Oil-Dri Corporation of America reported record third-quarter net sales of $126.33 million, a 9% increase from the prior year, and net income rose 25% despite inflationary pressures. The board approved a two-cent increase in the quarterly cash dividend to $0.225 per share of common stock and $0.168 per share of Class B stock, representing an approximate 10% increase for both share classes, payable on August 21 to shareholders of record as of August 7. The board also authorized the repurchase of up to 500,000 shares of common stock, supplementing existing repurchase authorizations. President and CEO Daniel Jaffee expressed confidence in surpassing the previous year's net income, while noting geopolitical uncertainty and higher transportation and input costs as potential headwinds.
Oil-Dri Corporation Of AmericaCompany raised dividend 10% and authorized share buyback, signaling financial strength and shareholder returns.