Group 1 - Oil-Dri Corporation of America announced price increases on its industrial, automotive, and sports field products, effective November 1, 2024, ranging from 5% to 8% depending on the product [1] - The price adjustments are necessary to offset higher costs and to support ongoing investments in manufacturing infrastructure improvements [1] Group 2 - Oil-Dri Corporation is a leading manufacturer and supplier of specialty sorbent products across various markets, including pet care, animal health, and industrial sectors [2] - The company has over 80 years of experience and is vertically integrated, allowing it to efficiently manage the entire process from research and development to marketing and sales [2]

Core Viewpoint - Oil-Dri Corporation of America is set to release its earnings for the first quarter of fiscal year 2025 on December 9, 2024, and will host a virtual earnings discussion and annual meeting on December 11, 2024 [1]. Company Information - Oil-Dri Corporation of America is a leading manufacturer and supplier of specialty sorbent products across various markets including pet care, animal health, fluids purification, agricultural ingredients, sports field, industrial, and automotive [3]. - The company has over 80 years of experience and is vertically integrated, allowing it to manage every step of the process from research and development to marketing and sales [3].

CHICAGO, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Oil-Dri Corporation of America (NYSE: ODC), producer and marketer of sorbent mineral products, today announced results for its fourth quarter and fiscal year 2024. Fourth Quarter Year to Date (in thousands, except per share amounts) Ended July 31, Ended July 31, 2024 2023 Change 2024 2023 Change Consolidated Results Net Sales $ 113,702 $ 107,388 6 % $ 437,587 $ 413,021 6 % Operating Income (Including Unallocated Corporate Expenses) $ 12,892 $ 12,709 1 % $ 51,645 $ ...

Core Insights - Oil-Dri Corporation of America reported a revenue of $323.9 million for the first nine months of the 2024 fiscal year, marking a 6% increase from $305.6 million in the same period last year, attributed to higher product prices and an improved product mix, despite a decline in overall volumes [1][2] - The company acquired Ultra Pet for $46 million, entering the crystal cat litter segment, which has seen significant growth with industry sales reaching $296 million in the past year, up from $61 million four years ago, reflecting an annualized growth rate of 48.4% [2] - Net income for the first nine months of 2024 was $30.9 million, up from $17.6 million a year earlier, with EBITDA increasing from $35.5 million to $52.6 million [2][4] Financial Performance - The Business to Business Products Group generated $111.6 million in revenue, a 7% increase from $104.3 million year-over-year, driven by a 23% sales increase in fluid purification products [5] - The Retail and Wholesale Products Group also saw revenue growth, climbing from $201.4 million to $212.3 million, supported by higher prices on cat litter products [5] - Adjusted operating cash flow increased from $33.8 million to $44.5 million, while EBITDA is projected to expand from $52.7 million to $78.1 million if current trends continue [2][5] Market Position - Despite a 9.3% decline in stock price since December, shares have appreciated 145.7% since the initial coverage in August 2022, outperforming the S&P 500's 35.2% increase during the same period [4][10] - The company is considered attractively priced, with a price-to-earnings ratio of 9.2, which is lower than most comparable firms, indicating potential undervaluation [6][12] - The management's strategic acquisition and focus on growth areas like crystal cat litter suggest a positive outlook for the company's future performance [2][10]

