Church & Dwight Reports Fourth Quarter and Full Year 2021 Results
Church & Dwight Co. reported a 6% increase in net sales for 2021, totaling $5,190.1 million, driven by strong consumer demand. Q4 net sales reached $1,368.7 million, exceeding expectations with 5.7% growth. Adjusted EPS for 2021 rose 6.7% to $3.02, with Q4 EPS at $0.64, an 8.5% increase year-over-year. The company plans significant investments in 2022 to expand capacity amid ongoing supply chain challenges. A 4% dividend increase was announced, marking 26 consecutive years of growth.
- Net sales increased 6% to $5,190.1 million in 2021.
- Q4 net sales were $1,368.7 million, exceeding the outlook by 2.7%.
- Adjusted EPS grew 6.7% to $3.02 for 2021.
- Q4 EPS was $0.64, an 8.5% increase YOY.
- 4% increase in quarterly dividend to $0.2625 per share.
- Strong consumer demand led to significant sales growth across multiple brands.
- Global online sales expanded by 12.7% in 2021.
- Gross margin decreased 50 basis points to 42.5% due to increased manufacturing costs.
- Sales growth affected by supply chain disruptions and lower case fill rates.
- Increased expenses related to acquisition costs and higher compensation.
2021 Fourth Quarter Results
-
Net Sales growth +5.7% : Domestic +5.1% , Int’l +5.9% , SPD12% -
Organic sales +
4.3% : Domestic +3.6% , Int’l +4.7% , SPD12% -
EPS
$0.64 20.8% ¹
2021 Full Year Results
-
Net Sales growth +6.0% ; Organic Sales +4.3% ¹ -
Reported EPS growth +
6.4% , Adjusted EPS +6.7% ¹ -
Cash from operations
$994 million
Full year net sales grew
Reported Q4 net sales were
Our brands once again experienced strong consumption in Q4 2021. In the
Although consumption is higher, case fill rates are well below normal levels. With continued strong consumer demand for our products, we are making significant capital investments in 2022 and 2023 to expand capacity in our factories as well as our supplier network.
The International business had a strong quarter despite a tight international transportation market, with extremely strong and broad-based consumption increases across many countries and brands. Specialty Products organic sales experienced double digit growth primarily due to strength in the animal and food production segment.
Significant inflation of material, component and co-packer costs impacted our gross margin in 2021. Looking forward, we expect higher input costs and transportation costs in 2022. We also expect
On another front, we closed on the THERABREATH® acquisition in late December. THERABREATH® is the #2 brand in the non-alcohol based oral rinse category in
Fourth Quarter Review
Consumer Domestic net sales were
Specialty Products net sales were
Gross margin decreased 50 basis points to
Marketing expense was
Selling, general, and administrative expense (SG&A) was
Income from Operations was
Other Expense of
The effective tax rate declined to
Operating Cash Flow
For the full year 2021, cash from operating activities was
At
The Company’s Board of Directors declared a
In Q4, the company spent
2022 New Products
In the Health and Wellbeing portfolio, the VITAFUSION® brand has launched 2 in 1 BI-LAYER GUMMIES, which brings two benefits to the consumer (Multi vitamin + Immune / Beauty), with two flavors and two colors in the same gummy. The VITAFUSION® brand has also launched an Ashwaganda gummy line. The ZICAM® brand is launching the first immune supplement gummies for daily and nighttime immune support with Zinc + Vitamins C&D. We are also launching several TROJAN® condom varieties targeting an expanding consumer niche, including TROJAN® ULTRAFIT TM condoms, and TROJAN® BARESKIN RAW TM condoms.
In Specialty Hair care, the BATISTE® brand is launching a Leave-in Hair Mask, which nourishes the hair and moisturizes without any rinsing needed. Additionally, FLAWLESS® continues to capitalize on the At-Home Beauty and self-care trends with a FLAWLESS® Bikini line.
