Church & Dwight Reports Q3 Results
Church & Dwight Co. (NYSE: CHD) reported a 5.7% increase in net sales for Q3 2021, totaling $1,311.4 million. Organic sales rose 3.7%, beating the forecast of 1.5%. EPS increased 8.2% to $0.92, while adjusted EPS grew 14.3% to $0.80. The company faces challenges from supply chain disruptions due to Hurricane Ida, impacting gross margins, which fell 130 basis points to 44.2%. Despite inflation pressures, CHD raised its full-year net sales guidance to 5.5% and organic sales to 4%.
- Net sales grew 5.7% to $1,311.4 million.
- Organic sales growth of 3.7%, exceeding expectations of 1.5%.
- EPS rose 8.2% to $0.92; adjusted EPS increased 14.3% to $0.80.
- New stock repurchase program authorized for up to $1 billion.
- Gross margin declined 130 basis points to 44.2% due to Hurricane Ida and inflation.
- Operating cash flow decreased 18.1% to $653.6 million for the first nine months of 2021.
- Increased input costs projected to be $170 million for the full year.
2021 Third Quarter Results
-
Net Sales +5.7% : Domestic +4.6% , Int’l +6.3% , SPD +18.5% -
Organic sales +
3.7% : Domestic +2.8% , Int’l +2.3% , SPD +18.5% -
EPS +
8.2% ; Adjusted +14.3% 2
2021 Full Year Outlook
-
Net Sales growth raised to ~5.5% ; Organic Sales growth ~4% 2 -
Adjusted EPS growth at
6% 1 -
Cash from operations remains at approx.
$950 million
Third quarter 2021 EPS increased
“I’d like to recognize all
“Although consumption is higher, case fill rates have recovered slower than expected and are well below normal levels. Hurricane Ida’s impact was substantial, resulting in limited availability of raw materials, which caused our fill levels to continue to be below normal. Consequently, we pulled back on Q3 marketing for products most affected by the shortages, especially household products. We expect supply availability issues to begin to abate in the first half of 2022 for most of our brands. With continued strength from 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.”
“Significant inflation of material, component and co-packer costs impacted our gross margin in Q3. Looking forward, we expect input costs and transportation costs to remain elevated in Q4 and expect significant incremental cost increases in 2022. In response to the rising costs, we have already taken pricing actions on
Third Quarter Review
Consumer Domestic net sales were
Specialty Products net sales were
Gross margin decreased 130 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 was
Operating Cash Flow
For the first nine months of 2021, cash from operating activities decreased
Capital expenditures for the first nine months were
As of
Share Repurchase Programs
On
Outlook for 2021
“We expect full year 2021 adjusted EPS growth of
“In line with our long-term strategy, we continue to pursue accretive acquisitions that meet our strict criteria.”
“While we expect consumption to continue to be strong in Q4, we expect reported sales growth of approximately
¹ This press release does not provide a forward-looking reconciliation of adjusted EPS to reported EPS and adjusted operating profit margin to reported operating profit margin, the most directly comparable GAAP financial measures, expected for the fourth quarter or full year of 2021, because we are unable to provide such a reconciliation without unreasonable effort. We have excluded the changes in the Company’s potential earn-out liability from our acquisition of the FLAWLESS business from our expected adjusted EPS and adjusted operating margin for these periods. We are required to review the fair value of the earn-out liability quarterly based on changes in sales forecasts, discount rates, volatility assumptions, and other inputs. Our inability to provide a reconciliation to GAAP EPS, and operating profit margin for future periods is due to the uncertainty and inherent difficulty of predicting what these changes will be on a quarter-by-quarter basis or on an annual basis. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to our future results.
² See non-GAAP reporting reconciliations included at the end of this release.
