ODC - Earnings call transcript Q1 2020 | Oil-Dri Corporation of America

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Leslie Garber

Good morning and welcome to the Oil-Dri Corporation of America's 2019 Annual Meeting of Stockholders. My name is Leslie Garber and I'm the Manager of Investor Relations at Oil-Dri.

During the meeting, today, we will be covering the election of Directors and two other stockholder voting items.

Next will be the presentations and financial review followed by time for Q&A. We ask that you hold your questions until the Q&A portion of the meeting. will and questions from we audience, the time lines phone our that be from taking live At webcast.

Now introduce it Scheland. our to General Counsel is and Secretary, my pleasure Laura

Laura Scheland

December It correction stockholders okay a.m. of meeting America. to on And of X:XX gentlemen. order now XXXX. X:XX and XX, Oil-Dri now ladies and I Corporation morning a.m. Good of on I XX, December the XXXX -- annual is call XXXX

record the I Secretary will While, the of this for Parker meaning -- Assistant the meeting meaning. conduct Tony minutes the Oil-Dri

As received adhere you the rules that should entered the you meeting govern these to room, of an you have meeting. will that the agenda ask rules. We and conduct

unless previously the their proxy using change voted mail vote internet, on who their need by wish ballots they proxies. to or Stockholders today telephone not cash

this provide as will has Oil-Dri LLC Gerry We them desire to inspector oath and who of the appropriate of He to ballots at CT office. time. the for has taken Lane meeting. Hagberg serve is the of present appointed those elections

by of which on XXXX, the business of October vote meeting. notice this to Oil-Dri to on availability at of or as proxy materials to stockholders close of XX, the regarding copy was notice stockholders Directors XX, a termination entitled of record Oil-Dri’s date of is the fixed Commencing of Board for of a and all proxy record the materials XXXX the October mailed

of and present examination affidavit stockholder an by by Financial foregoing for such today. have I available the signed here Inc. is Broadridge Solutions mailing affidavit confirming any

XXXX appointment independent ending an meeting. incentive business for XX, plan properly elect transact is other as purpose the LLP the fiscal America made Oil-Dri as the and Approve before long-term nine Oil-Dri’s As of auditor proxy statement, come Thornton described directors, XXXX. the of the this ratify Grant meeting Corporation such to of amendment July year this in

of shares were for alphabetical of shares and any shares for stockholder list by record stocks here Oil-Dri’s of this the X,XXX,XXX meeting, today. B such October available Oil-Dri’s an X,XXX,XXX XX, date of the XXXX, have of is Class examination outstanding common list holders As there stock I present such and outstanding.

stock holders of Class. share, at this present to meeting, of holders many is regard are you stock entitled Class our know, common our and and Class proxy. one by together XX common share, person and are represented to per without of B entitled our and vote to are outstanding quorum present majority to generally holders a votes per vote As are of stock if vote entitled A of B in stock

Thus more are votes votes. properly of represented this convened this and constitute the transaction of than informed XX,XXX,XXX Mr. at is has a declare accordingly, I for meeting quorum is Therefore, meeting. a business. ready that of me number present and Lane at session meeting quorum that the number to necessary this votes there is

a candidates was as Jaffee, of with described such nominees serve Paul The C. in of of Paul for received. to George election declare Oil-Dri’s, each and first Selig, listed are E. notice Nemeroff, I A. H. In intent Washow. statement, stockholders directors Oil-Dri’s business Therefore for their E. to notice directors. M. advance The Ellen-Blair the Suckow Allan the the provide Daniel nine Miller, No nominations Lawrence of Oil-Dri. Michael C. Roeth, nominees director directors. whom director required of item accordance is proxy Chube, closed. Hindsley, S. for As the Joseph are proxy statement bylaws, nominate currently

order. statement proxy elect described to as motion is nine directors in A the in now

Unidentified Company Representative

Lawrence Miller, stockholder hereby Paul M. C. George S. Michael Ellen-Blair Jaffee, a that Weiske, Suckow, of is of successors be C. move to E. Paul or Dave elected elected Hindsley, are Daniel the to respective Stockholders Annual and Selig, E. H. I name until serve Meeting their Joseph Allan directors record. I My Washow A. Chube, of qualified. XXXX each as Roeth, Nemeroff, am