Financial Data and Key Metrics Changes - For the first nine months, the company achieved a net income of $30.901 million, surpassing the previous fiscal year's total of $20.551 million, marking a 4.5% increase [2][4] - Consolidated net sales for the third quarter reached $106.8 million, a 1% increase year-over-year, marking the 12th consecutive quarter of sales growth [22] - Gross profit for the third quarter was $30.1 million, a 10% increase from the prior year, with gross margins expanding to 28% from 26% [23] - Year-over-year cash and cash equivalents increased from $29.7 million to $46.8 million, with a $10 million increase attributed to the issuance of notes for the Ultra Pet acquisition [47] Business Line Data and Key Metrics Changes - The legacy business remains strong, particularly in animal health, although year-over-year growth is still anticipated to improve as operational momentum builds [4] - The focus on higher-value products, such as renewable diesel and cat litter, has led to elevated sales in these categories [22] Market Data and Key Metrics Changes - The crystal cat litter segment has seen significant growth, with volumes increasing over 18% in the past 52 weeks, outpacing other litter segments [34] - Crystal litter has accounted for over 23% of all growth in the cat litter segment over the last five years, indicating a strong market trend [33] Company Strategy and Development Direction - The acquisition of Ultra Pet is aimed at entering the rapidly growing crystal cat litter market and is seen as a strategic fit with the company's existing product lines [32][48] - The company plans to leverage its marketing expertise to elevate Ultra Pet's brand while also launching a crystal litter under the Cat's Pride brand [37] - The strategy includes a focus on both branded and private label offerings, with an emphasis on value-based pricing [38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth in the renewable diesel market and the integration of the Ultra Pet acquisition [91] - The company remains committed to investing in growth opportunities while maintaining financial strength to support strategic mergers and acquisitions [51] Other Important Information - The company invested $24 million in capital expenditures year-to-date, compared to $17 million in the prior year, to modernize production capabilities [20] - Selling, general, and administrative expenses increased to $19.7 million, reflecting higher compensation and advertising costs, as well as transaction costs related to the Ultra Pet acquisition [24] Q&A Session Summary Question: Is there evidence of consumers switching to private label cat litter due to inflation? - Yes, private label is showing the greatest share gains across the litter category [66] Question: What progress is Amlan making with potential customers? - Trials of Amlan products are ongoing with high customer interest [72] Question: How much goodwill or intangibles were added to the balance sheet with the Ultra Pet acquisition? - A significant amount of the purchase price is expected to be goodwill, but specific figures will be provided after valuation [75] Question: What is the expected cash flow ROI or ROIC from the recent acquisition? - The targeted IRR for the acquisition is in excess of 15%, with expectations of strong market receptivity [85]

Exhibit 99.1 Oil-Dri Announces Record Sales and Gross Profit for the Third Quarter and First Nine-Months of Fiscal 2024 CHICAGO-(June 6, 2024) - Oil-Dri Corporation of America (NYSE: ODC), producer and marketer of sorbent mineral products, today announced results for its third quarter and first nine-months of fiscal year 2024. | (in thousands, except per share amounts) | | | Third Quarter Ended April 30, | | | | Year to Date Ended April 30, | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2 ...

