Oil-Dri Q1 2023 Earnings Report
Key Takeaways
Oil-Dri Corporation of America reported record consolidated net sales and improved profitability for the first quarter of fiscal year 2023. Net sales reached an all-time high, driven by pricing actions and increased demand across multiple product lines. Gross margins expanded, marking the fourth consecutive quarter of margin improvement. Consolidated net income attributed to Oil-Dri showed a strong improvement over the prior year.
Consolidated net sales reached a record $98.5 million, a 19% increase year-over-year.
Gross profit increased by 61% with margins expanding to 22.6% from 16.8% in the previous year.
Net income attributable to Oil-Dri was $5.2 million, a significant increase from $0.6 million in the prior year.
The company experienced double-digit growth across all principal products.
Oil-Dri
Oil-Dri
Oil-Dri Revenue by Segment
Forward Guidance
The company anticipates further pricing actions in the months ahead and will be investing heavily in its manufacturing infrastructure to support increased demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income