Church & Dwight Reports Fourth Quarter and Full Year 2023 Results
- Net sales grew by 9.2% in 2023
- Organic sales increased by 5.3%
- Reported EPS increased by 81.5% from 2022
- Declared a 4% increase in quarterly dividend
- Repurchased 3.3 million shares of common stock in Q4 2023
- None.
Insights
The reported increase in net sales growth by 9.2% and organic sales growth of 5.3% for Church & Dwight Co., Inc. indicates a robust performance, especially given the economic challenges many companies faced. The positive pricing contributing to organic growth suggests effective pricing power in the market, which is a strong indicator of brand strength and customer loyalty. The gross margin expansion of 220 basis points is particularly noteworthy as it implies improved operational efficiency, potentially through cost-saving measures or higher-margin product sales.
The growth in EPS by 6.7% and the fact that adjusted EPS exceeded the company's outlook signifies not only profitability but also management's ability to forecast and potentially exceed investor expectations. Investors often scrutinize these figures as they reflect the company's profitability and its potential to deliver shareholder value. The cash from operations surpassing $1 billion is a significant milestone, demonstrating strong cash flow management, which is critical for sustaining operations, investing in growth opportunities and returning value to shareholders through dividends and share buybacks.
The reported data indicates a shift in consumer behavior, with a notable increase in global online sales by 26%. This reflects the ongoing trend towards e-commerce, which companies need to capitalize on to stay competitive. The success of recent acquisitions like THERABREATH™ and HERO™ and their contribution to market share growth, underscores the importance of strategic M&A activities in driving business growth and diversification.
The Specialty Products Division decline and the decision to exit the Animal Nutrition business is a strategic move that could streamline operations and focus on more profitable segments. The continued growth in the International Division also highlights the potential of global markets and the importance of having a diversified geographical presence to mitigate risks associated with domestic market volatility.
Church & Dwight's performance, particularly the international sales growth, can be partially attributed to favorable foreign currency exchange rates, which have provided a tailwind to reported figures. However, this also indicates the company's resilience in the face of potential currency headwinds, which can be a risk for multinational corporations. The company's ability to maintain volume growth despite ceasing sub-optimal promotions suggests a strong underlying demand for its products, which is an excellent sign in the face of inflationary pressures that can dampen consumer spending.
The decision to increase the quarterly dividend for the 28th consecutive year, coupled with significant share repurchases, reflects a confident outlook on the company's financial health and its commitment to shareholder returns. This strategy also speaks to the company's capital allocation efficiency, balancing reinvestment in the business with direct shareholder value propositions.
2023 Fourth Quarter Results
-
Net Sales growth +
6.4% : Domestic +6.4% , Int’l +11.9% , SPD -9.2 % -
Organic sales +
5.3% : Domestic +5.7% , Int’l +9.0% , SPD -9.2% 1 - Gross Margin +260 bps
-
Reported EPS
$0.62 $0.65 4.8% 1
2023 Full Year Results
-
Net Sales growth +
9.2% ; Organic Sales +5.3% 1 - Gross Margin +220 bps
-
Reported EPS
$3.05 $3.17 6.7% 1 -
Cash from operations
$1.03 billion
Full year EPS was
Q4 net sales were
Matthew Farrell, Chief Executive Officer, commented, “Our full year 2023 results illustrate the strength of our brands, innovative new products, and our focus on execution. We are exiting the year with strong momentum after posting two consecutive quarters of year-over-year volume growth. We expect volume to continue to drive growth into 2024. Our domestic brands grew consumption in 10 of 17 categories in 2023. We grew share on brands representing
“Our recent acquisitions, THERABREATH™ mouthwash and HERO™, the maker of MIGHTY PATCH™ acne care products, both experienced high consumption growth and grew market share throughout 2023. We expect these brands to deliver strong growth in 2024.
“Organic revenue growth for the Domestic Division grew
“We were especially pleased by the strong gross margin expansion that we saw in 2023 with productivity, pricing, volume, and strong contributions from higher margin acquisitions more than offsetting inflation.
