Oil-Dri Corp of America Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Oil-Dri Corp of America filed its Q2 FY2024 10-Q report on March 7, 2024.</b>

AI Summary

Oil-Dri Corp of America (ODC) filed a Quarterly Report (10-Q) with the SEC on March 7, 2024. Oil-Dri Corp of America filed a 10-Q report for the period ending January 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on July 31st. The filing was made on March 7, 2024. Oil-Dri Corp of America is classified under Miscellaneous Manufacturing Industries.

Why It Matters

For investors and stakeholders tracking Oil-Dri Corp of America, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and position for the second quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing Oil-Dri's operational health, profitability, and any potential risks or opportunities.

Risk Assessment

Risk Level: low — Oil-Dri Corp of America shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure.

Analyst Insight

Review the financial statements and management's discussion and analysis within the 10-Q to understand Oil-Dri's performance and outlook.

Key Numbers

• 2024-01-31 — Report Period End Date (Conformed Period of Report)
• 2024-03-07 — Filing Date (Filed As Of Date)
• 0731 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• Oil-Dri Corp of America (company) — Filer
• 0000074046 (company) — Central Index Key
• 3990 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 001-12622 (company) — SEC File Number
• 24730164 (company) — Film Number
• 3123211515 (dollar_amount) — Business Phone

FAQ

Industry Context

Oil-Dri Corp of America operates in the Miscellaneous Manufacturing Industries sector, focusing on products derived from absorbent minerals.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended January 31, 2024.
2. Read the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers and trends.
3. Identify any new risk factors or updates to existing risks disclosed in the filing.

Key Dates

• 2024-01-31: Quarterly Period End — End of the second fiscal quarter for 2024.
• 2024-03-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.
• 2024-07-31: Fiscal Year End — Marks the conclusion of the company's annual fiscal year.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending January 31, 2024. Previous filings would need to be compared for year-over-year or sequential changes.

Key Financial Figures

• $0.10 — ich registered Common Stock, par value $0.10 per share ODC New York Stock Exchange

Filing Documents

• odc-20240131.htm (10-Q) — 1053KB
• exhibit101odcamproductsman.htm (EX-10.1) — 39KB
• odcex3101312024.htm (EX-31) — 21KB
• odcex3201312024.htm (EX-32) — 8KB
• odcex9501312024.htm (EX-95) — 45KB
• 0000074046-24-000021.txt (&nbsp;) — 6055KB
• odc-20240131.xsd (EX-101.SCH) — 36KB
• odc-20240131_cal.xml (EX-101.CAL) — 65KB
• odc-20240131_def.xml (EX-101.DEF) — 257KB
• odc-20240131_lab.xml (EX-101.LAB) — 459KB
• odc-20240131_pre.xml (EX-101.PRE) — 341KB
• odc-20240131_htm.xml (XML) — 850KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page

: Financial Statements

Item 1: Financial Statements 3

: Management's Discussion and Analysis of Financial Condition and Results Of Operations

Item 2: Management's Discussion and Analysis of Financial Condition and Results Of Operations 24

: Controls and Procedures

Item 4: Controls and Procedures 30

– OTHER INFORMATION

PART II – OTHER INFORMATION

: Risk Factors

Item 1A: Risk Factors 31

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 32

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 32

: Other Information

Item 5: Other Information 32

: Exhibits

Item 6: Exhibits 33

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements in this report, including, but not limited to, those under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations," and those statements elsewhere in this report and other documents that we file with the Securities and Exchange Commission ("SEC"), 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 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 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 herein and in Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023, and from time to time in our other filings with the SEC. 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 h

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements OIL-DRI CORPORATION OF AMERICA Condensed Consolidated Balance Sheet (Unaudited) (in thousands, except for share and per share amounts) ASSETS January 31, 2024 July 31, 2023 Current Assets Cash and cash equivalents $ 27,800 $ 31,754 Accounts receivable, net allowances of $ 1,072 and $ 1,087 at January 31, 2024 and July 31, 2023, respectively 59,336 59,287 Inventories, net 46,230 42,612 Prepaid expenses 6,067 2,854 Total Current Assets 139,433 136,507 Property, Plant and Equipment Cost 315,908 305,851 Less accumulated depreciation and amortization ( 190,881 ) ( 184,979 ) Total Property, Plant and Equipment, Net 125,027 120,872 Other Assets Goodwill 3,618 3,618 Intangible assets, net of accumulated amortization of $ 8,383 and $ 8,341 at January 31, 2024 and July 31, 2023, respectively 1,454 1,421 Deferred income taxes 6,820 7,201 Operating lease right-of-use assets 12,649 9,386 Other 7,151 7,230 Total Other Assets 31,692 28,856 Total Assets $ 296,152 $ 286,235 The accompanying notes are an integral part of the Condensed Consolidated Financial Statements. 3 OIL-DRI CORPORATION OF AMERICA Condensed Consolidated Balance Sheet (continued) (Unaudited) (in thousands, except for share and per share amounts) LIABILITIES & STOCKHOLDERS' EQUITY January 31, 2024 July 31, 2023 Current Liabilities Current maturities of notes payable $ 1,000 $ 1,000 Accounts payable 12,009 17,101 Dividends payable 1,963 1,927 Operating lease liabilities 2,637 1,872 Accrued expenses 28,554 36,868 Total Current Liabilities 46,163 58,768 Noncurrent Liabilities Notes payable, net of unamortized debt issuance costs of $ 149 and $ 173 at January 31, 2024 and July 31, 2023, respectively 30,851 30,827 Deferred compensation 5,423 4,512 Long-term operating lease liabilities 11,251 8,810 Other 6,426 6,242 Total Noncurrent Liabilities 53,951 50,391 Total Liabilities 100,114 109,159 Commitments and contingencies (See note

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