Church & Dwight Reports Q3 2024 Results
Church & Dwight (CHD) reported strong Q3 2024 results with net sales growing 3.8% to $1,510.6 million and organic sales up 4.3%. The company experienced volume growth of 3.1% and positive product mix and pricing of 1.2%. While reporting a loss per share of -$0.31 due to non-cash asset impairment charges in the vitamin business, adjusted EPS increased 6.8% to $0.79.
The company's full-year outlook projects net sales growth of 3.5%, organic sales growth of 4.0%, and adjusted gross margin expansion of 110 basis points. Cash from operations is expected to reach approximately $1.1 billion. The company recorded a $357.1 million non-cash impairment charge related to its vitamin business.
Church & Dwight (CHD) ha riportato risultati robusti per il terzo trimestre del 2024, con vendite nette in crescita del 3,8% a $1.510,6 milioni e vendite organiche aumentate del 4,3%. L'azienda ha registrato una crescita del volume del 3,1% insieme a una combinazione e prezzi dei prodotti positivi pari all'1,2%. Sebbene abbia comunicato una perdita per azione di -$0,31 a causa di oneri non monetari per impairment di beni nel settore delle vitamine, l'utile per azione rettificato è aumentato del 6,8% a $0,79.
Le proiezioni per l'intero anno dell'azienda prevedono una crescita delle vendite nette del 3,5%, una crescita delle vendite organiche del 4,0% e un'espansione del margine lordo rettificato di 110 punti base. Si prevede che il cash flow operativo raggiunga circa $1,1 miliardo. L'azienda ha registrato un onere per impairment non monetario di $357,1 milioni relativo al proprio business delle vitamine.
Church & Dwight (CHD) reportó resultados sólidos en el tercer trimestre de 2024, con ventas netas que crecieron un 3,8% hasta $1,510.6 millones y ventas orgánicas que aumentaron un 4,3%. La empresa experimentó un crecimiento en volumen del 3,1% y una mezcla de productos y precios positivos del 1,2%. Aunque reportó una pérdida por acción de -$0,31 debido a cargos por deterioro de activos no monetarios en el negocio de vitaminas, el BPA ajustado aumentó un 6,8% hasta $0,79.
Las perspectivas para todo el año de la compañía proyectan un crecimiento en ventas netas del 3,5%, un crecimiento en ventas orgánicas del 4,0% y una expansión del margen bruto ajustado de 110 puntos básicos. Se espera que el flujo de efectivo de las operaciones alcance aproximadamente $1.1 mil millones. La empresa registró un cargo por deterioro no monetario de $357,1 millones relacionado con su negocio de vitaminas.
Church & Dwight (CHD)는 2024년 3분기 강력한 실적을 보고했으며, 순매출이 3.8% 증가하여 15억 1,060만 달러에 달하고 유기적 판매가 4.3% 상승했습니다. 회사는 3.1%의 판매량 증가와 1.2%의 긍정적인 제품 혼합 및 가격을 경험했습니다. 비타민 사업에서 비현금 자산 손상 비용으로 인해 주당 손실이 -$0.31로 보고되었으나, 조정된 주당 순이익(EPS)은 6.8% 증가하여 $0.79에 달했습니다.
회사의 전년 전망은 순매출이 3.5% 성장할 것으로 예상하며, 유기적 판매 성장은 4.0%, 조정된 총 마진은 110 베이시스 포인트 확장이 예상됩니다. 운영 현금 흐름은 약 11억 달러에 이를 것으로 보입니다. 회사는 비타민 사업과 관련하여 3억 5,710만 달러의 비현금 손상 비용을 기록했습니다.
