Oil-Dri Corp Q1 Sales and Net Income Surge

TL;DR

ODC Q1 sales up to $127.9M, net income to $20.2M. Strong start to the year!

AI Summary

Oil-Dri Corp of America reported net sales of $127.9 million for the first quarter ended October 31, 2024, an increase from $111.4 million in the same period last year. Net income for the quarter was $20.2 million, up from $12.8 million in the prior year's first quarter. Diluted earnings per share rose to $2.43 from $1.61 year-over-year.

Why It Matters

The company's strong performance in the first quarter indicates robust demand for its products, potentially signaling positive future revenue growth and profitability.

Risk Assessment

Risk Level: low — The filing shows positive financial results and no immediate red flags, suggesting a stable financial position.

Key Numbers

• $127.9M — Net Sales (Q1 2024 net sales increased from $111.4M in Q1 2023.)
• $20.2M — Net Income (Q1 2024 net income increased from $12.8M in Q1 2023.)
• $2.43 — Diluted EPS (Q1 2024 diluted EPS increased from $1.61 in Q1 2023.)

Key Players & Entities

• Oil-Dri Corp of America (company) — Filer
• 2024-10-31 (date) — End of reporting period
• $127.9 million (dollar_amount) — Net sales for the quarter
• $111.4 million (dollar_amount) — Net sales for the prior year's quarter
• $20.2 million (dollar_amount) — Net income for the quarter
• $12.8 million (dollar_amount) — Net income for the prior year's quarter
• $2.43 (dollar_amount) — Diluted earnings per share for the quarter
• $1.61 (dollar_amount) — Diluted earnings per share for the prior year's quarter

FAQ

Key Financial Figures

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

Filing Documents

• odc-20241031.htm (10-Q) — 797KB
• odcex3110312024.htm (EX-31) — 21KB
• odcex3210312024.htm (EX-32) — 8KB
• odcex9510312024.htm (EX-95) — 44KB
• 0000074046-24-000094.txt ( ) — 5188KB
• odc-20241031.xsd (EX-101.SCH) — 36KB
• odc-20241031_cal.xml (EX-101.CAL) — 56KB
• odc-20241031_def.xml (EX-101.DEF) — 244KB
• odc-20241031_lab.xml (EX-101.LAB) — 438KB
• odc-20241031_pre.xml (EX-101.PRE) — 329KB
• odc-20241031_htm.xml (XML) — 651KB

– 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 22

: Quantitative and Qualitative Disclosures About Market Risk

Item 3: Quantitative and Qualitative Disclosures About Market Risk 26

: Controls and Procedures

Item 4: Controls and Procedures 27

– OTHER INFORMATION

PART II – OTHER INFORMATION

: Risk Factors

Item 1A: Risk Factors 28

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 29

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 29

: Exhibits

Item 6: Exhibits 30

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," of our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 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 he

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements OIL-DRI CORPORATION OF AMERICA Condensed Consolidated Balance Sheet (in thousands, except for share and per share amounts, unaudited) ASSETS October 31, 2024 July 31, 2024 Current Assets Cash and cash equivalents $ 12,506 $ 23,481 Accounts receivable, net of allowances of $ 1,562 and $ 934 at October 31, 2024 and July 31, 2024, respectively 70,544 62,171 Inventories, net 56,025 54,236 Prepaid expenses and other assets 5,040 7,270 Total Current Assets 144,115 147,158 Other Assets Property, plant and equipment, net 137,947 137,796 Goodwill 15,674 15,443 Trademarks, trade names and patents, net of accumulated amortization of $ 647 and $ 625 at October 31, 2024 and July 31, 2024, respectively 6,632 6,662 Customer list, net of accumulated amortization of $ 8,431 and $ 8,149 at October 31, 2024 and July 31, 2024, respectively 19,754 20,036 Deferred income taxes 1,075 1,537 Operating lease right-of-use assets 17,552 18,667 Other 7,422 7,306 Total Other Assets 206,056 207,447 Total Assets $ 350,171 $ 354,605 The accompanying notes are an integral part of the Condensed Consolidated Financial Statements. 3 OIL-DRI CORPORATION OF AMERICA Condensed Consolidated Balance Sheet (continued) (in thousands, except for share and per share amounts, unaudited) LIABILITIES & STOCKHOLDERS' EQUITY October 31, 2024 July 31, 2024 Current Liabilities Current maturities of notes payable $ 1,000 $ 1,000 Accounts payable 13,824 15,009 Dividends payable 2,098 2,096 Operating lease liabilities 4,476 4,556 Accrued expenses 33,443 44,016 Total Current Liabilities 54,841 66,677 Noncurrent Liabilities Long-term debt, net of unamortized debt issuance costs of $ 223 and $ 226 at October 31, 2024 and July 31, 2024, respectively 44,777 49,774 Deferred compensation 5,664 5,667 Long-term operating lease liabilities 14,294 15,391 Other 6,603 6,508 Total Noncurrent Liabilities 71,338 77,340 Total Liabilities 126,179 144,017

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View this 10-Q filing on SEC EDGAR