“Finally, strong sales and margin expansion along with efficient working capital management were all key drivers of our strong cash flow generation in 2023, achieving over
Fourth Quarter Review
Consumer Domestic net sales were
Consumer International net sales were
Specialty Products net sales were
Gross margin increased 260 basis points to
Marketing expense was
Selling, general, and administrative expense (SG&A) was
Income from Operations was
Other Expense was
The effective tax rate decreased to
Operating Cash Flow
For the full year 2023, cash from operations was
At December 31, 2023, cash on hand was
Consistent with the Company’s capital allocation strategy, the Company’s Board of Directors declared a
In Q4, the Company spent
Mr. Farrell commented, “Our dividend increase and share repurchases reflect the Company’s desire for stockholders to benefit from our strong cash generation and reflects our confidence in continuing our strong performance. 2024 should be another year of strong cash flow. Our robust cash flow enables us to return cash to our stockholders while maintaining significant financial flexibility to aggressively pursue acquisitions and invest in our business.”
2024 New Products
Mr. Farrell commented, “Product innovation continues to be a big driver of our success and we are excited about our new product launches. In 2024, we expect new product launches to drive a significant increase in net sales as we lead with innovation in a number of key categories.”
ARM & HAMMER™ Laundry is launching Deep Clean™ Liquid and Deep Clean Unit Dose Laundry Detergent. Arm & Hammer Deep Clean will be our most premium Arm & Hammer laundry detergent, entering the mid-tier of the category using pH Power Technology to penetrate deep into fibers where dirt, odor, and stains linger, delivering a superior clean at a price consumers can afford.
ARM & HAMMER™ launched Power Sheets™ Laundry Detergent online in August 2023. This innovative laundry solution is effective, convenient, and eliminates plastic bottle waste. ARM & HAMMER™ is the first major brand to offer a detergent sheet in the
ARM & HAMMER™ Hardball™ Clumping Litter is being expanded nationally in early 2024, after successful in-market testing in 2023. This transformational plant-based substrate is lightweight and creates virtually indestructible clumps for no-mess scooping. We expect this new litter to help ARM & HAMMER capture a greater share of the lightweight litter category.
THERABREATH™, the #1 alcohol-free mouthwash brand, is entering the antiseptic segment of the category with the launch of TheraBreath™ Deep Clean Oral Rinse. Antiseptic mouthwashes account for
BATISTE™, the leader in dry shampoo, is meeting consumers’ desire for longer-lasting results with new BATISTE Sweat Activated and BATISTE Touch Activated dry shampoos. These breakthrough products are formulated with advanced technology and release a burst of fragrance whenever you sweat or touch your hair. Both new products deliver up to 24 hours of freshness.
HERO™ continues to drive the majority of growth in the acne category as the #1 patch brand in the
Outlook for 2024
Mr. Farrell stated, “We exited 2023 with strong consumption growth across the majority of our categories. We are confident about 2024 and remain focused on offering high quality products to consumers at the right value.
“We are evolving our long-term Evergreen business model in 2024. The last revision was in 2018. Our new annual Evergreen model reflects our expectation of faster topline growth, greater margin expansion, and a higher cadence of growth investment, specifically in ecommerce and international. The revised evergreen model calls for
“In 2024 we expect full year reported and organic sales growth to be approximately 4
“Our Adjusted EPS expectation for 2024 is 7
“Other expense for 2024 is expected to be approximately
“Cash flow from operations is expected to be approximately
“In past years, we have highlighted and discussed 14 power brands within our portfolio. In the future, we will focus our communication on seven brands that we expect to be the key drivers of growth. These brands, which today represent
“For Q1, we expect reported and organic sales growth of approximately
1 Organic Sales, Adjusted SG&A, Adjusted Income from Operations, Adjusted Tax Rate and Adjusted EPS are non-GAAP measures. See Non-GAAP reconciliations included at the end of this release.
Church & Dwight Co., Inc. (NYSE: CHD) will host a webcast to discuss fourth quarter and year end 2023 results on February 2, 2024, at 12:00 p.m. (ET). The presentation will broadcast online at investor.churchdwight.com/investors/news-events. Click on Church & Dwight Co., Inc. 2024 Analyst Day to register for the webcast.
