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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.
Amlan International has appointed Fred H. Kao as Vice President of Global Sales to enhance its efforts in livestock intestinal health solutions. This role is aimed at meeting the rising global demand for antibiotic-free protein products. Kao, with over 20 years of experience in the animal protein sector, has a proven record in improving profitability and business operations, particularly in Asia. His expertise will support Amlan's strategy in emerging markets, crucial for growth in natural alternatives to antibiotic growth promoters.
Amlan International, a subsidiary of Oil-Dri Corporation (NYSE: ODC), will demonstrate its mineral-based alternatives to antibiotics in poultry production on Fox Business's "Built in America: INNOVATION NATION" airing August 30. The segment features Dr. Hongyu Xue, highlighting how Varium protects chicken health and reduces antibiotic use. Amidst food safety concerns raised by COVID-19, Amlan aims to address global food supply challenges. The company's advancements in mineral technology contribute to sustainable agricultural practices.
On August 24, 2020, Oil-Dri Corporation of America (NYSE: ODC) announced the issuance of U.S. Patent 10,568,903 for its mineral-based technology used in animal feed. This patent covers Varium® for poultry and NeoPrime™ for swine, presenting a natural alternative to antibiotics in animal protein production. The technology aims to combat intestinal diseases, which cost the livestock industry over $6 billion annually. The patent validates the potential of mineral additives to improve livestock health and productivity while reducing reliance on antibiotics.
Oil-Dri Corporation of America (NYSE: ODC) announced the issuance of a European patent for its mineral-based feed additives, Varium® and NeoPrime®, aimed at improving animal health without antibiotics. This patent is validated in 12 countries and represents advancements in antibiotic-free animal protein production. The technology aids in mitigating pathogenic bacteria's effects, enhancing gut health. Positive feedback from industry partners highlights improvements in poultry health and efficiency. CEO Daniel S. Jaffee emphasized the significance of the patent in promoting value-added, antibiotic-free solutions in animal agriculture.
Oil-Dri Corporation of America (NYSE: ODC) will present at the virtual Midwest IDEAS Investor Conference on August 27, 2020. Key executives, including Daniel S. Jaffee and Susan M. Kreh, will participate. The presentation will be accessible at 7:00 am CST on August 26 through the company website and the conference site. With over 75 years of experience, Oil-Dri specializes in high-quality sorbent mineral products across various markets, emphasizing its mission to create value from these materials.
Amlan International, a subsidiary of Oil-Dri Corporation of America (NYSE: ODC), has appointed Dr. Kreangkrai "Pong" Sangthongdang as Thailand Country Manager to enhance local business development. Dr. Pong, with over 22 years in the feed industry, will leverage his experience to strengthen Amlan's market position in a region known for livestock production. Underlining the company's commitment, Amlan has made significant investments in this market to drive innovative solutions for animal protein producers globally.
Oil-Dri Corporation of America (NYSE: ODC) mourns the passing of Vice Chairman Joseph C. Miller, a pivotal figure in the company for over 50 years. His contributions included pioneering value-added cat litter, significantly impacting the industry. Miller joined Oil-Dri in 1989, serving in various leadership roles, ultimately becoming Vice Chairman in 1995. CEO Daniel S. Jaffee expressed deep condolences, highlighting Miller's legacy of business acumen and leadership. Oil-Dri remains committed to its mission of creating value from sorbent minerals across multiple markets.
On June 16, 2020, Oil-Dri Corporation of America (NYSE: ODC) announced its participation in the East Coast IDEAS Investor Conference occurring on June 23, 2020. Key executives, including Daniel S. Jaffee and Susan M. Kreh, will present. The presentation will be available online starting at 8:00 AM CST.
Oil-Dri specializes in sorbent mineral products across various markets, showcasing over 75 years of experience. For more details, visit www.oildri.com.
Oil-Dri Corporation (ODC) announced a quarterly cash dividend of $0.26 per share for Common Stock and $0.195 for Class B Stock, reflecting a 4% increase. The dividends will be payable on August 28, 2020, to stockholders of record by August 14, 2020. This marks the seventeenth consecutive annual dividend increase since 1974, showcasing the company’s commitment to returning value to shareholders. The earnings report for the fourth quarter of fiscal 2020 will be released on October 13, 2020, with an Investor Teleconference on October 14, 2020.
Oil-Dri Corporation of America (NYSE: ODC) reported strong financial results for the third quarter and first nine months of fiscal 2020. Consolidated net sales rose 8% to $76.3 million, driven by increased demand for cat litter amid COVID-19. However, net income fell 17% year-over-year to $4.6 million. Earnings per diluted share decreased 18% to $0.61. The company achieved record sales in both retail and wholesale segments, with a 54% increase in operating income. Although the Business to Business group performed well, challenges in the fluid purification market were noted due to COVID-19.