Oil-Dri Corp. of America (NYSE:ODC) Q3 2020 Earnings Conference Call - Final Transcript

Jun 10, 2020 • 11:00 am ET

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Oil-Dri Corp. of America (NYSE:ODC) Q3 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the Third Quarter Oil-Dri Corporation of America Earnings Conference Call. [Operator Instructions] I would like to hand the call over to Dan Jaffee, President and Chief Executive Officer. Please go ahead.

Executive
Daniel S. Jaffee

Thank you. Welcome everybody to our Oil-Dri third quarter investor teleconference. Joining me both physically and virtually, so we're in this COVID reality, are Susan Kreh, our Chief Financial Officer; Molly Vandenheuvel, our Chief Operating Officer; Jessica Moskowitz, Vice President and General Manager of the Consumer Products Division; Flemming Mahs, President of Amlan International; Laura Scheland, General Counsel; and Leslie Garber, Manager of Investor Relations. Leslie, will you walk us through the Safe Harbor?

Executive
Leslie A. Garber

Thank you, Dan. Welcome everyone. On today's call, comments may contain forward-looking statements regarding the company's performance in future periods. Actual results in those periods may materially differ. In our press release and our SEC filings, we highlight a number of important risk factors, trends and uncertainties that may affect our future performance. We ask that you review and consider those factors in evaluating the company's comments and in evaluating any investment in Oil-Dri's stock. Thank you for joining us. Dan?

Executive
Daniel S. Jaffee

Great. And before I turn it over to Susan to walk us through the financial results, just some high-level comments, which are -- very proud of the Oil-Dri team. This is a very, very challenging environment. We had to go virtual. We had to figure out what essential meant. And we had people pantry loading cat litter, so we had to meet incredible demand. And our entire Oil-Dri team did a fantastic job staying healthy both physically and financially and were -- enabled us to deliver an incredible quarter in an incredibly challenging time, reflecting -- I will tell you those investors who've been with us two years or longer had to live through the go-live pain of our ERP system when we launched that in August of a year and a half ago and almost two years ago now, and we would not have made it without that system. If we were on the old system, we would not have made it. We would have been worse than a Lucille Ball skit.

And so I just feel very fortunate. Timing is everything. When this hit, we had the right team in place. We had the right systems in place. We had -- have been far enough and along on the implementation of our S&OP process so that we could get out in front of the demand and more than meet it. We had 99% and 100% fill rates from really all of our major customers and received a lot of kudos from them. So just recognize that your Oil-Dri team really delivered during this quarter.

Susan, I'll let you go through the specifics from a financial standpoint.

Executive
Susan M. Kreh

Thanks, Dan. And although I usually jump right into the numbers, I want to reiterate a few things that you just said. I mean this was