Church & Dwight (CHD) a déclaré de solides résultats pour le troisième trimestre de 2024, avec des ventes nets en hausse de 3,8% à 1 510,6 millions de dollars et des ventes organiques en hausse de 4,3%. L'entreprise a connu une croissance du volume de 3,1% et une combinaison et des prix de produits positifs de 1,2%. Bien qu'elle ait enregistré une perte par action de -0,31 dollar en raison de charges pour dépréciation d'actifs non monétaires dans le secteur des vitamines, le bénéfice par action ajusté a augmenté de 6,8% pour atteindre 0,79 dollar.
Les prévisions pour l'ensemble de l'année de l'entreprise prévoient une croissance des ventes nettes de 3,5%, une croissance des ventes organiques de 4,0% et une expansion de la marge brute ajustée de 110 points de base. Les flux de trésorerie d'exploitation devraient atteindre environ 1,1 milliard de dollars. L'entreprise a enregistré une charge de dépréciation non monétaire de 357,1 millions de dollars liée à son activité de vitamines.
Church & Dwight (CHD) berichtete für das dritte Quartal 2024 von starken Ergebnissen, mit einem Umsatzwachstum von 3,8% auf 1.510,6 Millionen Dollar und organischem Umsatzwachstum von 4,3%. Das Unternehmen verzeichnete ein Volumenwachstum von 3,1% sowie eine positive Produktmischung und Preisgestaltung von 1,2%. Während ein Verlust pro Aktie von -0,31 Dollar aufgrund von nicht zahlungswirksamen Vermögensabschreibungen im Vitamingeschäft berichtet wurde, stieg das bereinigte Ergebnis je Aktie um 6,8% auf 0,79 Dollar.
Die Gesamtjahresprognose des Unternehmens erwartet ein Umsatzwachstum von 3,5%, ein organisches Umsatzwachstum von 4,0% und eine Expansion der bereinigten Bruttomarge um 110 Basispunkte. Der Cashflow aus operativer Tätigkeit wird voraussichtlich bei etwa 1,1 Milliarden Dollar liegen. Das Unternehmen verzeichnete eine nicht zahlungswirksame Abschreibung von 357,1 Millionen Dollar im Zusammenhang mit seinem Vitamingeschäft.
- Net sales increased 3.8% to $1,510.6 million
- Organic sales growth of 4.3% with strong volume growth of 3.1%
- Adjusted gross margin expanded by 60 basis points
- Strong cash flow generation with YTD operating cash flow of $863.9 million
- International division grew organic sales by 8.1%
- Online sales reached 20.7% of total consumer sales
- $357.1 million non-cash impairment charge in vitamin business
- Reported loss per share of -$0.31
- Specialty Products Division sales declined 8.0%
- Revised full-year reported EPS outlook to -23% decline (previously +12-13%)
Insights
Church & Dwight delivered a strong Q3 with
The company's financial health remains robust with
The outlook remains positive with full-year organic growth projected at
Church & Dwight's market performance shows resilience in challenging conditions. Digital sales now represent
New product innovations like ARM & HAMMER Deep Clean and POWER SHEETS demonstrate strategic positioning in premium and eco-friendly segments. HERO continues to lead the acne patch market, while THERABREATH's expansion into antiseptic mouthwash targets a significant market opportunity.