PART I – FINANCIAL INFORMATION [Item 1: Financial Statements](index=3&type=section&id=Item%201%3A%20Financial%20Statements) Presents Oil-Dri Corporation of America's unaudited Condensed Consolidated Financial Statements for the period ended April 30, 2024 [Condensed Consolidated Balance Sheet](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) Total assets increased to **$319.2 million** by April 30, 2024, driven by higher cash and property, with liabilities and equity also growing Condensed Consolidated Balance Sheet Highlights (in thousands of US dollars) | Metric | April 30, 2024 | July 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $46,821 | $31,754 | | Total Current Assets | $158,846 | $136,507 | | Total Property, Plant and Equipment, Net | $127,946 | $120,872 | | Total Assets | $319,152 | $286,235 | | **Liabilities & Equity** | | | | Total Current Liabilities | $51,918 | $58,768 | | Total Liabilities | $116,203 | $109,159 | | Total Stockholders' Equity | $202,949 | $177,076 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Nine-month net sales reached **$323.9 million** with net income at **$30.9 million**; Q3 net income decreased to **$7.8 million** despite sales growth Statements of Operations Highlights - Nine Months Ended April 30 (in thousands of US dollars) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net Sales | $323,885 | $305,633 | | Gross Profit | $92,070 | $72,793 | | Income from Operations | $38,753 | $28,331 | | Net Income Attributable to Oil-Dri | $30,901 | $17,632 | | Diluted EPS (Common) | $4.26 | $2.58 | Statements of Operations Highlights - Three Months Ended April 30 (in thousands of US dollars) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net Sales | $106,779 | $105,425 | | Gross Profit | $30,137 | $27,467 | | Income from Operations | $10,432 | $14,456 | | Net Income Attributable to Oil-Dri | $7,777 | $8,535 | | Diluted EPS (Common) | $1.07 | $1.24 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow was **$36.9 million**, investing used **$23.5 million**, financing provided **$1.5 million**, increasing cash by **$15.1 million** Cash Flow Summary - Nine Months Ended April 30 (in thousands of US dollars) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $36,929 | $36,041 | | Net Cash Used in Investing Activities | ($23,536) | ($16,735) | | Net Cash Provided by (Used in) Financing Activities | $1,462 | ($5,806) | | **Net Increase in Cash and Cash Equivalents** | **$15,067** | **$13,448** | - Capital expenditures increased to **$23.7 million** from **$16.7 million** in the prior-year period, reflecting expansion of plant equipment and facility improvements[28](index=28&type=chunk)[135](index=135&type=chunk) - Financing activities included **$10 million** in proceeds from notes payable, offset by **$5.8 million** in dividend payments and **$2.7 million** in treasury stock purchases[28](index=28&type=chunk)[136](index=136&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment performance, debt, and the **$46 million** Ultra Pet acquisition, including its **$10 million** debt financing - On May 1, 2024, the company acquired Ultra Pet Company for approximately **$46 million** to enter the crystal cat litter market, financed with cash, a **$10 million** credit advance, and **$10 million** in new Series D Senior Notes[91](index=91&type=chunk) - In Q2 FY2023, a **$2.5 million** reserve for landfill modification costs was recorded, increased by **$0.5 million** in FY2024, with work expected to complete in Q4 2024[67](index=67&type=chunk) - The company issued **$10 million** of **6.47%** Series D Senior Notes due April 30, 2033, and amended its credit agreement to facilitate the Ultra Pet acquisition[70](index=70&type=chunk)[72](index=72&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results Of Operations (MD&A)](index=27&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20Of%20Operations%20%28MD%26A%29) MD&A highlights strong nine-month sales and gross profit growth, Q3 net income decline from SG&A, and robust liquidity for the Ultra Pet acquisition [Results of Operations - Nine Months Ended April 30, 2024](index=27&type=section&id=Results%20of%20Operations%20-%20Nine%20Months%20Ended%20April%2030%2C%202024) Nine-month consolidated net sales grew **6%** to **$323.9 million**, gross profit surged **27%**, and operating income increased **$10.4 million** despite **20%** higher SG&A Consolidated Results - Nine Months Ended April 30 (in millions of US dollars) | Metric | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $323.9 | $305.6 | +6% | | Gross Profit | $92.1 | $72.8 | +27% | | Income from Operations | $38.8 | $28.3 | +37% | | Net Income | $30.9 | $17.6 | +76% | - B2B segment sales increased **7%** to **$111.6 million**, primarily due to a **23%** (**$12.4 million**) increase in fluids purification products from new renewable diesel customers[105](index=105&type=chunk) - R&W segment sales grew **5%** to **$212.3 million**, mainly driven by a **6%** (**$10.5 million**) increase in global cat litter sales due to higher pricing and favorable mix[108](index=108&type=chunk) - SG&A expenses rose **20%** (**$8.9 million**), attributed to higher compensation costs, performance-based incentives, and acquisition-related expenses[101](index=101&type=chunk) [Results of Operations - Three Months Ended April 30, 2024](index=30&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20April%2030%2C%202024) Q3 net sales rose **1%** to **$106.8 million**; however, a **51%** SG&A surge led to operating income of **$10.4 million** and net income of **$7.8 million** Consolidated Results - Three Months Ended April 30 (in millions of US dollars) | Metric | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $106.8 | $105.4 | +1% | | Gross Profit | $30.1 | $27.5 | +9% | | SG&A Expenses | $19.7 | $13.0 | +51% | | Income from Operations | $10.4 | $14.5 | -28% | | Net Income | $7.8 | $8.5 | -8% | - The **51%** increase in SG&A was due to higher anticipated compensation costs, increased performance-based incentive accruals, and acquisition-related expenses for Ultra Pet[116](index=116&type=chunk) - B2B segment sales grew **2%** to **$36.2 million**, led by a **26%** increase in fluids purification products, offsetting declines in agricultural and animal health products[120](index=120&type=chunk) - R&W segment sales increased **1%** to **$70.6 million**, driven by higher prices for cat litter, which offset softer volumes[124](index=124&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is strong with cash up **$15.1 million** to **$46.8 million**, supported by **$36.9 million** operating cash flow and **$10 million** new debt for Ultra Pet - Principal liquidity needs include capital requirements, working capital, stock repurchases, dividends, and debt service[129](index=129&type=chunk) - Cash provided by financing activities was **$1.5 million**, driven by a **$10 million** note issuance, offset by dividend payments and treasury stock repurchases[136](index=136&type=chunk) - The company expects capital expenditures in fiscal 2024 to be greater than in fiscal 2023[139](index=139&type=chunk) [Item 4: Controls and Procedures](index=33&type=section&id=Item%204%3A%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls were effective as of April 30, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of the end of the reporting period, the company's disclosure controls and procedures were effective[142](index=142&type=chunk) - No changes occurred during the fiscal quarter ended April 30, 2024, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[143](index=143&type=chunk) PART II – OTHER INFORMATION [Item 1A: Risk Factors](index=34&type=section&id=Item%201A%3A%20Risk%20Factors) No material changes to risk factors have occurred since the January 31, 2024, quarterly report, referring to prior disclosures - There have been no material changes to the company's risk factors since the previous quarterly report for the period ending January 31, 2024[146](index=146&type=chunk) [Item 2: Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered securities were sold; **1,651** common shares were repurchased at **$69.48** for tax purposes, with significant repurchase authority remaining Issuer Purchases of Equity Securities (Q3 FY2024) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | March 2024 | 1,651 | $69.48 | - As of April 30, 2024, **380,753** shares of Common Stock and **262,092** shares of Class B Stock remain authorized for repurchase[138](index=138&type=chunk)[149](index=149&type=chunk) [Item 4: Mine Safety Disclosures](index=35&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) Mine safety disclosures, as required by the Dodd-Frank Act, are provided in Exhibit 95 of this quarterly report - Mine safety disclosures required under the Dodd-Frank Wall Street Reform and Consumer Protection Act are provided in Exhibit 95 to the Form 10-Q[150](index=150&type=chunk) [Item 5: Other Information](index=35&type=section&id=Item%205%3A%20Other%20Information) No officers or directors adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No officers or directors adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[151](index=151&type=chunk) [Item 6: Exhibits](index=36&type=section&id=Item%206%3A%20Exhibits) Lists exhibits filed with Form 10-Q, including the Ultra Pet acquisition agreement, credit agreement amendment, and CEO/CFO certifications - Key exhibits filed include the Stock Purchase Agreement for Ultra Pet, an amendment to the credit agreement with BMO Bank, and CEO/CFO certifications[152](index=152&type=chunk) Signatures Report signed on June 6, 2024, by Daniel S. Jaffee, CEO, and Susan M. Kreh, CFO, for Oil-Dri Corporation of America

