Oil-Dri Clocks 17% Sales Growth In Q2

• Oil-Dri Corporation of America (NYSE:ODC) reported second-quarter sales growth of 17.1% year-over-year to $87.21 million, beating the consensus of $61.67 million.
• The company states that revenue growth was demonstrated across all principal product segments, with significant sales from cat litter, fluids purification, and agricultural products.
• The gross margin declined by 453 bps to 17.9%.
• The operating income declined by 54.8% Y/Y to $1.92 million, and the margin contracted by 350 bps to 2.2%.
• EPS decreased to $0.28 from $0.61 in 2Q21.
• ODC generated cash from operating activities year-to-date of $61 thousand, compared to $3.08 million a year ago. It held cash and cash equivalents of $29 million at the end of the quarter.
• During the quarter, Oil-Dri repurchased 113,236 shares for ~$3.9 million.
• Price Action: ODC closed lower by 3.85% at $27 on Friday​​​​​​.