Unidentified Company Representative

am the stockholder record and motion. a and of My I second name is Sone Bruce I

Laura Scheland

Are or comments motion? questions this there any on

the open call hereby question I declare and to on vote polls the motion. the

provide will any would if previously who raise stockholders have or proxy We not to a who Please your change their hand ballot. given desire to ballots you their vote. like

now stockholder any person? in the wishes this I of motion. who there closed declare to vote Is on polls record

proxy auditor. audit XXXX. in serve stockholders appointed statement, Oil-Dri’s the be XX, of has just of Thornton the its is the the of year As year has business fiscal again described completed ending Grant Thornton the of LLP for six fiscal ratification of Grant the directed of item committee board auditors Grant Oil-Dri’s the for the ratification Thornton to that has appointment directors the and independent appointment meeting. at The as for in submitted XXXX as by this July role second Oil-Dri independent year

Oil-Dri’s Grant for independent ending July order. fiscal now XXXX of to motion Thornton auditor A ratify XX, the in is year

Unidentified Company Representative

that auditor hereby My year Grant name the is the record. for stockholder a Michelle [ph] Thornton fiscal and ending XX, July LLP of move be appointment as of ratified. XXXX I'm I Oil-Dri’s independent

Unidentified Company Representative

Bruce My name am is record of a by I And second motion. Stockholder Patsey. the

Laura Scheland

this comments or questions any there on motion? Are

open declare motion. now on vote hereby declare the the I and I this to on call closed the question polls the motion. polls

of the motion in order. for statement. authorized proposed amendment to of company's describing is number incentive issuance under. the the the approve copy was third As A A long-term plan to Appendix now approval stock XXXX the of business of proxy Corporation amendment company's America is order as of proxy shares the included the statement, increase amendment of there to in Oil-Dri A the an to

Unidentified Company Representative

I Corporation approved. long-term move is and a of the to hereby be I'm XXXX Steven Klein name stockholder record. My America Oil-Dri incentive plan that amendment of

Unidentified Company Representative

is a name second Stephen record. I'm Shaw My motion. Leslie of and the I stockholder [ph]

Laura Scheland

questions motion? Are any on there comments or this

the vote I motion. hereby I to now and not, question on declare closed on polls open If declare the call the this motion. the polls

this results at voting the now meeting. the of will I report

As the votes of described of may the nominees will statement, a proxy be cast. director elected. elected number votes who nine by largest only The a be in plurality received

Lane has nominated each number of Congratulations to been Director that candidates Mr. the elected respective of a Oil-Dri, or her Oil-Dri's Oil-Dri and serve find director until stockholders you. by me elected votes. that as largest to nominees received XXXX each has until meeting of the of I for or successor is nine his of therefore annual qualified. the informed

Thornton an July for of statement, proxy the the fiscal for Oil-Dri's independent at meeting in represented of Grant XXXX. described is ratification majority the votes of this affirmative the as auditor appointment ending XX, year necessary As

has any auditor year more the fine a meeting. be fiscal XXXX, than the answer that of such that votes received meeting July Thornton has that of represented at Mr. ratification appointment majority as informed to and this available independent for the me the Grant Thornton questions. are ratified. Oil-Dri's today been Lane I of ending Note us after representatives here will XX, appropriate Grant with therefore

meeting. of the plan. me amendment America statement as described votes is Appendix received this approval an was necessary meeting company's amendment Oil-Dri than affirmative incentive represented copy to more is a this long-term of proxy to informed at such at Oil-Dri of that of incentive majority A XXXX Lane the the majority proxy XXXX As of included therefore approved. represented proposal long-term the a the I in America Corporation Mr. an Corporation votes to has statement for that the find plan, the of third which

now matters no the You results other order. meeting. in at conducted voting heard there motion have are is business now of Since this the this completes a before and to this the meeting, be adjourn to to come

Unidentified Company Representative

My name Wellborn and I'm is move I adjourned. meeting a stockholder hereby this of be that Curtis record.

