16.8 |
)% |
|
|
(62,187 |
) |
|
(15.1 |
)% |
Operating
Income |
|
51,645 |
|
|
11.8 |
% |
|
|
41,040 |
|
|
9.9 |
% |
Loss on Pension
Termination |
|
— |
|
|
— |
% |
|
|
(4,652 |
) |
|
(1.1 |
)% |
Other (Expense)
Income, Net |
|
(1,994 |
) |
|
(0.5 |
)% |
|
|
(1,710 |
) |
|
(0.4 |
)% |
Total Other Expense,
Net |
|
(1,994 |
) |
|
(0.5 |
)% |
|
|
(6,362 |
) |
|
(1.5 |
)% |
Income Before Income
Taxes |
|
49,651 |
|
|
11.3 |
% |
|
|
34,678 |
|
|
8.4 |
% |
Income Taxes
Expense |
|
(10,225 |
) |
|
(2.3 |
)% |
|
|
(5,195 |
) |
|
(1.3 |
)% |
Net
Income |
|
39,426 |
|
|
9.0 |
% |
|
|
29,483 |
|
|
7.1 |
% |
Net Loss Attributable
to Noncontrolling Interest |
|
— |
|
|
— |
% |
|
|
(68 |
) |
|
— |
% |
Net Income
Attributable to Oil-Dri |
$ |
39,426 |
|
|
9.0 |
% |
|
$ |
29,551 |
|
|
7.2 |
% |
Net Income Per Share: |
Basic Common |
$ |
5.85 |
|
|
|
|
$ |
4.45 |
|
|
|
|
Basic Class
B |
$ |
4.40 |
|
|
|
|
$ |
3.35 |
|
|
|
|
Diluted
Common |
$ |
5.43 |
|
|
|
|
$ |
4.13 |
|
|
|
|
Diluted Class
B |
$ |
4.40 |
|
|
|
|
$ |
3.35 |
|
|
|
Avg Shares
Outstanding: |
Basic
Common |
|
4,885 |
|
|
|
|
|
4,825 |
|
|
|
|
Basic Class
B |
|
1,976 |
|
|
|
|
|
1,959 |
|
|
|
|
Diluted
Common |
|
6,861 |
|
|
|
|
|
6,784 |
|
|
|
|
Diluted Class
B |
|
1,976 |
|
|
|
|
|
1,959 |
|
|
|
CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
(in thousands, except per
share amounts) |
|
|
|
|
|
|
As of July 31, |
|
|
|
2024 |
|
|
2023 |
Current
Assets |
|
|
|
|
Cash and Cash Equivalents |
|
$ |
23,481 |
|
$ |
31,754 |
Accounts Receivable, Net |
|
|
62,171 |
|
|
59,287 |
Inventories, Net |
|
|
54,236 |
|
|
42,612 |
Prepaid Expenses and Other Assets |
|
|
7,270 |
|
|
2,854 |
Total Current Assets |
|
|
147,158 |
|
|
136,507 |
Property, Plant and
Equipment, Net |
|
|
137,796 |
|
|
120,872 |
Other
Assets |
|
|
69,651 |
|
|
28,856 |
Total
Assets |
|
$ |
354,605 |
|
$ |
286,235 |
|
|
|
|
|
Current
Liabilities |
|
|
|
|
Current Maturities of Notes Payable |
|
$ |
1,000 |
|
$ |
1,000 |
Accounts Payable |
|
|
15,009 |
|
|
17,101 |
Dividends Payable |
|
|
2,096 |
|
|
1,927 |
Other Current Liabilities |
|
|
48,572 |
|
|
38,740 |
Total Current Liabilities |
|
|
66,677 |
|
|
58,768 |
Noncurrent
Liabilities |
|
|
|
|
Notes Payable |
|
|
49,774 |
|
|
30,827 |
Other Noncurrent Liabilities |
|
|
27,566 |
|
|
19,564 |
Total Noncurrent Liabilities |
|
|
77,340 |
|
|
50,391 |
Stockholders'
Equity |
|
|
210,588 |
|
|
177,076 |
Total Liabilities and
Stockholders' Equity |
|
$ |
354,605 |
|
$ |
286,235 |
|
|
|
|
|
Book Value Per Share
Outstanding |
|
$ |
30.69 |
|
$ |
26.10 |
|
|
|
|
|
Acquisitions
of: |
|
|
|
|
Property, Plant and
Equipment |
|
|
|
|
Fourth Quarter |
|
$ |
8,283 |
|
$ |
6,924 |
Year To Date |
|
$ |
32,000 |
|
$ |
24,368 |
Depreciation and
Amortization Charges |
|
|
|
|
Fourth Quarter |
|
$ |
5,662 |
|
$ |
4,180 |
Year To Date |
|
$ |
19,281 |
|
$ |
15,528 |
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 Twelve Months Ended |
|
July 31, |
|
|
2024 |
|
|
|
2023 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
