Oil-Dri Clocks 17% Sales Growth In Q2

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Oil-Dri Corporation of America 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.