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Oil-Dri Corporation of America Sees Rise in Revenue, But Decline in Earnings for Q3 2024

Analyzing the Financial Results of Oil Dri Corporation Of America for the Third Quarter of Fiscal Year 2024


Published / Modified Jun 07 2024
Goran Soko / CSIMarket.com


Oil-Dri Corporation of America, a producer and marketer of sorbent mineral products, recently announced its financial results for the third quarter and first nine months of fiscal year 2024.
While the company saw a slight increase in revenue of 0.675%, it experienced a significant decline in income of -13.71% compared to the same reporting period a year ago.

In the third quarter of 2024, Oil Dri's revenue stood at $106.14 million, with earnings per share (EPS) at $1.07.
When compared to its peers in the Miscellaneous Manufacturing industries, Oil Dri fell short of achieving the top-line growth of 5.64% reported by its competitors in the third quarter of 2023.
Income, however, decreased by -37.06% from $1.70 per share in the previous reporting season.
Despite the decline in income, revenue did see a growth of 1.139% from $104.94 million.

During the period of February to April 30, 2024, the net income for Oil Dri Corporation of America was $7.777 million, marking a decrease of -8.38% from $8.488 million in the corresponding period a year earlier.
The company focused on improving sales during this period, resulting in a net margin of 7.33%. However, operating earnings fell by -27.84% to $10.432 million, causing a decrease in operating margin from 13.71% in the third quarter of 2023 to 9.83%.
In other news,
Oil-Dri Corporation of America recently announced a significant increase in quarterly cash dividends for both its Common Stock and Class B Stock.
This move comes at a time when the company's shares have been performing well, with a 15.42% increase in May alone.
The stock price has reached 11.99% during the second quarter of 2024, positioning it just 2.1% below its 52-week high of $83.46.

Doubling the historical dividend increase is a testament to Oil-Dri Corporation's continuous success and financial strength.
This decision also marks the company's 21st consecutive year of dividend increases, reinforcing it as a reliable investment option for shareholders.

Looking towards the future,
Oil Dri Corporation of America has seen a significant increase in its stock price, rising 118.26% from the previous year.
This brings its year-to-date performance to 21.17%. The stock is gaining momentum and is only 4.3% away from reaching its 52-week high of $87.32.

While the recent financial results show a decline in income and operating earnings, the company's focus on improving sales and its history of dividend increases indicates a positive outlook.
With the stock price performing well and reaching new heights, Oil Dri Corporation of America seems poised for future success.



Oil Dri Of America's Price to earnings ratio PE

Oil Dri Of America's Dividend Pay out



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