Net
Income |
$ |
39,426 |
|
|
$ |
29,483 |
|
Adjustments to
reconcile net income to net cash |
|
|
|
provided by operating
activities: |
|
|
|
Depreciation and Amortization |
|
19,281 |
|
|
|
15,528 |
|
Loss on Pension Termination |
|
— |
|
|
|
4,652 |
|
Decrease (Increase) in Accounts Receivable |
|
1,453 |
|
|
|
(7,899 |
) |
Increase in Inventories |
|
(4,682 |
) |
|
|
(2,204 |
) |
(Increase) Decrease in Prepaid Expenses |
|
(2,431 |
) |
|
|
1,082 |
|
(Decrease) Increase in Accounts Payable |
|
(2,794 |
) |
|
|
3,241 |
|
Increase in Accrued Expenses |
|
2,449 |
|
|
|
6,455 |
|
Other |
|
7,611 |
|
|
|
(574 |
) |
Total Adjustments |
|
20,887 |
|
|
|
20,281 |
|
Net Cash Provided by
Operating Activities |
|
60,313 |
|
|
|
49,764 |
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
Capital Expenditures |
|
(32,000 |
) |
|
|
(24,368 |
) |
Acquisition of Business |
|
(45,298 |
) |
|
|
— |
|
Other |
|
182 |
|
|
|
(199 |
) |
Net Cash Used in
Investing Activities |
|
(77,116 |
) |
|
|
(24,567 |
) |
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
Proceeds from long-term debt |
|
20,000 |
|
|
|
— |
|
Payment of Debt Issuance costs |
|
(90 |
) |
|
|
(7 |
) |
Principal Payments on Notes Payable |
|
(1,000 |
) |
|
|
(1,000 |
) |
Dividends Paid |
|
(7,806 |
) |
|
|
(7,433 |
) |
Purchases of Treasury Stock |
|
(2,778 |
) |
|
|
(1,078 |
) |
Net Cash Provided by
(Used In) Financing Activities |
|
8,326 |
|
|
|
(9,518 |
) |
|
|
|
|
Effect of exchange
rate changes on Cash and Cash Equivalents |
|
204 |
|
|
|
(223 |
) |
|
|
|
|
Net (Decrease)
Increase in Cash and Cash Equivalents |
|
(8,273 |
) |
|
|
15,456 |
|
Cash and Cash
Equivalents, Beginning of Period |
|
31,754 |
|
|
|
16,298 |
|
Cash and Cash
Equivalents, End of Period |
$ |
23,481 |
|
|
$ |
31,754 |
|
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) |
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Year to Date |
|
Ended July 31, |
|
Ended July 31, |
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
CONSOLIDATED
RESULTS |
|
|
|
|
|
|
|
GAAP: Net Income
Attributable to Oil-Dri |
$ |
8,525 |
|
$ |
11,919 |
|
|
$ |
39,426 |
|
$ |
29,551 |
Plus: Nonrecurring
Events, Net of Tax |
|
|
|
|
|
|
|
Landfill Modification Loss, Net of Tax |
$ |
— |
|
$ |
— |
|
|
$ |
462 |
|
$ |
1,977 |
Pension Termination, Net of Tax |
$ |
— |
|
$ |
(157 |
) |
|
$ |
— |
|
$ |
4,627 |
Total Nonrecurring
Events, Net of Tax |
$ |
— |
|
$ |
(157 |
) |
|
$ |
462 |
|
$ |
6,604 |
Non-GAAP: Net Income
Attributable to Oil-Dri excluding Nonrecurring Events |
$ |
8,525 |
|
$ |
11,762 |
|
|
$ |
39,888 |
|
$ |
36,155 |
|
|
|
|
|
|
|
|
GAAP: Diluted EPS -
Common |
$ |
1.17 |
|
$ |
1.67 |
|
|
$ |
5.43 |
|
$ |
4.13 |
Plus: Nonrecurring
Events, Net of Tax |
$ |
— |
|
$ |
(0.02 |
) |
|
$ |
0.06 |
|
$ |
0.93 |
Non-GAAP: Diluted EPS
- Common, excluding Nonrecurring Events |
$ |
1.17 |
|
$ |
1.65 |
|
|
$ |
5.49 |
|
$ |
5.06 |
|
|
|
|
|
|
|
|
Oil Dri Corp of America (NYSE:ODC)
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