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 the CARES Act and other governmental actions; the impact of continued shifts in consumer behavior, including accelerating shifts to online shopping; unanticipated increases in raw material and energy prices; 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.
|
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|
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Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
(In millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
1,311.4 |
|
|
$ |
1,241.0 |
|
|
$ |
3,821.4 |
|
|
$ |
3,600.5 |
|
Cost of sales |
|
|
732.2 |
|
|
|
675.8 |
|
|
|
2,139.1 |
|
|
|
1,943.7 |
|
Gross Profit |
|
|
579.2 |
|
|
|
565.2 |
|
|
|
1,682.3 |
|
|
|
1,656.8 |
|
Marketing expenses |
|
|
160.9 |
|
|
|
170.9 |
|
|
|
376.6 |
|
|
|
389.6 |
|
Selling, general and administrative expenses |
|
|
116.9 |
|
|
|
120.5 |
|
|
|
403.0 |
|
|
|
428.1 |
|
Income from Operations |
|
|
301.4 |
|
|
|
273.8 |
|
|
|
902.7 |
|
|
|
839.1 |
|
Equity in earnings of affiliates |
|
|
2.0 |
|
|
|
1.9 |
|
|
|
7.4 |
|
|
|
5.5 |
|
Other income (expense), net |
|
|
(14.1 |
) |
|
|
(14.2 |
) |
|
|
(42.5 |
) |
|
|
(47.7 |
) |
Income before Income Taxes |
|
|
289.3 |
|
|
|
261.5 |
|
|
|
867.6 |
|
|
|
796.9 |
|
Income taxes |
|
|
58.9 |
|
|
|
45.3 |
|
|
|
198.2 |
|
|
|
161.2 |
|
Net Income |
|
$ |
230.4 |
|
|
$ |
216.2 |
|
|
$ |
669.4 |
|
|
$ |
635.7 |
|
Net Income per share - Basic |
|
$ |
0.94 |
|
|
$ |
0.87 |
|
|
$ |
2.73 |
|
|
$ |
2.58 |
|
Net Income per share - Diluted |
|
$ |
0.92 |
|
|
$ |
0.85 |
|
|
$ |
2.68 |
|
|
$ |
2.52 |
|
Dividends per share |
|
$ |
0.25 |
|
|
$ |
0.24 |
|
|
$ |
0.76 |
|
|
$ |
0.72 |
|
Weighted average shares outstanding - Basic |
|
|
245.3 |
|
|
|
247.7 |
|
|
|
245.2 |
|
|
|
246.5 |
|
Weighted average shares outstanding - Diluted |
|
|
249.8 |
|
|
|
253.3 |
|
|
|
249.9 |
|
|
|
252.0 |
|
|
||||||||
(Dollars in millions) |
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
$ |
180.0 |
|
|
$ |
183.1 |
|
Accounts Receivable |
|
|
407.0 |
|
|
|
398.8 |
|
Inventories |
|
|
552.7 |
|
|
|
495.4 |
|
Other Current Assets |
|
|
37.1 |
|
|
|
35.1 |
|
Total Current Assets |
|
|
1,176.8 |
|
|
|
1,112.4 |
|
Property, Plant and Equipment (Net) |
|
|
615.8 |
|
|
|
612.8 |
|
|
|
|
9.0 |
|
|
|
9.1 |
|
|
|
|
3,018.8 |
|
|
|
3,110.2 |
|
|
|
|
2,230.6 |
|
|
|
2,229.6 |
|
Other Long-Term Assets |
|
|
331.0 |
|
|
|
340.4 |
|
Total Assets |
|
$ |
7,382.0 |
|
|
$ |
7,414.5 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Short-Term Debt |
|
$ |
279.7 |
|
|
$ |
351.4 |
|
Current portion of Long-Term debt |
|
|
299.6 |
|
|
|
- |
|
Other Current Liabilities |
|
|
1,005.1 |
|
|
|
1,037.2 |
|
Total Current Liabilities |
|
|
1,584.4 |
|
|
|
1,388.6 |
|
Long-Term Debt |
|
|
1,214.8 |
|
|
|
1,812.5 |
|
Other Long-Term Liabilities |
|
|
1,069.2 |
|
|
|
1,193.0 |
|
Stockholders’ Equity |
|
|
3,513.6 |
|
|
|
3,020.4 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
7,382.0 |
|
|
$ |
7,414.5 |
|
|
||||||||
|
|
Nine Months Ended |
|
|||||
(Dollars in millions) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
669.4 |
|
|
$ |
635.7 |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
