Oil-Dri Corp of America (ODC, Financial), a leading producer and marketer of sorbent mineral products, announced its fourth quarter and fiscal year 2023 results on October 12, 2023. The company reported record financial results, with significant growth in net sales, gross profit, and net income for both periods.
Financial Highlights
For the fiscal year 2023, consolidated net sales reached an all-time high of $413.0 million, reflecting an 18% increase over the prior year. The company's net income attributed to Oil-Dri hit a historic high of $29.6 million, reflecting a $23.9 million increase over the prior year. Cash and cash equivalents as of July 31, 2023, totaled $31.8 million compared to $16.3 million in fiscal 2022.
In the fourth quarter, consolidated net sales reached an all-time high of $107.4 million, a 15% increase over the prior year. Fourth quarter consolidated net income attributed to Oil-Dri was the highest in the company's history, reaching $11.9 million in fiscal 2023 compared to $5.2 million in fiscal 2022, reflecting a 129% increase.
Company Performance and Future Plans
Daniel S. Jaffee, President and Chief Executive Officer, expressed his satisfaction with the company's performance. He stated,
“I am extremely pleased with our fourth quarter and fiscal year 2023 results as we set new records in consolidated net sales, gross profit, and net income for both periods. These achievements reflect the dedication of our teammates who worked diligently to rebuild profitability and service our loyal customers during a highly inflationary economic environment."
Jaffee also highlighted the company's plans for the future, including expanding the distribution of its lightweight cat litter, fluids purification, agricultural, and animal health products. The company also recently launched Cat’s Pride Antibacterial Clumping Litter, the first and only EPA approved antibacterial cat litter in the United States.
Business to Business and Retail and Wholesale Performance
The Business to Business Products Group’s fourth quarter revenues reached an all-time high of $38.1 million, an 18% gain over the prior year. Operating income for the group was $11.8 million in the fourth quarter of fiscal 2023 compared to $7.2 million in fiscal 2022, reflecting a 63% increase.
The Retail and Wholesale Products Group’s fourth quarter revenues reached $69.2 million, a 14% increase over the prior year. Operating income for the group was $9.1 million in the fourth quarter of fiscal year 2023 compared to $5.5 million in the prior year, or a 67% gain.
Oil-Dri Corp of America (ODC, Financial) continues to create value from sorbent minerals and is a leading manufacturer and supplier of specialty sorbent products for various markets including pet care, animal health and nutrition, fluids purification, agricultural ingredients, sports field, industrial, and automotive.