Unidentified Company Representative

second record. is name stockholder Mitchell motion. Tony am a the My and I [ph] of I

Laura Scheland

attending. on adjournment I is opposed motion December adjourn. the declare please of the saying statements employees all our of by please favor other performance. Please carried. Chief signify by no. X:XX Those President been that Officer. The now XX, the in Oil-Dri's introduce XXXX, business by future and you Jaffee, Executive now meeting happy It any motion and today for signify hereby and Thank may presentation All expected saying has commentary note any contain forward-looking I. I'm a.m. to Dan

you. assumptions fiscal in for certain our actual that ended materially. and may stock. number in to XX, investment any We and you affect are the results differ factors risk urge our annual to Oil-Dri performance our to for important the evaluating could review year Any a Thank carefully of uncertainties report subject looking cause including July comments factors such filings, XXXX. consider statements those evaluating company's highlight SEC We risk and that and

Dan Jaffee

train All I the quite signaled Laura. company, XXXX to you, a it even me. I we it forward. Good getting ride fiscal XXXX. a out. go. start followed There would had in I'm we know who of Thank rollercoaster year. like She to to year Leslie. you. by Those you figured you of company Thank followed fiscal was the I didn't send mean, those quite I during have the morning. have

And things they had phenomenal ERP impact dead. the yourselves and went customers. planned. you the And did while we we Xst, new right launching through they never of join make And not call go while in or August goes right a company know a been much and started pretty who've it system as as things it we our job. of whole the and to our literally live, lot did this package We picked year a right those

is you've so are, at teammates. at Oil-Dri truly our seen And these other on Oil-Dri, what are teammates, Oil-Dri Because we call game. say tags, that's we each we winning team a name

and by out first hold till the Did the huge Ellen-Blair then you, end. this. and Chube. hand So forget George Roeth, names Michael Washow. not Thank because are here, recognizing Paul Joe and stand as A. Miller from -- they had I'd board I ask Paul read Hindsley, No, the that did Larry I'll start M. to not. applause And Bud your Suckow, like Ellen. Knowing in anyone? please I'll the a Nemeroff, I Selig

for So please, of board. applause round a the

to impressed some everybody someone Oil-Dri the time board mean, keep And chance let's team. a today and take years, of as are for the the every an universally, And to with talent the leaves, me lot they've credit. say upgrading. very investors with been who interact deserves let's in here opportunity I to had I upgrade. pushing it Because was

the up experience current and Let's to give training skills. teammates their bring our more

I going team direct our the results our our so move my see that together the the direction are and And leader put together goals be is a we strategies, going put I'm forward. team. help then to most the result and of proud today as And to job team's effort. of And you're team say the important would forward to as

I'd the everybody to like recognize always recognize vice the I room. new So in presidents, love to

going presidential to into either I'm people I vice-presidential in think I which that team specifically, ago who the a role, are general are are recognize a a role promoted now year with a did just vice weren't in even us. new and for people But way. with us or

So with first, start I'd Aaron Christiansen. like to

launched with Four some stuff. years, fresh Oil-Dri's big years, So now. like. one got time to and been -- because we've the became But we rail Aaron bulk no get had extemporaneously, didn't of the private of cars, some area. five there bags. lightweight was us It notes units I our cars, XX-XX dynamic majority shouldn't sold primarily big we what XX jogs, be that Is right? and pound to has the in and growth but for history, take for hopper lightweight then -- And then to eight in hate years about speak I’d I our say for label into years let's boxes, light in our miss until and that first bags, like consumer years litter packaging go. bags, I

put we and skill we speeds costs at some And some high small and set could on packages. to skills so someone that needed really at Oil-Dri. have low had And in who a experience wasn't stuff

of degree in spent on and names everything And Comet. could at So we lucky graduated like Aaron. and U. Clean. he's set one years Procter worked household did brands to out then working Wash that look Mr. were real And and for to He such like to as Cascade find Unilever he mechanical so experience find he Procter to on with on Clean. committed engineering. was and he Procter. some went He We to significant from CPG Breeze someone who job a the his had Mr.

So job. that's just Clean, Aaron in committed is And There we how this fact, finish let's just to go. off. Aaron his Mr. Christiansen.

has his new. all Under managers this promoted been operations the reinvigorated. is either And moved this was North VP team been I or North he all around mean, team But American year. rebuilt, brought relocated to in really leadership, American have refocused. are plant of our manufacturing and

And Our Aaron fortunate safety, team. metrics quality headed we're the on all very, very are in the direction. and right financial have to

recognized. So and up stand Aaron, please be

And with brother us not my law. in today is

me Let through get this.