The increased marketing investment of
2024 Third Quarter Results
-
Net Sales +
3.8% : Domestic +3.3% , Int’l +9.5% , SPD -8.0% -
Organic Sales¹ +
4.3% : Domestic +3.3% , Int’l +8.1% , SPD +7.5% - Adjusted Gross Margin¹ +60 bps
-
Reported Loss per Share -
, Adjusted EPS$0.31 ¹$0.79 -
YTD Cash from Operations of
$863.9 million
2024 Full Year Outlook
-
Net Sales +
3.5% ; Organic Sales +4.0% ¹ - Adjusted Gross Margin expansion +110 bps (prior 100-110 bps)
-
Reported Loss per share -
23% (prior EPS +12-13% ) -
Adjusted EPS +
8% ¹ -
Cash from Operations
~ (previously$1.1 billion )$1.08 billion
Matthew Farrell, Chief Executive Officer, commented, “We are pleased to deliver another quarter of strong results. Our outstanding Q3 results reflect the strength of our brands, the success of our new products, and our continued focus on execution. Volume was the primary driver of organic growth, which we expect to continue in Q4. We increased the investment in our brands in the quarter. Marketing as a percent of sales increased 80 basis points driving consumption and share gains. Global online sales grew to
“All three of our businesses delivered strong organic growth in the quarter. The Domestic Division grew
Reported gross margin expanded by 80 basis points and adjusted gross margin expanded by 60 basis points. Reported loss per share was -
Third Quarter Review
Consumer Domestic net sales were
Consumer International net sales were
Specialty Products net sales were
Gross margin increased 80 basis points to
Marketing expense was
Selling, general, and administrative expense (SG&A) was
Income from Operations was a loss of
Other Expense decreased
There was a tax benefit in Q3 of
Operating Cash Flow
For the first nine months of 2024, cash from operations was
At September 30, 2024, cash on hand was
Intangible Asset Impairment
During the third quarter, the Company recorded non-cash impairment charges of
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.
“ARM & HAMMER™ Laundry launched Deep Clean™ Liquid and Deep Clean Unit Dose Laundry Detergent, our most premium ARM & HAMMER laundry detergent, entering the mid-tier of the category and delivering a superior clean at the right value.
“ARM & HAMMER™ Laundry 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 expanded nationally in 2024. This plant-based litter is lightweight and creates virtually indestructible clumps for no-mess scooping. We expect this new litter to enable ARM & HAMMER to capture a greater share of the lightweight litter category.
“THERABREATH™, the #1 alcohol-free mouthwash brand, has entered the antiseptic segment (
“BATISTE™, the global 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 that release a burst of fragrance when sweating or touching your hair.
“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, “In an uncertain consumer environment, we completed an exceptional nine months delivering strong sales and volume growth, gross margin expansion, and earnings growth. We remain focused on execution and offering products to consumers that provide high performance at a great value. We are thrilled with the success of our new product launches. Our full year outlook continues to reflect strong growth across all key measures, including reported and organic sales, volume, gross margin expansion, operating income and cash flow.
“While US consumption in our categories improved slightly in September and October, we remain cautious regarding the US consumer and category growth rates for Q4. We continue to expect full year reported sales to be approximately
“We are raising our outlook for full year adjusted gross margin expansion to approximately 110 basis points versus 2023 (previously 100-110 basis points). We continue to expect carryover pricing, improved mix, higher volume and productivity to offset higher manufacturing costs.
“We will continue to invest behind our brands in support of our innovations to drive consumption and share gains leading into 2025 and now expect marketing as a percentage of sales to be above
“As in past years, when we have strong business performance, we invest for the future. Our Q4 investments will focus on driving future growth with higher marketing and SG&A investments. This incremental investment spending will enable us to enter 2025 with momentum.
“We now expect full year reported EPS to decline approximately
“Cash flow from operations is now expected to be approximately
“We expect 2024 capital expenditures of approximately
“For Q4, we expect reported sales growth of approximately
¹ Organic Sales, Adjusted Gross Margin, Adjusted SG&A, Adjusted Income from Operations, Adjusted Other Income (Expense), 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 third quarter 2024 results on November 1, 2024, at 10:00 a.m. (ET). The webcast will be broadcast online at https.//investor.churchdwight.com/investors/news-events. It will also be available for replay from November 1, 2024, to November 8, 2024.