Church & Dwight Co., Inc. (NYSE: CHD) founded in 1846, is the leading
Church & Dwight has a strong heritage of commitment to people and the planet. In the early 1900’s, we began using recycled paperboard for all packaging of household products. Today, virtually all our paperboard packaging is from certified, sustainable sources. In 1970, the ARM & HAMMER brand introduced the first nationally distributed, phosphate-free detergent. That same year, Church & Dwight was honored to be the sole corporate sponsor of the first annual Earth Day. In 2023, our continued progress earned continued public recognition, including the Newsweek Magazine’s Americas Most Responsible and America’s Greenest Companies lists, the EPA’s Green Power Partnership-Top 100 list, the 2023 Wall Street Journal Management Top 250 List, the 2022/2023 Forbes Magazine: Americas Best Midsize Employer Award and the FTSE4Good Index Series, amongst others.
For more information, see the Church & Dwight 2022 Sustainability Report at: https://churchdwight.com/responsibility/
This press release contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; gross margin changes; trade, marketing, and SG&A spending; recessionary conditions; interest rates; inflation; 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 contributions to 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 new legislation such as 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.
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES |
||||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
||||
(In millions, except per share data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Net Sales |
|
$ |
1,528.0 |
|
|
$ |
1,436.0 |
|
|
$ |
5,867.9 |
|
|
$ |
5,375.6 |
|
Cost of sales |
|
|
846.7 |
|
|
|
833.5 |
|
|
|
3,279.4 |
|
|
|
3,125.6 |
|
Gross Profit |
|
|
681.3 |
|
|
|
602.5 |
|
|
|
2,588.5 |
|
|
|
2,250.0 |
|
Marketing expenses |
|
|
219.0 |
|
|
|
189.7 |
|
|
|
641.3 |
|
|
|
535.2 |
|
Selling, general and administrative expenses |
|
|
246.2 |
|
|
|
611.2 |
|
|
|
889.8 |
|
|
|
1,117.0 |
|
Income from Operations |
|
|
216.1 |
|
|
|
(198.4 |
) |
|
|
1,057.4 |
|
|
|
597.8 |
|
Equity in earnings of affiliates |
|
|
0.6 |
|
|
|
2.3 |
|
|
|
8.7 |
|
|
|
12.3 |
|
Other income (expense), net |
|
|
(21.5 |
) |
|
|
(27.8 |
) |
|
|
(98.7 |
) |
|
|
(86.8 |
) |
Income before Income Taxes |
|
|
195.2 |
|
|
|
(223.9 |
) |
|
|
967.4 |
|
|
|
523.3 |
|
Income taxes |
|
|
41.5 |
|
|
|
(59.2 |
) |
|
|
211.8 |
|
|
|
109.4 |
|
Net Income |
|
$ |
153.7 |
|
|
$ |
(164.7 |
) |
|
$ |
755.6 |
|
|
$ |
413.9 |
|
Net Income per share - Basic |
|
$ |
0.63 |
|
|