In the fabric care portfolio, we are entering a new segment with ARM & HAMMER® Baby Hypoallergenic Detergent, which has zero preservatives, phosphates or dyes. It is
In the personal care portfolio we are launching SPINBRUSH® CLEAR AND CLEAN TM, an innovative gender-neutral toothbrush that allows the consumer to see the movement of the toothbrush mechanism creating a dynamic consumer experience. We are launching the first Kid’s toothpaste with
Outlook for 2022
In 2022, we expect several categories to remain at elevated consumption levels, including gummy vitamins, laundry, laundry additives, hair growth supplements, and cat litter. Continuing the trend that we saw in 2021 with respect to gummy vitamins, household penetration is increasing, and existing households are consuming more vitamins”.
We estimate full year EPS of
We expect full year reported gross margin to be down versus 2021, as we expect inflation to be partially offset by pricing and productivity. To the extent supply chain issues abate in the second half of 2022, we would expect promotional levels to normalize back to historical levels. Marketing spend in dollars is expected to increase in 2022.
We expect operating profit margin expansion of 60 to 70 basis points compared to prior year adjusted operating margin, which exceeds the targets of our Evergreen model.¹ Cash flow from operations is expected to be approximately
For Q1, we expect reported sales growth of approximately 3
¹ See non-GAAP reporting reconciliations included at the end of this release. Except for organic sales, the Company’s 2022 outlook does not include adjustments from reported amounts.
2 The Company’s 2022 cash flow from operations outlook does not include any operating cash flow impact from the settlement of hedges related to anticipated debt issuances since the value of the hedges are highly dependent on interest rate movements which we are unable to provide without unreasonable effort.
For more information, see the
https://churchdwight.com/responsibility/
This press release contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; the impact of the COVID-19 pandemic and the Company’s response; gross margin changes; trade, marketing, and SG&A spending; sufficiency of cash flows from operations; earnings per share; cost savings programs; consumer demand and spending; the effects of competition; the effect of product mix; volume growth, including the effects of new product launches into new and existing categories; the impact of acquisitions (including earn-outs); and capital expenditures. Other forward-looking statements in this release may be identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. These statements represent the intentions, plans, expectations and beliefs of the Company, and are based on assumptions that the Company believes are reasonable but may prove to be incorrect. In addition, these statements are subject to risks, uncertainties and other factors, many of which are outside the Company’s control and could cause actual results to differ materially from such forward-looking statements. Factors that could cause such differences include a decline in market growth, retailer distribution and consumer demand (as a result of, among other things, political, economic and marketplace conditions and events); including those relating to the outbreak of contagious diseases; other impacts of the COVID-19 pandemic and its impact on the Company’s operations, customers, suppliers, employees, and other constituents, and market volatility and impact on the economy (including causing recessionary conditions), resulting from global, nationwide or local or regional outbreaks or increases in infections, new variants, and the risk that the Company will not be able to successfully execute its response plans with respect to the pandemic or localized outbreaks and the corresponding uncertainty; the impact of regulatory changes or policies associated with the COVID-19 pandemic, including continuing or renewed shutdowns of retail and other businesses in various jurisdictions; the impact of continued shifts in consumer behavior, including accelerating shifts to online shopping; unanticipated increases in raw material and energy prices or other inflationary pressures; delays and increased costs in manufacturing or distribution; increases in transportation costs; labor shortages; the impact of price increases for our products; the impact of supply chain disruptions; the impact of inclement weather on raw material and transportation costs; adverse developments affecting the financial condition of major customers and suppliers; changes in marketing and promotional spending; growth or declines in various product categories and the impact of customer actions in response to changes in consumer demand and the economy, including increasing shelf space of private label products; consumer and competitor reaction to, and customer acceptance of, new product introductions and features; the Company’s ability to maintain product quality and characteristics at a level acceptable to our customers and consumers; disruptions in the banking system and financial markets; foreign currency exchange rate fluctuations; implications of the United Kingdom’s withdrawal from the
For a description of additional factors that could cause actual results to differ materially from the forward-looking statements, please see Item 1A, “Risk Factors” in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the
This press release also contains non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of the Company’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP. See the end of this press release for these reconciliations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read in connection with the Company’s financial statements presented in accordance with GAAP.