Core Insights - Oil-Dri Corporation reported record sales and gross profit for the third quarter of fiscal 2024, with net sales increasing by 1% to $106.8 million and gross profit rising by 10% to $30.1 million compared to the previous year [2][5][23]. Financial Performance - Consolidated net income attributable to Oil-Dri decreased by 9% to $7.8 million in the third quarter, while year-to-date net income increased by 75% to $30.9 million [4][8]. - Diluted earnings per share (EPS) for the third quarter was $1.07, down 14% from $1.24 in the prior year, but year-to-date diluted EPS increased by 65% to $4.26 [4][42]. - Selling, general and administrative (SG&A) expenses rose by 51% to $19.7 million in the third quarter, primarily due to increased compensation and advertising costs related to the acquisition of Ultra Pet Company [6][12]. Segment Performance - The Business to Business (B2B) Products Group saw revenues of $36.2 million, a 2% increase driven by higher prices and improved product mix, despite lower volumes [27]. - The Retail and Wholesale (R&W) Products Group's revenues reached $70.6 million, a 1% increase, supported by higher prices of domestic and co-packaged cat litter products [11][30]. - Operating income for the R&W Products Group increased by 1% to $10.9 million, attributed to higher prices and improved product mix [28][30]. Acquisition Details - Oil-Dri completed the acquisition of Ultra Pet Company for $46 million, which is expected to enhance its position in the cat litter market and contribute to earnings in the fourth quarter of fiscal 2024 [31][32]. - The integration of Ultra Pet is anticipated to be seamless, with financial results reported under the cat litter principal product within the R&W Products Group [32]. Market Trends - The increase in gross margins to 28% from 26% year-over-year was driven by higher selling prices and an improved product mix, marking seven consecutive quarters of gross margin expansion [23]. - The company noted a decline in sales from agricultural, animal health, and industrial & sports products, indicating challenges in those segments [5][27].

Third Quarter Year to Date (in thousands, except per share amounts) Ended April 30, Ended April 30, 2024 2023 Change 2024 2023 Change Consolidated Results Net Sales $ 106,779 $ 105,425 1% $ 323,885 $ 305,633 6% Net Income Attributable to Oil-Dri $ 7,777 $ 8,535 (9)% $ 30,901 $ 17,632 75% Net Income Attributable to Oil-Dri Excluding Nonrecurring Events † $ 7,777 $ 13,319 (42)% $ 31,363 $ 24,393 29% Diluted EPS - Common $ 1.07 $ 1.24 (14)% $ 4.26 $ 2.58 65% Diluted EPS - Common, Excluding Nonrecurring Events ...

CHICAGO, June 05, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Oil-Dri Corporation of America (NYSE: ODC) today declared quarterly cash dividends of $0.31 per share of the Company's Common Stock and $0.233 per share of the Company's Class B Stock, an approximate 7% increase for both classes of stock. Oil-Dri Corporation of America ("Oil-Dri") is a leading manufacturer and supplier of specialty sorbent products for the pet care, animal health and nutrition, fluids purification, agricultural ingredients ...