$ |
(0.68 |
) |
|
$ |
3.09 |
|
|
$ |
1.70 |
|
Net Income per share - Diluted |
|
$ |
0.62 |
|
|
$ |
(0.67 |
) |
|
$ |
3.05 |
|
|
$ |
1.68 |
|
Dividends per share |
|
$ |
0.27 |
|
|
$ |
0.26 |
|
|
$ |
1.09 |
|
|
$ |
1.05 |
|
Weighted average shares outstanding - Basic |
|
|
244.6 |
|
|
|
243.6 |
|
|
|
244.9 |
|
|
|
242.9 |
|
Weighted average shares outstanding - Diluted |
|
|
247.0 |
|
|
|
246.1 |
|
|
|
247.6 |
|
|
|
246.3 |
|
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES |
||||||||
Condensed Consolidated Balance Sheets (Unaudited) |
||||||||
(Dollars in millions) |
|
Dec. 31, 2023 |
|
|
Dec. 31, 2022 |
|
||
Assets |
|
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
|
||
Cash and Cash Equivalents |
|
$ |
344.5 |
|
|
$ |
270.3 |
|
Accounts Receivable |
|
|
526.9 |
|
|
|
422.0 |
|
Inventories |
|
|
613.3 |
|
|
|
646.6 |
|
Other Current Assets |
|
|
45.0 |
|
|
|
57.0 |
|
Total Current Assets |
|
|
1,529.7 |
|
|
|
1,395.9 |
|
Property, Plant and Equipment (Net) |
|
|
927.7 |
|
|
|
761.1 |
|
Equity Investment in Affiliates |
|
|
12.0 |
|
|
|
12.7 |
|
Trade Names and Other Intangibles |
|
|
3,302.3 |
|
|
|
3,431.6 |
|
Goodwill |
|
|
2,431.5 |
|
|
|
2,426.8 |
|
Other Long-Term Assets |
|
|
366.0 |
|
|
|
317.5 |
|
Total Assets |
|
$ |
8,569.2 |
|
|
$ |
8,345.6 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
||
Short-Term Debt |
|
$ |
3.9 |
|
|
$ |
74.0 |
|
Current portion of Long-Term debt |
|
|
199.9 |
|
|
0.0 |
|
|
Other Current Liabilities |
|
|
1,218.2 |
|
|
|
1,109.8 |
|
Total Current Liabilities |
|
|
1,422.0 |
|
|
|
1,183.8 |
|
Long-Term Debt |
|
|
2,202.2 |
|
|
|
2,599.5 |
|
Other Long-Term Liabilities |
|
|
1,089.6 |
|
|
|
1,072.4 |
|
Stockholders’ Equity |
|
|
3,855.4 |
|
|
|
3,489.9 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
8,569.2 |
|
|
$ |
8,345.6 |
|
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES |
||||||||
Condensed Consolidated Statements of Cash Flow (Unaudited) |
||||||||
|
|
Twelve Months Ended |
|
|||||
|
|
December 31, |
|
|
December 31, |
|
||
(Dollars in millions) |
|
2023 |
|
|
2022 |
|
||
|
|
|
|
|
|
|
||
Net Income |
|
$ |
755.6 |
|
|
$ |
413.9 |
|
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
225.2 |
|
|
|
219.0 |
|
Deferred income taxes |
|
|
(13.8 |
) |
|
|
(117.7 |
) |
Flawless impairment |
|
0.0 |
|
|
|
411.0 |
|
|
Non-cash compensation |
|
|
63.6 |
|
|
|
32.3 |
|
Other |
|
|
9.3 |
|
|
|
(4.4 |
) |
Subtotal |
|
|
1,039.9 |
|
|
|
954.1 |
|
|
|
|
|
|
|
|
||
Changes in assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(97.4 |
) |
|
|
(5.3 |
) |
Inventories |
|
|
38.5 |
|
|
|
(92.8 |
) |