Okay, there we go Tom Cofsky.

over had dog, and dad They're great stewardship you amazing life. But father that family and a well Tom dog her so had when the be And anymore. their my and And golden they've a old, dog same And mom if been the lived Our XX.X doing at my Daisy took imagine. has she reunited she XX.X, years passed Lily of so an with Daisy's Daisy. retrievers. litter away, from doing they can not Carey can sister.

that Daisy. with front. on a So Carey day them This so is and are for tough Tom rightly

have process caught RPI. allowed was proponent focused, He of for But ready in time XX always place. went us. up And had He we And the to processes ag of then over jobs Tom our ahead UOP. at invaluable unique been JD the Oracle, he's of in oriented the really live of He at with able division to to Oil-Dri of joined really a his he very we making years and skill being worked Edwards. went very started with him us. out weren't engineer set made with finally people, manufacturing. in And now chemical a disciplines myriad been right get we was when him and we launch JD just has sure

as our So of he's job a Infrastructure. VP phenomenal doing Global

we she Non-Foods Meyers, a School consumer did Northwestern and had her with Kellogg BFA she's at Sarah Kelloggs just her great President of Vitafoods, or packaged She School background Vice phenomenal -- Heidkamp sponsored recently got goods us from Business is six in has a she from And Kraft, our and MBA E-Commerce. been receiving She Northwestern. and job her UIC. then with years.

to her selling, and in we days fact hands, good And couple they mean, are they're to Walmart great much two And driven a tough demanding in based give data they're the little want really of a accounts. of cover very accounts and Target hands. They the I those they’re packaging. Horowitz of And to Moneyball out trying long from a just let data take and ballgame to drive the decisions. packaged a and get consumer really their it's I are she degree. people data gone. nth consumer to Vladimir is business mean, world the

So Sarah, please stand up and be recognized.

that Accounting Paula Iowa Iowa. got from Okay. right? Northern her Is -- BS in Northern from

she She sorry I MBA Here we accounting and go. worked thing our Laura Young I but leads values before that public XX job we life she literally and And have these the that part work of so things really demands the core literally, W we work XX when And any called job she to much if XX was in from Masters she with years. promoted has went us And Leola. too, being has been Laura balance the Controller Controller Vice I she She forego life then love flaws will Exactly past to love -- the our Arthur her the and example cares these was months. for President at her love Assistant for about Laura demanded by it. to everyone. it care. and in about on Paula.

up couldn't I'm leading better have her And recognized. debt so Paula team please in so up controller for a be forever and we her stand stepping and

analyst [ph] those Blair leading you Jello making only went rose Indiana. job of don't great, She research. went she of and has jumping in of She has working are a desserts from two been William the Next with half And predecessor. at Moskowitz. only her and MBA Manager products great by a was like I'd did accounting Jessica an really and is my look two of board degree so her as Kraft got bad. years. Blair complaint that predecessor forth. a way, Brand and lot and members division, to She know her she Kellogg to finance And consumer are level is us our say then Jessica got her was and to such from well. done she's I on the our And

came I baby the was and job it I a team. lightweight because leading the running division really it So has consumer her Jessica with hesitant when up done to And truly my phenomenal hand we was anyone, to was off baby. taking

of And many are recognized. them here So Jessica, be up stand today. please and

new the So business had a only when our at not we but we storm trying live, time. were was implement system, we the perfect to went same booming

So to worse difficult used something that was a under that lot our put became was saw going we keep going and very be customers to easy to was product chain Getting routine our of supply it pressure. getting in forward. became

us very went being XX find came the one we always really who they XX painfully They big always you live guru can and put shows a that in we is if we and were out to you supplier dropped two their it screen Publix very, the they After one clear by lobby, to when we've or we their of lot scorecard. walked and have are believe size it [ph] of been Molly. supply it, company their chain two Example, their XX were on fortunate do up of suppliers of or at Oil-Dri and to suppliers XX best needed and all measured. a of it

tell me Molly. about you Let

and years bought Engineering worked for Mandalay. they from went Industrial XX then years, She five Procter about at Kraft her also got she by for Northwestern. So to degree were

Abbott. her of months, us impact an Operating to and Sales So incredible. been jumped plan has She She's she for Chicago has eight been stay so and in already with she over guru. to wanted S&OP all

We Susan who've she their I sure run and Fleming trying business. out are and because this people how fire catch out This were what drinking now I'm knows is hose real they to been George the it. how to of we're world Clorox a mean, knows big up companies. in is did

we trouble. used vacations, move but -- reliance, which were and is in people sick, very you're we on people big to get take people Well, great, then people

And so and rolling forecasts chain. we to rapidly much very drive our forecasting, are supply becoming helping

is our very at sales it building are which results are dropping. costs back Publix, and see you We number exciting. And in are our one the

