Oil-Dri Fiscal 4Q Profit Edges Up On Cost Cuts

CHICAGO (AP) — Oil-Dri Corp. of America, which makes cat litter and other absorbent products, said Friday its fiscal fourth-quarter profit rose 3 percent, helped by cost cuts.

Oil-Dri said net income rose to $2.6 million, or 35 cents per share, for the three months ended July 31. That compares with $2.5 million, or 34 cents per share, in the year-earlier period.

Sales dropped 6 percent to $55.9 million from $59.5 million.

Analysts surveyed by Thomson Reuters, on average, expected 31 cents per share on revenue of $59.9 million. Those estimates typically exclude one-time items.

"While our net sales declined in the fourth quarter, we are encouraged by our year-end results and our concerted efforts to control expenses and sell higher margin products," President and CEO Daniel S. Jaffee said in a statement. "Our balance sheet remains strong, allowing us to reduce debt and pay dividends while investing heavily in capital projects."

For the full fiscal year, Oil-Dri's net income grew 6 percent to $9.6 million, or $1.32 per share, from $9 million, or $1.25 per share, in the previous fiscal year.