Other current assets |
|
|
10.4 |
|
|
|
2.5 |
|
Accounts payable and accrued expenses |
|
|
55.2 |
|
|
|
39.9 |
|
Income taxes payable |
|
|
(1.8 |
) |
|
|
14.4 |
|
Other |
|
|
(14.2 |
) |
|
|
(27.6 |
) |
Net cash from operating activities |
|
|
1,030.6 |
|
|
|
885.2 |
|
|
|
|
|
|
|
|
||
Capital expenditures |
|
|
(223.5 |
) |
|
|
(178.8 |
) |
Acquisition |
|
0.0 |
|
|
|
(546.8 |
) |
|
Other |
|
|
(10.8 |
) |
|
|
(3.0 |
) |
Net cash (used in) investing activities |
|
|
(234.3 |
) |
|
|
(728.6 |
) |
|
|
|
|
|
|
|
||
Net change in long-term debt |
|
|
(200.0 |
) |
|
|
298.8 |
|
Net change in short-term debt |
|
|
(70.6 |
) |
|
|
(178.9 |
) |
Payment of cash dividends |
|
|
(266.5 |
) |
|
|
(255.0 |
) |
Proceeds from stock option exercises |
|
|
111.7 |
|
|
|
26.2 |
|
Purchase of treasury stock |
|
|
(300.1 |
) |
|
0.0 |
|
|
Deferred financing and other |
|
|
(0.1 |
) |
|
|
(12.0 |
) |
Net cash (used in) financing activities |
|
|
(725.6 |
) |
|
|
(120.9 |
) |
|
|
|
|
|
|
|
||
F/X impact on cash |
|
|
3.5 |
|
|
|
(6.0 |
) |
|
|
|
|
|
|
|
||
Net change in cash and cash equivalents |
|
$ |
74.2 |
|
|
$ |
29.7 |
|
2023 and 2022 Product Line Net Sales |
|||||||||||
|
Three Months Ended |
|
|
Percent |
|
||||||
|
12/31/2023 |
|
|
12/31/2022 |
|
|
Change |
|
|||
Household Products |
$ |
627.1 |
|
|
$ |
586.4 |
|
|
|
6.9 |
% |
Personal Care Products |
|
565.9 |
|
|
|
534.4 |
|
|
|
5.9 |
% |
Consumer Domestic |
$ |
1,193.0 |
|
|
$ |
1,120.8 |
|
|
|
6.4 |
% |
Consumer International |
|
258.8 |
|
|
|
231.3 |
|
|
|
11.9 |
% |
Total Consumer Net Sales |
$ |
1,451.8 |
|
|
$ |
1,352.1 |
|
|
|
7.4 |
% |
Specialty Products Division |
|
76.2 |
|
|
|
83.9 |
|
|
|
-9.2 |
% |
Total Net Sales |
$ |
1,528.0 |
|
|
$ |
1,436.0 |
|
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|||
|
Twelve Months Ended |
|
|
Percent |
|
||||||
|
12/31/2023 |
|
|
12/31/2022 |
|
|
Change |
|
|||
Household Products |
$ |
2,484.1 |
|
|
$ |
2,272.0 |
|
|
|
9.3 |
% |
Personal Care Products |
|
2,087.1 |
|
|
|
1,859.0 |
|
|
|
12.3 |
% |
Consumer Domestic |
$ |
4,571.2 |
|
|
$ |
4,131.0 |
|
|
|
10.7 |
% |
Consumer International |
|
975.7 |
|
|
|
896.1 |
|
|
|
8.9 |
% |
Total Consumer Net Sales |
$ |
5,546.9 |
|
|
$ |
5,027.1 |
|
|
|
10.3 |
% |
Specialty Products Division |
|
321.0 |
|
|
|
348.5 |
|
|
|
-7.9 |
% |
Total Net Sales |
$ |
5,867.9 |
|
|
$ |
5,375.6 |
|
|
|
9.2 |
% |
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.
Adjusted Effective Tax Rate:
This press release also presents an adjusted effective tax rate, namely, the effective tax rate 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 effective tax rate.