164.9 |
|
|
|
138.9 |
|
Change in fair value of business acquisition liabilities |
|
|
(98.0 |
) |
|
|
(71.7 |
) |
Deferred income taxes |
|
|
32.8 |
|
|
|
28.0 |
|
Non-cash compensation |
|
|
20.3 |
|
|
|
18.7 |
|
Gain on sale of assets |
|
|
- |
|
|
|
(3.0 |
) |
Other |
|
|
5.9 |
|
|
|
1.7 |
|
Subtotal |
|
|
795.3 |
|
|
|
748.3 |
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(12.0 |
) |
|
|
(18.1 |
) |
Inventories |
|
|
(59.9 |
) |
|
|
(82.3 |
) |
Other current assets |
|
|
6.1 |
|
|
|
(4.1 |
) |
Accounts payable and accrued expenses |
|
|
(50.8 |
) |
|
|
140.1 |
|
Income taxes payable |
|
|
(10.3 |
) |
|
|
13.1 |
|
Other |
|
|
(14.8 |
) |
|
|
1.2 |
|
Net cash from operating activities |
|
|
653.6 |
|
|
|
798.2 |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(64.1 |
) |
|
|
(54.6 |
) |
Proceeds from sale of assets |
|
|
- |
|
|
|
7.0 |
|
Other |
|
|
(5.6 |
) |
|
|
(3.6 |
) |
Net cash (used in) investing activities |
|
|
(69.7 |
) |
|
|
(51.2 |
) |
|
|
|
|
|
|
|
|
|
Net change in long-term debt |
|
|
(300.0 |
) |
|
|
- |
|
Net change in short-term debt |
|
|
(71.6 |
) |
|
|
(250.4 |
) |
Payment of cash dividends |
|
|
(185.8 |
) |
|
|
(177.7 |
) |
Proceeds from stock option exercises |
|
|
26.9 |
|
|
|
89.1 |
|
Purchase of treasury stock |
|
|
(54.9 |
) |
|
|
- |
|
Payment of business acquisition liabilities |
|
|
- |
|
|
|
(14.5 |
) |
Deferred financing and other |
|
|
- |
|
|
|
(0.2 |
) |
Net cash (used in) financing activities |
|
|
(585.4 |
) |
|
|
(353.7 |
) |
|
|
|
|
|
|
|
|
|
F/X impact on cash |
|
|
(1.6 |
) |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
$ |
(3.1 |
) |
|
$ |
393.4 |
|
2021 and 2020 Product |
|||||||||||
|
Three Months Ended |
|
|
Percent
|
|
||||||
|
|
|
|
|
|
|
|
||||
Household Products |
$ |
535.5 |
|
|
$ |
501.4 |
|
|
|
6.8 |
% |
Personal Care Products |
|
462.6 |
|
|
|
453.2 |
|
|
|
2.1 |
% |
Consumer Domestic |
$ |
998.1 |
|
|
$ |
954.6 |
|
|
|
4.6 |
% |
|
|
227.0 |
|
|
|
213.6 |
|
|
|
6.3 |
% |
Total Consumer |
$ |
1,225.1 |
|
|
$ |
1,168.2 |
|
|
|
4.9 |
% |
Specialty Products Division |
|
86.3 |
|
|
|
72.8 |
|
|
|
18.5 |
% |
Total |
$ |
1,311.4 |
|
|
$ |
1,241.0 |
|
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
Percent
|
|
||||||
|
|
|
|
|
|
|
|
||||
Household Products |
$ |
1,553.7 |
|
|
$ |
1,540.4 |
|
|
|
0.9 |
% |
Personal Care Products |
|
1,346.5 |
|
|
|
1,236.3 |
|
|
|
8.9 |
% |
Consumer Domestic |
$ |
2,900.2 |
|
|
$ |
2,776.7 |
|
|
|
4.4 |
% |
|
|
670.2 |
|
|
|
599.7 |
|
|
|
11.8 |
% |
Total Consumer |
$ |
3,570.4 |
|
|
$ |
3,376.4 |
|
|
|
5.7 |
% |
Specialty Products Division |
|
251.0 |
|
|
|
224.1 |
|
|
|
12.0 |
% |
Total |
$ |
3,821.4 |
|
|
$ |
3,600.5 |
|
|
|
6.1 |
% |
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 and Adjusted Operating Profit Margin:
This press release also presents adjusted income from operations and adjusted operating profit margin, namely income from operations calculated in accordance with GAAP and as a percentage of revenue, each, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that these metrics provide investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year income from operations compared to our revenue.