VandenHeuvel, and stand Chief so Operating please by Molly recognized. be And Officer way. the

this the -- we time at all So that's to hands you're point the me I’d in going what get to I will hear presentation, of you in. the until want part up in front best today's see you great team and Q&A, about from are

they I show were to their is minute, lightweight looking of that, innovation. a this around And stumbled did, for started to this. big two to earth Fox for saw thing litter. they they Nestle on you I'll then sorts Nestle, this video. wait at the And the business. they people there's all have used realize, nationally Then and an who first that Before this Network. they years do this launched entree for This patents And of this, was Business interesting ran those before because across go first, company had have Oil-Dri other miss

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used weight. not product consumers by the by It’s volume,

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[Audio-Video Presentation]

produced thing. They a phenomenal that did They job. whole

So let's here. go

going to please. we're operations. move on now Molly, to So

Molly VandenHeuvel

go. Here Is my on? mic we

implementation mentioned everyone. I'm want hello, I earlier, Good planning earlier. was morning, about you to as sales And and to Molly VandenHeuvel, Officer operations, So Chief morning our this Operating introduced as it the our talk now. is of

planning. So I'll S&OP, and as reference it sales operations

term So we're who integrated in sometimes what demand, of in and doing implementing this a broader process just this the We're as is have may business actually industry for planning. actually of industry, simple the is heard a known that. before thought supply than with this

is, really going to way from it says are business it a here decisions of end-to-end. integrate so we And it's as

So for a be process, it? set of of forward-looking foundation monthly numbers, It's and more of process growth. understanding, really board. assumptions the really It's in going business future for our rigor all consistency across right? more lot will it puts a is the allows one It's place decisions. us it set for what for put -- And some cycle one more of to

it's So, said, a it and forward-looking week in review starts each area it's we'll we I focus about process, and each different monthly talk with month. a has a on that as different

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think and I mic my in is out here. coming

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week talked third about month the of we then supply. So

I talk management So is the over optimal looking to is one scenarios, determine an demand handed in when to statement the any And advance this do opportunities It these lot to the group to about you're business. a will way to is it leverage what deliver in is you an look of quickly. forecast to very supply forward opportunity and regular either that basis. a far potential at assessment

act close So in if possible. gap, how as see to early, flip you much you to the in and leverage you have a your do sure And making them so able find exploit those gap it's all side go that on can them you opportunities you them be actions opportunity, on areas. an and as plan,

gaps that as well the our consolidate goals. in financial a whether not way most we management that our the deliver to determine meetings, overall the call We review. the So month what the we forecast opportunities exploit looking really fill. plan roll demand for week meets all in for And supply other it all or all business we we of input into look to deliver optimal of last to have the then very with together. to of from We the all to and as information integration the bring or

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Okay.

is a of like. S&OP, So process looks the and what the highlight that

So why a really S&OP is why us. so Okay, perfect S&OP and for time now?

the you it are major next for the have grow to in people, like management tools. anytime So we really three are for organization to and continue you looking implementation to to level and changes areas take are on focus the processes that that's change business, make

great of about people, coming. So of a we've Dan great people with people. that We've lot very, time. going been a very on for lot talked really changes There's has got great leveraged right? really long There things

So in arena. that S&OP is leverage the process

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So we've got those three areas focused on.

with S&OP? So what benefits are some expected the of

plan really the integrated visibility. So first is

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but you in glance really you the have where rearview move you you moving but assumptions make to sure valid been, want because to know You mirror want have forward. you a forward,

estimate then best what's see us? helps for us do the to the forward bad. so going does what's our that what anticipate the happen to good Okay, on go we of that have both We in and going business,

need organization to with and really is sure going You you're what honest with happen. make yourself your to really

you good, that put to plans So you the you that. leverage anticipate anticipate place in for the gaps you good,

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But work then together. we

what's So important really this. about that's

process. function We this represented have every in

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against steps we is steps. going the take and make to sure Here we’re those follow we

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the S&OP that's little process implementing So about bit a for Oil-Dri. at here

about areas I want after to and group. what is operations also supply within to and priorities next our talk area an is wanted talk S&OP about this and is focused I The thing chain that

I and for coming is next Now years. this the think

coined you as it So as talk customer, the you and Cs, cost, of capability. it talk see about in foreseeing well. about can we Cs And I cash something, can order four four the this as priority

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service We're and metrics. much data rigor more also implementing around customer

metrics well I'm much and at as to case we metrics, the say other very happy service fill along improving, way. measuring rate, customer looking So as are on-time

this point. So a at good really focus we've on customer the got

The next one is cost.