CHURCH & DWIGHT CO., INC. |
|||||||||
Organic Sales |
|||||||||
|
|||||||||
|
Three Months Ended 12/31/2023 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Total |
|
Worldwide |
|
Consumer |
|
Consumer |
|
Specialty |
|
Company |
|
Consumer |
|
Domestic |
|
International |
|
Products |
Reported Sales Growth |
|
|
|
|
|
|
|
|
- |
Less: |
|
|
|
|
|
|
|
|
|
Acquisitions |
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
FX / Other |
- |
|
- |
|
|
|
- |
|
|
Divestitures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Sales Growth |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended 12/31/2023 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Total |
|
Worldwide |
|
Consumer |
|
Consumer |
|
Specialty |
|
Company |
|
Consumer |
|
Domestic |
|
International |
|
Products |
Reported Sales Growth |
|
|
|
|
|
|
|
|
- |
Less: |
|
|
|
|
|
|
|
|
|
Acquisitions |
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
FX / Other |
|
|
|
|
|
|
- |
|
|
Divestitures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Sales Growth |
|
|
|
|
|
|
|
|
- |
CHURCH & DWIGHT CO., INC. |
||||||||||||||||||||
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 |
$ |
246.2 |
|
|
|
16.1 |
% |
|
$ |
611.2 |
|
|
|
42.6 |
% |
|
|
-2650 |
|
bps |
Flawless Impairment |
$ |
- |
|
|
|
0.0 |
% |
|
|
(411.0 |
) |
|
|
-28.6 |
% |
|
|
2860 |
|
bps |
Hero Restricted Stock |
$ |
(7.3 |
) |
|
|
-0.5 |
% |
|
|
(6.0 |
) |
|
|
-0.5 |
% |
|
|
0 |
|
bps |
SG&A - Adjusted (non-GAAP) |
$ |
238.9 |
|
|
|
15.6 |
% |
|
$ |
194.2 |
|
|
|
13.5 |
% |
|
|
210 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
Adjusted Income From Operations |
|
|
|
% of NS |
|
|
|
|
|
% of NS |
|
|
|
|
|
|||||
Income From Operations - Reported |
$ |
216.1 |
|
|
|
14.2 |
% |
|
$ |
(198.4 |
) |
|
|
-13.8 |
% |
|
|
-208.9 |
% |
|
Flawless Impairment |
$ |
- |
|
|
|
0.0 |
% |
|
|
411.0 |
|
|
|
28.6 |
% |
|
|
|
|
|
Hero Restricted Stock |
$ |
7.3 |
|
|
|
0.5 |
% |
|
|
6.0 |
|
|
|
0.5 |
% |
|
|
|
|
|
Income From Operations - Adjusted (non-GAAP) |
$ |
223.4 |
|
|
|
14.7 |
% |
|
$ |
218.6 |
|
|
|
15.3 |
% |
|
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
Adjusted Diluted Earnings Per Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted Earnings Per Share - Reported |
$ |
0.62 |
|
|
|
|
|
$ |
(0.67 |
) |
|
|
|
|
|
-192.5 |
% |
|
||
Flawless Impairment |
$ |
- |
|
|
|
|
|
|
1.26 |
|
|
|
|
|
|
|
|
|||
Hero Restricted Stock |
$ |
0.03 |
|
|
|
|
|
|
0.03 |
|
|
|
|
|
|
|
|
|||
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
0.65 |
|
|
|
|
|
$ |
0.62 |
|
|
|
|
|
|
4.8 |
% |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the year ended
|
|
|
For the year ended
|
|
|
Change |
|||||||||||||
Adjusted Diluted Earnings Per Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted Earnings Per Share - Reported |
$ |
3.05 |
|
|
|
|
|
$ |
1.68 |
|
|
|
|
|
|
81.5 |
% |
|
||
Flawless Impairment |
$ |
- |
|
|
|
|
|
$ |
1.26 |
|
|
|
|
|
|
|
|
|||
Hero Restricted Stock |
$ |
0.12 |
|
|
|
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|||
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
3.17 |
|
|
|
|
|
$ |
2.97 |
|
|
|
|
|
|
6.7 |
% |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reported and Organic Forecasted Sales Reconciliation |
|||
|
|
|
|
|
For the Quarter |
|
For the Year |
|
Ended |
|
Ended |
|
March 31, 2024 |
|
December 31, 2024 |
Reported Sales Growth |
|
|
|
Megalac / Exit of Business |
|
|
|
FX / Other |
- |
|
- |
|
|
|
|
Organic Sales Growth |
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240202916999/en/
Rick Dierker
Chief Financial Officer
609-806-1200
Source: Church & Dwight Co., Inc.
FAQ
What was the net sales growth for Church & Dwight Co., Inc. in 2023?
What was the increase in organic sales for Church & Dwight Co., Inc. in 2023?
What was the reported EPS for Church & Dwight Co., Inc. in 2023?
What was the dividend increase declared by Church & Dwight Co., Inc.?
How many shares of common stock did Church & Dwight Co., Inc. repurchase in Q4 2023?