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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Three Months Ended |
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|
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|
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Total |
|
|
Worldwide |
|
|
Consumer |
|
|
Consumer |
|
|
Specialty |
|
|||||
|
Company |
|
|
Consumer |
|
|
Domestic |
|
|
International |
|
|
Products |
|
|||||
Reported Sales Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX / Other |
- |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|||||
Divestitures |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Sales Growth |
|
|
|
|
|
|
|
|
|
|
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|
|
|
|||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Nine Months Ended |
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|
|
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|
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|
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|
|
Total |
|
|
Worldwide |
|
|
Consumer |
|
|
Consumer |
|
|
Specialty |
|
|||||
|
Company |
|
|
Consumer |
|
|
Domestic |
|
|
International |
|
|
Products |
|
|||||
Reported Sales Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX / Other |
- |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|||||
Divestitures |
|
|
|
|
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|
|
|
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|
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|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Sales Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
||||||||||||||||||||
(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 |
$ |
116.9 |
|
|
|
8.9 |
% |
|
$ |
120.5 |
|
|
|
9.7 |
% |
|
|
-80 |
|
bps |
Flawless Earn-Out Adjustment |
|
41.0 |
|
|
|
3.1 |
% |
|
|
51.0 |
|
|
|
4.1 |
% |
|
|
-100 |
|
bps |
SG&A - Adjusted (non-GAAP) |
$ |
157.9 |
|
|
|
12.0 |
% |
|
$ |
171.5 |
|
|
|
13.8 |
% |
|
|
-180 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
Adjusted Income From Operations |
|
|
|
|
% of NS |
|
|
|
|
|
|
% of NS |
|
|
|
|
|
|
||
Income From Operations - Reported |
$ |
301.4 |
|
|
|
23.0 |
% |
|
$ |
273.8 |
|
|
|
22.0 |
% |
|
|
100 |
|
bps |
Flawless Earn-Out Adjustment |
|
-41.0 |
|
|
|
-3.1 |
% |
|
|
-51.0 |
|
|
|
-4.1 |
% |
|
|
100 |
|
bps |
Income From Operations - Adjusted |
$ |
260.4 |
|
|
|
19.9 |
% |
|
$ |
222.8 |
|
|
|
17.9 |
% |
|
|
200 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
Adjusted Diluted Earnings Per Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share - Reported |
$ |
0.92 |
|
|
|
|
|
|
$ |
0.85 |
|
|
|
|
|
|
|
8.2 |
% |
|
Flawless Earn-Out Adjustment |
|
-0.12 |
|
|
|
|
|
|
|
-0.15 |
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
0.80 |
|
|
|
|
|
|
$ |
0.70 |
|
|
|
|
|
|
|
14.3 |
% |
|
Reported and Organic Forecasted Sales Reconciliation |
|
||||||
|
|
|
|
|
|
|
|
|
For the Quarter |
|
|
For the Year |
|
||
|
Ended |
|
|
Ended |
|
||
|
|
|
|
|
|
||
Reported Sales Growth |
|
|
|
|
|
||
Less: Acquisition |
- |
|
|
- |
|
||
Add: FX / Other |
|
|
|
- |
|
||
|
|
|
|
|
|
|
|
Organic Sales Growth |
|
|
|
|
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211029005124/en/
Chief Financial Officer
609-806-1200
Source:
FAQ
What were Church & Dwight's Q3 2021 sales figures?
What is the adjusted EPS for Church & Dwight in Q3 2021?
How has Hurricane Ida affected Church & Dwight's operations?
What is the full-year sales growth projection for Church & Dwight?
What actions is Church & Dwight taking regarding stock repurchase?