make also there. at had a broad happy have track And once of We've portfolio that systems. at. in really a costs cost more customer good all cost got how of our ideas for to focus are And really projects supply and of great optimize looking needs processes best press thinking. optimal looking will lot and your costs So we're big a want finding I'm we've of the I savings tell very we in creative all met, and we're a lot we the team, our a with that. really to you of very within There's process There's lot sure against the chain. discipline to

at main we're logistics price obviously in costs. And the and manufacturing and areas purchase of warehousing, so looking costs

the we We're working also really do making So managing our been it's on inventory conversion costs that the parameters once need and to continue sure have the optimizing management you making cash We've cycle. focus, have really focus that today. and processes the we and sure to match that capability cash use our best inventory parameters.

And then but capability. least is not last

you but in people So before, won’t you’re building processes. we you really and definitely results the that get and results sustain talked the unless capability won't about

production, S&OP So and training we’re making manufacturing also well focusing process, well focusing examples as around also should a but system we're as with and I’ve that some system we're of as lot lean management say, few And there execution. more along people are lean demand I that excellence. implementing business on about planning, talked to, manufacturing, on changes as a

So in that’s and areas got four chain supply focused areas, that four group. the I've operations

to so along And I good think far that have in -- direction. and we been continue the will move we continue results

So BXB they our who's with that Mike it to changed VP I'd business. like McPherson, of to I'm hand sorry, off it.

to So it Jessica Moskowitz. to I'd like hand off

Jessica Moskowitz

about excited with me strong my thank So and for such Dan your good the things I General Moskowitz, we been Consumer and and the our the I'm And morning, be everyone. momentum it now. here I feel to VP posting team. really. a to have Products everything definitely is all like fun we that of of want entrusting and have results great I And baby is today without strong Manager We've team am Division. wouldn't first and it's baby. I all, Jessica all present strong due

team. you to thank So the

to So today you a I'm talk portfolio. our little bit about going to branded

grow And, them continue needs over longer brand for meet the what our branded time? push a to is to and part consumer evolve to strong Our this continuing are us can we the understanding really better strategic looking term. litters accessories and and how push we're be business as of

year in initiative you'll has past Cat's And our with And see, a been packaging about lots And here. of this was consumers. our decisions. new to big look of for This their effort interaction our rebranding launch Pride really culminated as increasingly up challenged which thinking literally shelf brand, less rebranding a the connect we time. decisions more May. impetus think Consumers this the this project about influence to consumers past we a with and lot make our are lots brand, have and seconds decisions, in and on

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[Audio-Video Presentation]

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[Audio-Video Presentation]

obviously a they [ph]. Gino Ellen they Gira Last really us new year and just of [ph] Show. litter. usage cat added litter lot brand But are on Cat's And was for the year it Pride showing eating this by great a for cat representation

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Mike McPherson

Yeah.

going talking is how mineral era creating Okay. Today value our from of livestock production. new and I'm about free antibiotic to a Oil-Dri spend unique minutes few the

with of my meet technology What I but is large or of with world say bring when the of our company business? poultry, livestock to pork, you Typically business involved industry? in there the or could a producers and look science type at type what card mining

answer the that is to And this.

our it. modify absorptive to call type the Find have minerals to with scientists. of what ability That's technology. We mineral take ways our and unique you expertise in

intestinal these animal. fluid of or fluids. function that fuel, jet Doesn't finding different range increasingly, is if oil, you're the fluid that matter tract minerals add vegetable a contaminants So and remove brine, in from of an pickle

fluids that companies different All have have want of to contaminants removed. these

to in expertise nearly ways adding or several sciences, XX material life these it been we're contaminants. years With And that's the get to remove years, finding investments our our the for in role been on. science. in combining materials focusing our legacy expertise that Oil-Dri last to R&D has Our has expertise, and augmenting

powerful synthetic it together, a that odor the our to do. whole microorganisms to Bacteria. used pest what two these has [indiscernible] Cat chemicals in to to companies be use merge orb control one several No of of leverage increasingly causes Eggs really give odor? lot the businesses. We and But pesticides. used litter, wants across things investing same the anymore. used the natural whole control, those are chemicals

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investment leverage all So businesses of these in our in microbiology.

