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Oct 31, 2023
Oil-Dri Q1 2024 Earnings Report
Announced record results and doubled its net income for the first quarter of fiscal year 2024.
Key Takeaways
Oil-Dri Corporation of America reported a record first quarter for fiscal year 2024, with net sales reaching $111.4 million, a 13% increase over the prior year, and net income attributable to Oil-Dri doubling to $10.7 million.
Net sales reached a record $111.4 million, a 13% increase year-over-year, driven by elevated sales of cat litter and fluids purification products.
Net income attributable to Oil-Dri doubled to a record $10.7 million, compared to $5.2 million in the prior year.
Gross profit increased by 39% to a record $31.0 million, with gross margin expanding to 27.8% from 22.6% in the previous year.
The Business to Business Products Group's revenues reached a record $39.2 million, a 16% increase over the prior year, with growth in all principal products.
Revenue by Segment
Forward Guidance
The company hopes to maintain its trajectory of success through further gross margin improvement and expanded distribution of its innovative products, while continuing to invest in manufacturing facilities.
Positive Outlook
- Further gross margin improvement
- Expanded distribution of innovative products
- Heavy investment in manufacturing facilities
- Replacement of aging assets
- Support of increased demand
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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