Oil-Dri Q1 Profit Falls 36%

(RTTNews) - Oil-Dri Corporation of America (ODC) reported net income for the first quarter of $2.9 million or $0.41 per share, compared to $4.5 million or $0.64 per share for the year-ago quarter. Net sales for the first quarter grew 3% to $63.55 million from $61.42 million a year ago.

Oil-Dri President and Chief Executive Officer Daniel Jaffee said, "The reduced earnings reflect key investments in marketing initiatives, and our packaging, freight and materials costs increased during the quarter. Finally, we spent 36% more in the first three months of this year than last year for natural gas used in our manufacturing processes."