Oil-Dri Achieves Record Results for the Second Quarter and Triples its Net Income
Author: Leslie Garber
We are proud to announce another exceptional quarter, marked by growth in consolidated net sales, gross profit, and net income. Our strategic initiatives to improve gross margins yielded positive results in the second quarter of fiscal 2024 which generated cash to help fund the replacement of aging manufacturing assets.
Second quarter of fiscal 2024 consolidated net sales reached $105.7 million, or a 4% increase over the prior year. Higher prices across all principal products helped contribute to the improvement in net sales, as well as increased volumes within the Business to Business Products Group. Elevated sales from fluids purification and cat litter products drove the majority of the revenue growth. Consolidated gross profit grew to $30.9 million, marking an all-time high for the second quarter, with gross margins expanding to 29.3% in fiscal 2024 from 22.6% in fiscal 2023. Operating income more than doubled compared to the prior year, reaching $15.2 million, while net income of $12.4 million was more than three times higher than last year. These achievements can be attributed to our team’s ongoing dedication and the diverse product offerings derived from our unique minerals. In the periods ahead, we remain committed to sustaining this momentum, investing in our manufacturing infrastructure, and delivering our value- added products and services to our loyal customers.