|
||||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In millions, except per share data) |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
|
|
$ |
1,368.7 |
|
|
$ |
1,295.3 |
|
|
$ |
5,190.1 |
|
|
$ |
4,895.8 |
|
Cost of sales |
|
|
787.5 |
|
|
|
737.9 |
|
|
|
2,926.6 |
|
|
|
2,681.6 |
|
Gross Profit |
|
|
581.2 |
|
|
|
557.4 |
|
|
|
2,263.5 |
|
|
|
2,214.2 |
|
Marketing expenses |
|
|
201.1 |
|
|
|
201.6 |
|
|
|
577.7 |
|
|
|
591.2 |
|
Selling, general and administrative expenses |
|
|
203.7 |
|
|
|
165.2 |
|
|
|
606.7 |
|
|
|
593.3 |
|
Income from Operations |
|
|
176.4 |
|
|
|
190.6 |
|
|
|
1,079.1 |
|
|
|
1,029.7 |
|
Equity in earnings of affiliates |
|
|
2.0 |
|
|
|
1.2 |
|
|
|
9.4 |
|
|
|
6.7 |
|
Other income (expense), net |
|
|
(14.3 |
) |
|
|
(14.9 |
) |
|
|
(56.8 |
) |
|
|
(62.6 |
) |
Income before Income Taxes |
|
|
164.1 |
|
|
|
176.9 |
|
|
|
1,031.7 |
|
|
|
973.8 |
|
Income taxes |
|
|
6.0 |
|
|
|
26.7 |
|
|
|
204.2 |
|
|
|
187.9 |
|
Net Income |
|
$ |
158.1 |
|
|
$ |
150.2 |
|
|
$ |
827.5 |
|
|
$ |
785.9 |
|
Net Income per share - Basic |
|
$ |
0.65 |
|
|
$ |
0.61 |
|
|
$ |
3.38 |
|
|
$ |
3.18 |
|
Net Income per share - Diluted |
|
$ |
0.64 |
|
|
$ |
0.59 |
|
|
$ |
3.32 |
|
|
$ |
3.12 |
|
Dividends per share |
|
$ |
0.25 |
|
|
$ |
0.24 |
|
|
$ |
1.01 |
|
|
$ |
0.96 |
|
Weighted average shares outstanding - Basic |
|
|
244.1 |
|
|
|
247.9 |
|
|
|
244.9 |
|
|
|
246.8 |
|
Weighted average shares outstanding - Diluted |
|
|
248.7 |
|
|
|
253.0 |
|
|
|
249.6 |
|
|
|
252.2 |
|
|
||||||||
Condensed Consolidated Balance Sheets (Unaudited) |
||||||||
(Dollars in millions) |
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
$ |
240.6 |
|
|
$ |
183.1 |
|
Accounts Receivable |
|
|
405.5 |
|
|
|
398.8 |
|
Inventories |
|
|
535.4 |
|
|
|
495.4 |
|
Other Current Assets |
|
|
51.9 |
|
|
|
35.1 |
|
Total Current Assets |
|
|
1,233.4 |
|
|
|
1,112.4 |
|
Property, Plant and Equipment (Net) |
|
|
652.7 |
|
|
|
612.8 |
|
|
|
|
9.1 |
|
|
|
9.1 |
|
|
|
|
3,494.3 |
|
|
|
3,110.2 |
|
|
|
|
2,274.5 |
|
|
|
2,229.6 |
|
Other Long-Term Assets |
|
|
332.5 |
|
|
|
340.4 |
|
Total Assets |
|
$ |
7,996.5 |
|
|
$ |
7,414.5 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Short-Term Debt |
|
$ |
252.8 |
|
|
$ |
351.4 |
|
Current portion of Long-Term debt |
|
|
699.4 |
|
|
|
- |
|
Other Current Liabilities |
|
|
1,123.0 |
|
|
|
1,037.2 |
|
Total Current Liabilities |
|
|
2,075.2 |
|
|
|
1,388.6 |
|
Long-Term Debt |
|
|
1,610.7 |
|
|
|
1,812.5 |
|
Other Long-Term Liabilities |
|
|
1,077.4 |
|
|
|
1,193.0 |
|
Stockholders’ Equity |
|
|
3,233.2 |
|
|
|
3,020.4 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
7,996.5 |
|
|
$ |
7,414.5 |
|
|
||||||||
Condensed Consolidated Statements of Cash Flow (Unaudited) |
||||||||
|
|
Twelve Months Ended |
|
|||||
|
|
|
|
|
|
|
||
(Dollars in millions) |
|
2021 |
|
|
2020 |
|
||
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
827.5 |
|
|
$ |
785.9 |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
219.1 |
|
|
|
189.7 |
|
Change in fair value of business acquisition liabilities |
