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Oil-Dri Corporation of America reports developments tied to its sorbent mineral products business, including specialty absorbents and purification materials sold into pet care, animal health and nutrition, fluids purification, agricultural ingredients, sports field, industrial and automotive markets.
Recurring updates cover quarterly operating results, product-group trends in the Retail and Wholesale Products Group and Business-to-Business Products Group, cash dividends on Common Stock and Class B Stock, and activity at Amlan International, the company's animal health business. News also includes mineral-based feed additive products, agricultural offerings such as Verge, and fluids purification demand across edible oil, jet fuel and renewable diesel applications.
Oil-Dri Corporation of America (NYSE: ODC) has announced three senior leadership promotions: Aaron Christiansen is now Vice President of Operations, Wade Robey is Vice President of Agriculture & Amlan Marketing, and Yasmith Bernal takes the role of Vice President, Crop & Horticulture and Innovation Center Site Lead. These promotions are aimed at enhancing the company's growth strategy and operational success. Each appointee brings years of relevant experience and has made significant contributions to the company.
Amlan International has introduced two new natural animal health feed additives, Phylox® Feed and NeutraPath® to address the growing need for antibiotic-free production. These products aim to combat Eimeria species and improve intestinal health in livestock. Phylox serves as an alternative to anticoccidial drugs, enhancing profitability and immunity without withdrawal before slaughter. NeutraPath focuses on reducing pathogenic bacteria, improving feed conversion and animal health. Both products are available in select international markets, with potential for use alongside Amlan's existing range of mineral-based products.
Oil-Dri Corporation of America (NYSE: ODC) announced plans to increase prices on its agricultural and fluid purification products effective May 2022. This decision aims to counteract rising costs in freight, packaging, materials, natural gas, labor, and other manufacturing expenses. The price hikes, along with enhanced production efficiencies and expense reduction efforts, are part of the company's strategy for margin improvement in a challenging economic landscape. Sales representatives will provide further details to customers directly.
Oil-Dri Corporation of America (NYSE: ODC) announced plans to raise prices on its industrial and automotive absorbent products by 15% to 20% in Q4 2022. This decision stems from the necessity to offset increased costs in packaging, natural gas, labor, and manufacturing, as explained by President and CEO Daniel S. Jaffee. The company is focused on pricing adjustments, production optimization, and cost reductions to restore margins to historical levels. Sales representatives will provide customers with additional pricing details.
Oil-Dri Corporation of America (NYSE: ODC) appointed Patrick J. Walsh as Vice President of Human Resources, effective March 21, 2022. Walsh brings extensive experience from PepsiCo and Pizza Hut, focusing on human capital management. Concurrently, the Board declared quarterly cash dividends of $0.27 per share for Common Stock and $0.2025 for Class B Stock, payable on May 27, 2022. This marks the company's continuous dividend payments since 1974, with annual increases for 18 consecutive years.
Amlan International will showcase new research and solutions to industry challenges at the XLVI ANECA 2022 Annual Congress in Mexico from March 29 to April 1, 2022. Key highlights include the introduction of Phylox Feed, a natural non-pharmaceutical solution aimed at improving poultry performance, and findings from a commercial trial on the mineral-based product Varium. The congress will feature multiple presentations focusing on animal welfare and alternatives to traditional antibiotics for poultry producers.
Oil-Dri Corporation of America (NYSE: ODC) reported its Q2 2022 results, achieving record net sales of $87.2 million, a 17% increase year-over-year. However, net income dropped by 53% to $2 million, with earnings per share declining 54% to $0.28. Despite sales growth in the Business to Business segment, ongoing inflation and supply chain challenges reduced gross profit margins to 18%, down from 22% in the prior year. Oil-Dri continues to focus on pricing strategies and cost-saving measures to combat these pressures.
Oil-Dri Corporation of America (NYSE: ODC) announced a price increase for its sports field products effective April 1, 2022. This decision is driven by rising inflation affecting key cost inputs such as packaging, materials, natural gas, and manufacturing expenses. CEO Daniel S. Jaffee stated that the price adjustments are crucial to maintain product quality and to restore profit margins to historical levels. Pro’s Choice sales representatives will provide further details to customers directly.
Amlan International has appointed Eduardo Euclides Baggio as Technical Manager to support Brazilian poultry and livestock producers. With a focus on integrating natural mineral-based products into animal rations, Amlan aims to enhance intestinal health and sustainability in production. Despite challenges from rising feed and fuel costs, Brazilian poultry and pork production are set for significant growth in 2022. Amlan, part of Oil-Dri Corporation, emphasizes its commitment to technical expertise as it assists producers in navigating restrictions on antibiotic usage in animal production.
Oil-Dri Corporation of America (NYSE: ODC) announced a price increase for its cat litter products, effective April 1, 2022. This decision comes in response to significant increases in key costs, including freight, packaging, materials, natural gas, and non-fuel manufacturing. President and CEO Daniel S. Jaffee emphasized the necessity of raising prices to mitigate inflationary pressures on the company's financial health. Specific details of the price increase will be communicated directly to customers by sales representatives.