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since years, usage alternatives, Oil-Dri’s reduction the than been antibiotic more in growing Over XXXX, plays the which technology a what's are part.

growing So attractive it's market. rapidly a

a our So bit a little was I to how about technology with morning. fits about this shareholder that understand talking

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to toxins essential Little bit think little about. remove background where busy, our slide an the of bit just role. but -- mineral a ultimately again to antibiotic you animal, and easy is bacteria When the that's die. looks the the it's can causes a diarrhea, die. plays make will a certain actually up get not There chickens They It’s enters when floor. walking it thing pick pack as bacteria. on the intestine, bacteria to livestock in does an population multiplies, I’ll cause example, next toxins. the the everywhere they intestine more human the damage production. to the bacteria the it begin that animal, be use chickens the is colonizes attaches house chicken The a dehydration bacteria and animals produces bacteria thing Same that the the cause around so to

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develop. years to Took

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in reduce We ultimately animal. effect toxins produce the the dual the either if technology. toxins, and of the stress the causes we will a to alleviate animal to on that ultimately our they loss productivity bind the and bind go And of should chemically that disease bacteria production. the on it's So grow and help

is Minerals to and used be for used right to been free. able It's control digestive that right new. decades. is Oil-Dri new to minerals function mineral, found research of the related have and issues What antibiotic the bacterial amount the technology, greatly these has diarrhea and the up not right processing the ability enhanced game of

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quarter products technology. had first alternative that sales of around our where antibiotic our -- all we are record fourth our built Our mineral

the you and questions to meeting. look I at of today's end any thank So forward

Susan Kreh

actually very to first Jessica, this Like come talk chance am Annual excited at my morning. you Meeting. be and an I to here It's to morning. Good guys

about pretty excited that. So,

my wickedly quickly In fact anniversary And yesterday year was at Oil-Dri. that one honestly. went

-- ERP some was was rollercoaster of talked both challenges probably words new think Dan think that year called And it describe that could I it on that outset as probably I the he year, that the rewarding. back the of really too. there's it one about at was And a ride other and challenging

it's a new go to a on of was challenge about of think a Oil-Dri you an an But So ERP. basis ERP. from from system homegrown to a to company did ERP systems And that goes what an go live one -- ERP.

is ERP work. it the experience to real And make So this first worked this hard team. really really, they for

we're but survive to team. it's we've So And impressed from our when to here serves it for I I our year works the it truly very And here, and ERP far was a customers. was stand very, we've see we moved said, thrive. us challenging now where how gotten, positioned later. And got by I rewarding

you I that right? has told today scorecard we're Dan, to of about a good number story the customer one, the up story think, back So is ending. end the

technology. customers and well-positioned leverage positioned we're this So serve to we're now to our

positioned So undermining Molly driving data help to story S&OP and think the -- make us process systems. about using decisions. We're and to really about start better told integrated the business

So a place great that's we're in really why and it's exciting.

here. financial So I've data got some

excited You probably guys were really to all of the hear this part presentation.

key show decade's I've you of financial a got it'll history. some metrics and worth

financial you're done You most to out will the And to on is metric has argue knocked over every than is the when focus that a hard Oil-Dri I'm what what it's going see is that see we well to greater of it that going it ago. we recent quarter was results. park, didn't But decade. first year

the talked we're felt of fourth was quarter left momentum. period that that going the about we time quarter quarters one previous see were the through we first lived real. to in we We saying very we've coming a seeing momentum and was in So and now challenging had fact discussion

quarter. let record with about good all-time sales million, growth year-over-year little pretty growth. back in talk sales a our So first net in at businesses. momentum. strong, an Volume It up for $XX and was just start bit That's all and net sales quarter X% net let's the this me with

strong in to saw it in our mentioned animal also in talked Jessica quarter. edible but retail business lightweight both strength and in just record about strong wholesale label. was Mike health, in first business private the Bruce's And oils growth So business and really in the

strong performance. everybody So really contributing was to this

per If at sales we net ton. look

take at to year $XXX of there's a we here of things only of there. also we pricing mix were to that first out stuck. the some it XXXX. quarter seeing subsequent businesses, of and compensate our fact the the the are Not we in to an last seeing our impact that couple fiscal last in did quarter the to and from marketplace see first but costs we for improved $XXX Here some customers And in grow year, that we're the seeing

a profit talked we gross per bit internally, quite there see ton. ton. from about really one Here's to growth And you $XX $XXX per nice

page, improvement the also reflects what in at in on But an ton. it the improvement just So cost our sales position. we per net that reflects last the looked

rates. So year was higher a Hurricane last than for lot they we year, following freight demand There demand were of and prices this Michael. paying are were freight because higher was

