Oil-Dri Q3 2021 Earnings Report

Third quarter results reflected flat consolidated net sales due to decreased cat litter sales, offset by increased industrial, sports, agricultural, and animal health product sales, with reduced gross margins due to higher commodity, freight, and manufacturing costs.

Key Takeaways

Oil-Dri Corporation of America reported flat consolidated net sales for the third quarter of fiscal year 2021, with a decrease in net income attributable to Oil-Dri due to increased costs and reduced gross margins. The company experienced growth in industrial, sports, agricultural, and animal health product sales, but this was offset by lower cat litter sales and higher expenses.

Consolidated net sales were essentially flat at $76.3 million compared to the prior year.

Net income attributable to Oil-Dri decreased by 52% to $2.2 million.

Gross profit decreased due to a 14% increase in cost of goods sold per manufactured ton.

The Retail and Wholesale Products Group's third quarter revenues reached a record $50 million, a 1% increase over the prior year.

Total Revenue

$76.3M

Previous year: $76.3M