|
|
(98.0 |
) |
|
|
(93.7 |
) |
Deferred income taxes |
|
|
20.3 |
|
|
|
25.7 |
|
Non-cash compensation |
|
|
23.7 |
|
|
|
21.5 |
|
Gain on sale of assets |
|
|
- |
|
|
|
(3.0 |
) |
Other |
|
|
18.5 |
|
|
|
4.9 |
|
Subtotal |
|
|
1,011.1 |
|
|
|
931.0 |
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
2.4 |
|
|
|
(13.4 |
) |
Inventories |
|
|
(29.1 |
) |
|
|
(61.9 |
) |
Other current assets |
|
|
(6.1 |
) |
|
|
(10.2 |
) |
Accounts payable and accrued expenses |
|
|
47.5 |
|
|
|
168.0 |
|
Income taxes payable |
|
|
(16.0 |
) |
|
|
12.2 |
|
Other |
|
|
(16.0 |
) |
|
|
(35.4 |
) |
Net cash from operating activities |
|
|
993.8 |
|
|
|
990.3 |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(118.8 |
) |
|
|
(98.9 |
) |
Acquisition |
|
|
(556.0 |
) |
|
|
(512.7 |
) |
Proceeds from sale of assets |
|
|
- |
|
|
|
7.0 |
|
Other |
|
|
(7.2 |
) |
|
|
(3.5 |
) |
Net cash (used in) investing activities |
|
|
(682.0 |
) |
|
|
(608.1 |
) |
|
|
|
|
|
|
|
|
|
Net change in long-term debt |
|
|
499.2 |
|
|
|
- |
|
Net change in short-term debt |
|
|
(98.5 |
) |
|
|
99.0 |
|
Payment of cash dividends |
|
|
(247.5 |
) |
|
|
(237.3 |
) |
Proceeds from stock option exercises |
|
|
98.7 |
|
|
|
93.0 |
|
Purchase of treasury stock |
|
|
(500.0 |
) |
|
|
(300.0 |
) |
Payment of business acquisition liabilities |
|
|
- |
|
|
|
(14.5 |
) |
Deferred financing and other |
|
|
(4.0 |
) |
|
|
(0.3 |
) |
Net cash (used in) financing activities |
|
|
(252.1 |
) |
|
|
(360.1 |
) |
|
|
|
|
|
|
|
|
|
F/X impact on cash |
|
|
(2.3 |
) |
|
|
5.3 |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
$ |
57.4 |
|
|
$ |
27.4 |
|
2021 and 2020 Product |
|||||||||||
|
Three Months Ended |
|
|
Percent |
|
||||||
|
|
|
|
|
|
|
Change |
|
|||
Household Products |
$ |
549.3 |
|
|
$ |
498.1 |
|
|
|
10.3 |
% |
Personal Care Products |
|
492.4 |
|
|
|
492.8 |
|
|
|
-0.1 |
% |
Consumer Domestic |
$ |
1,041.7 |
|
|
$ |
990.9 |
|
|
|
5.1 |
% |
|
|
242.0 |
|
|
|
228.5 |
|
|
|
5.9 |
% |
Total Consumer |
$ |
1,283.7 |
|
|
$ |
1,219.4 |
|
|
|
5.3 |
% |
Specialty Products Division |
|
85.0 |
|
|
|
75.9 |
|
|
|
12.0 |
% |
Total |
$ |
1,368.7 |
|
|
$ |
1,295.3 |
|
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
Percent |
|
||||||
|
|
|
|
|
|
|
Change |
|
|||
Household Products |
$ |
2,103.0 |
|
|
$ |
2,038.5 |
|
|
|
3.2 |
% |
Personal Care Products |
|
1,838.9 |
|
|
|
1,729.1 |
|
|
|
6.4 |
% |
Consumer Domestic |
$ |
3,941.9 |
|
|
$ |
3,767.6 |
|
|
|
4.6 |
% |
|
|
912.2 |
|
|
|
828.2 |
|
|
|
10.1 |
% |
Total Consumer |
$ |
4,854.1 |
|
|
$ |
4,595.8 |
|
|
|
5.6 |
% |
Specialty Products Division |
|
336.0 |
|
|
|
300.0 |
|
|
|
12.0 |
% |
Total |
$ |
5,190.1 |
|
|
$ |
4,895.8 |
|
|
|
6.0 |
% |
Non-GAAP Measures:
The following discussion addresses the non-GAAP measures used in this press release and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the comparable GAAP measures. The following non-GAAP measures may not be the same as similar measures provided by other companies due to differences in methods of calculation and items and events being excluded.