So it's got now. a tailwind we've

customers, satisfy lot of costs. In addition last as to a incurred I trying call quarter expediting first of year, that, during freight the we were to our we what

are how our as some last customer ERP underneath reoccurring. our we've that's that in us stock, now -- And behind and inventory customers run it legs their about serve we keep talked well. to was our customers know and higher it how now to to us, year last be Natural we fines been another paying is won't product Because it up year. know as year ended has us ship to tailwind also trying and Just than with it. this gas we for to

their her starting that some through of to identify initiatives. So and there. come saving So all-in-all Molly we're a to manufacturing, ability earlier nice momentum some And cost good in talked team story. about see as well

ton nice that the was the So we just gross profit slightly reflects that our that look in per do one. that quarter a they're of income last and accrued up didn't in be of included going What actually income because we It else per didn't would we'd net ton. like fact while have ton the bonus on. SG&A costs be first and per net this drives else year year-over-year paying year everything is

it quarter. growth close a share nice price, very But it came metric. the really that the up much it's you at a in we If few share where years of look pretty performance our we the where ago. quarter take we with per see flat over year-over-year into really Earnings was

past over the with you practice dividends, you'll our come one in And translate count to per that share per And in across you'll a is very see history, to back Oil-Dri consistent this something is our consistent. In penny that'll certainly dividend our share year quarter look the on. $X.XX year ago. investors very in up very, as see

use our of cash. that's So one

did And in optimizing when quarter the if the section down. at you side, last a we you at with come focusing they little inventories. capital outlays. There's pies. back that you other recent start periods her decade's the on mentioned that Molly during year. on look look similar. And pies that's in But rate and of of the are the at spent some Here's of the see a working you left And first slice to look And a look that's the bit significant pretty look more cash. cash worth at those

safety year sure people last had we the happened we going customers. our what with on So decisions to as hand make to made that live new enough ERP, wise build to stocks were up serve the

saw and So net a now we capital, in coming back it's working down. spike

support to cash dividend, the the and our is sustain business. all the operations from of is CapEx, Our adequate these that required R&D to fund

want in down paid bit quarter XXXX, of long-term at it's to of This point. considered even come this million, up only million the That we a not during and left August short-term little fiscal $X is and debt to first So we I anymore. our have talk will $X opportunity. it's And debt. about you meaning payment outstanding

to we credit undrawn have addition this, In million facility. revolving $XX a

really, So with. identifies able really what ready or key initiatives well a positioned be the from to to are strategic gets mean? growth that and position, does that financial means move to fund other forward company It we

to I'd over like that, to Dan take it with back So questions. turn to

Dan Jaffee

be the and excited line Well will to just getting see good, from. so a future And and cross love open circulate got on to are a can up about business of it's with section great team. that because we the so good hear hands Q&A mic I'm to why got you I'd the to our people you. going questions such our in

Laura Scheland

the additional. We're three there we cycle if start going the ask phone turn back are and over webcast. the we're to it questions And with turn it have questions lines to over live Then going to from them then audience. can we'll to three

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Dan Jaffee

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Dan Jaffee

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Unidentified Analyst

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Dan Jaffee

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America, Mexico, saw we're focused, Latin focused, very we're You very Indonesia.

hang So a good there. would this When out. you be in not just time just are patients, this to long, bail

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Laura Scheland

Okay, first up now phone we're going the question. to our and lines open take

Operator

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Laura Scheland

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Dan Jaffee

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Dan Jaffee

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grow. put we So more on as we accounts will

Laura Scheland

the We're ready lines. on next the telephone for question

Operator

[Operator Instructions]

Laura Scheland

questions. we'll Yes, back. come No

Dan Jaffee

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Operator

No questions.

Laura Scheland

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Dan Jaffee

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Dan Jaffee

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Dan Jaffee

Thank you trust me.

a message to great job Our how where them. to get team get to of trying figure out and does it our to

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Laura Scheland

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Dan Jaffee

question. interested are if great to that's a certainly and want thank you would they yes John, we And participate.

So we'll keep that under advisement.

Dan Jaffee

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So for months. our in will again interest Teleconference thank three we your Investor talk about you and you to on

Oil-Dri Corporation of America (ODC) 11 Dec 192020 Q1 Earnings call transcript