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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) 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.