Organic Sales Growth:
This press release provides information regarding organic sales growth, namely net sales growth excluding the effect of acquisitions, divestitures and foreign exchange rate changes. Management believes that the presentation of organic sales growth is useful to investors because it enables them to assess, on a consistent basis, sales trends related to products that were marketed by the Company during the entirety of relevant periods, excluding the impact of acquisitions, divestitures, and foreign exchange rate changes that are out of the control of, and do not reflect the performance of the Company and management.
Adjusted Selling, General, and Administrative Expense (SG&A):
This press release also presents adjusted SG&A, namely, SG&A calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year SG&A expense.
Adjusted Income from Operations:
This press release also presents adjusted income from operations, namely income from operations calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year income from operations.
Adjusted EPS:
This press release also presents adjusted earnings per share, namely, EPS calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year EPS growth.
|
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Organic Sales |
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|
Three Months Ended |
|
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|
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|
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|
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|
|
|
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|||||
|
Total |
|
|
Worldwide |
|
|
Consumer |
|
|
Consumer |
|
|
Specialty |
|
||||||||||
|
Company |
|
|
Consumer |
|
|
Domestic |
|
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International |
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|
Products |
|
||||||||||
Reported Sales Growth |
5.7 |
% |
|
|
5.3 |
% |
|
|
5.1 |
% |
|
|
5.9 |
% |
|
|
12.0 |
% |
|
|||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Acquisitions |
1.2 |
% |
|
|
1.3 |
% |
|
|
1.5 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|||||
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FX / Other |
-0.2 |
% |
|
|
-0.2 |
% |
|
|
0.0 |
% |
|
|
-1.2 |
% |
|
|
0.0 |
% |
|
|||||
Divestitures |
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Organic Sales Growth |
4.3 |
% |
|
|
3.8 |
% |
|
|
3.6 |
% |
|
|
4.7 |
% |
|
|
12.0 |
% |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Twelve Months Ended |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total |
|
|
Worldwide |
|
|
Consumer |
|
|
Consumer |
|
|
Specialty |
|
||||||||||
|
Company |
|
|
Consumer |
|
|
Domestic |
|
|
International |
|
|
Products |
|
||||||||||
Reported Sales Growth |
6.0 |
% |
|
|
5.6 |
% |
|
|
4.6 |
% |
|
|
10.1 |
% |
|
|
12.0 |
% |
|
|||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Acquisitions |
0.8 |
% |
|
|
0.9 |
% |
|
|
1.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|||||
