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Apr 30, 2022
Oil-Dri Q3 2022 Earnings Report
Reported an increase in consolidated net sales for the third quarter and achieved record consolidated net sales for the first nine-months of fiscal 2022.
Key Takeaways
Oil-Dri Corporation of America announced results for its third quarter of fiscal year 2022, with consolidated net sales reaching $86 million, a 12% increase over the same period last year. The company experienced a consolidated operating loss of approximately $4.0 million, due to a one-time non-cash goodwill impairment charge of $5.6 million for the Retail & Wholesale Products Group. Excluding this charge, consolidated operating income for the third quarter of fiscal 2022 was $1.6 million.
Consolidated net sales increased by 12% compared to the same period last year, reaching $86 million.
Third quarter consolidated gross profit increased by approximately $664,000 or 4%, with margins of 18.2% in fiscal 2022 compared to 19.6% in fiscal 2021.
A one-time non-cash goodwill impairment charge of $5.6 million for the Retail & Wholesale Products Group resulted in an operating loss.
The Business to Business Products Group’s third quarter of fiscal 2022 revenues reached $31 million, a 19% gain over the prior year.
Revenue by Segment
Forward Guidance
The company is dedicated to further optimizing profitability and strengthening its manufacturing operations to support future growth, with more price increases planned for the fourth quarter.
Positive Outlook
- Enhanced profitability through price increases
- Optimizing profitability
- Strengthening manufacturing operations
- Supporting growth
- Achieved an increase in quarterly gross profit over the prior year
Challenges Ahead
- Volatile macroeconomic environment
- Impact of a one-time non-cash goodwill impairment charge resulted in an operating loss
- Inflationary cost pressures
- Supply chain disruptions
- Logistics delays
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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