Oil-Dri Q2 2021 Earnings Report

Delivered record sales for the second quarter of fiscal 2021.

Key Takeaways

Oil-Dri Corporation of America announced a 5% increase in consolidated net sales for the second quarter of fiscal 2021, reaching $74.5 million, driven by higher demand for cat litter and animal health products. However, net income attributable to Oil-Dri decreased by 11% to $4.3 million due to higher commodity prices, increased freight costs, COVID-19 impacts, and increased investment spending in the animal health business.

Consolidated net sales increased by 5% to $74.5 million, setting a record for the second quarter.

Business to Business net sales increased by 7% to $26.3 million, driven by higher demand for animal health and agricultural products.

Retail and Wholesale net sales increased by 4% to $48.2 million, with record net sales for total domestic cat litter.

Net income attributable to Oil-Dri decreased by 11% to $4.3 million due to various market challenges and increased investment spending.