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FX / Other |
-0.9 |
% |
|
|
-0.9 |
% |
|
|
0.0 |
% |
|
|
-5.1 |
% |
|
|
0.0 |
% |
|
|||||
Divestitures |
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Organic Sales Growth |
4.3 |
% |
|
|
3.8 |
% |
|
|
3.6 |
% |
|
|
5.0 |
% |
|
|
12.0 |
% |
|
|||||
|
||||||||||||||||||||
Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited) |
||||||||||||||||||||
(Dollars in millions, except per share data) |
||||||||||||||||||||
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
|
|
|
|
|
% of NS |
|
|
|
|
|
|
% of NS |
|
|
|
|
|
|
||
Adjusted SG&A Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A – Reported |
$ |
203.7 |
|
|
|
14.9 |
% |
|
$ |
165.2 |
|
|
|
12.8 |
% |
|
|
210 |
|
bps |
Flawless Earn-Out Adjustment |
|
- |
|
|
|
|
|
|
|
22.0 |
|
|
|
1.6 |
% |
|
|
-160 |
|
bps |
SG&A - Adjusted (non-GAAP) |
$ |
203.7 |
|
|
|
14.9 |
% |
|
$ |
187.2 |
|
|
|
14.4 |
% |
|
|
50 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
Adjusted Income From Operations |
|
|
|
|
% of NS |
|
|
|
|
|
|
% of NS |
|
|
|
|
|
|
||
Income From Operations - Reported |
$ |
176.4 |
|
|
|
12.9 |
% |
|
$ |
190.6 |
|
|
|
14.6 |
% |
|
|
-170 |
|
bps |
Flawless Earn-Out Adjustment |
|
- |
|
|
|
|
|
|
|
-22.0 |
|
|
|
-1.6 |
% |
|
|
160 |
|
bps |
Income From Operations - Adjusted |
$ |
176.4 |
|
|
|
12.9 |
% |
|
$ |
168.6 |
|
|
|
13.0 |
% |
|
|
-10 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
Adjusted Diluted Earnings Per Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share - Reported |
$ |
0.64 |
|
|
|
|
|
|
$ |
0.59 |
|
|
|
|
|
|
|
8.5 |
% |
|
Flawless Earn-Out Adjustment |
|
|
|
|
|
|
|
|
|
-0.06 |
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
0.64 |
|
|
|
|
|
|
$ |
0.53 |
|
|
|
|
|
|
|
20.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended
|
|
|
For the year ended
|
|
|
Change |
|||||||||||||
Adjusted Diluted Earnings Per Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share - Reported |
$ |
3.32 |
|
|
|
|
|
|
$ |
3.12 |
|
|
|
|
|
|
|
6.4 |
% |
|
Flawless Earn-Out Adjustment |
|
-0.30 |
|
|
|
|
|
|
|
-0.28 |
|
|
|
|
|
|
|
|
|
|
Gain on Sale of International Brand |
|
|
|
|
|
|
|
|
|
-0.01 |
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
3.02 |
|
|
|
|
|
|
$ |
2.83 |
|
|
|
|
|
|
|
6.7 |
% |
|
Reported and Organic Forecasted Sales Reconciliation |
||||||||
|
|
|
|
|
|
|||
|
For the Quarter |
|
|
For the Year |
||||
|
Ended |
|
|
Ended |
||||
|
|
|
|
|
||||
Reported Sales Growth |
3.5 |
% |
|
|
6.5 |
% |
||
Less: Acquisition |
-2.0 |
% |
|
|
-2.0 |
% |
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Organic Sales Growth |
1.5 |
% |
|
|
4.5 |
% |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220128005104/en/
Chief Financial Officer
609-806-1200
Source:
FAQ
What were the net sales for Church & Dwight in 2021?
What was the EPS for Church & Dwight in Q4 2021?
How did Church & Dwight's organic sales perform in 2021?
What dividend increase did Church & Dwight announce?
What challenges did Church & Dwight face in 2021?
