Oil-Dri Q1 fiscal 2022: record net sales $82.5M (+8%) but net income down 85% to $585K

Oil-Dri Corp of America

Net sales record $82.5M (+8% YoY); net income $585K (-85%); diluted EPS $0.08 vs $0.56.
Gross margin fell to 17% from 25% due to 15% higher domestic COGS per ton; packaging +44%, natural gas +97%.
B2B op income $6.7M (-11%); R&W op income $74K (-98%) on cost inflation despite volume gains.
Cash down to $13M from $31M; debt $9M; repurchased 55,999 shares for $1.9M.
Pricing actions implemented, more in Q2; supply chain hurt by labor shortage, tight trucking, ocean delays.

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