Church & Dwight Co., Inc. (NYSE: CHD) founded in 1846, is the leading
Church & Dwight has a 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 2023 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 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; 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,” “outlook,” “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; 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 response plans; 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 (Loss) Income (Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
(In millions, except per share data) |
September 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
||||
Net Sales |
$ |
1,510.6 |
|
|
$ |
1,455.9 |
|
|
$ |
4,525.1 |
|
|
$ |
4,339.9 |
|
Cost of sales |
|
827.5 |
|
|
|
809.6 |
|
|
|
2,442.9 |
|
|
|
2,432.7 |
|
Gross Profit |
|
683.1 |
|
|
|
646.3 |
|
|
|
2,082.2 |
|
|
|
1,907.2 |
|
Marketing expenses |
|
185.8 |
|
|
|
167.8 |
|
|
|
490.2 |
|
|
|
422.3 |
|
Selling, general and administrative expenses |
|
231.7 |
|
|
|
222.7 |
|
|
|
684.5 |
|
|
|
643.6 |
|
Tradename and other asset impairments |
|
357.1 |
|
|
|
0.0 |
|
|
|
357.1 |
|
|
|
0.0 |
|
(Loss) Income from Operations |
|
(91.5 |
) |
|
|
255.8 |
|
|
|
550.4 |
|
|
|
841.3 |
|
Equity in earnings of affiliates |
|
3.0 |
|
|
|
1.7 |
|
|
|
7.2 |
|
|
|
8.1 |
|
Other income (expense), net |
|
(12.9 |
) |
|
|
(23.5 |
) |
|
|
(54.4 |
) |
|
|
(77.2 |
) |
(Loss) Income before Income Taxes |
|
(101.4 |
) |
|
|
234.0 |
|
|
|
503.2 |
|
|
|
772.2 |
|
Income taxes |
|
(26.3 |
) |
|
|
56.5 |
|
|
|
107.1 |
|
|
|
170.3 |
|
Net (Loss) Income |
$ |
(75.1 |
) |
|
$ |
177.5 |
|
|
$ |
396.1 |
|
|
$ |
601.9 |
|
Net (Loss) Income per share - Basic |
$ |
(0.31 |
) |
|
$ |
0.72 |
|
|
$ |
1.62 |
|
|
$ |
2.46 |
|
Net (Loss) Income per share - Diluted |
$ |
(0.31 |
) |
|
$ |
0.71 |
|
|
$ |
1.61 |
|
|
$ |
2.43 |
|
Dividends per share |
$ |
0.28 |
|
|
$ |
0.27 |
|
|
$ |
0.85 |
|
|
$ |
0.82 |
|
Weighted average shares outstanding - Basic |
|
244.6 |
|
|
|
246.0 |
|
|
|
244.1 |
|
|
|
244.9 |
|
Weighted average shares outstanding - Diluted |
|
244.6 |
|
|
|
248.7 |
|
|
|
246.7 |
|
|
|
247.8 |
|
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) |
||||||||
(Dollars in millions) |
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
Assets |
|
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
|
||
Cash and Cash Equivalents |
|
$ |
752.1 |
|
|
$ |
344.5 |
|
Accounts Receivable |
|
|
555.3 |
|
|
|
526.9 |
|
Inventories |
|
|
658.5 |
|
|
|
613.3 |
|
Other Current Assets |
|
|
50.8 |
|
|
|
45.0 |
|
Total Current Assets |
|
|
2,016.7 |
|
|
|
1,529.7 |
|
Property, Plant and Equipment (Net) |
|
|
915.3 |
|
|
|
927.7 |
|
Equity Investment in Affiliates |
|
|
12.0 |
|
|
|
12.0 |
|
Trade Names and Other Intangibles |
|
|
2,919.7 |
|
|
|
3,302.3 |
|
Goodwill |
|
|
2,433.3 |
|
|
|
2,431.5 |
|
Other Long-Term Assets |
|
|
369.2 |
|
|
|
366.0 |
|
Total Assets |
|
$ |
8,666.2 |
|
|
$ |
8,569.2 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
||
Short-Term Debt |
|
$ |
3.4 |
|
|
$ |
3.9 |
|
Current portion of Long-Term debt |
|
0.0 |
|
|
$ |
199.9 |
|
|
Other Current Liabilities |
|
|
1,243.2 |
|
|
|
1,218.2 |
|
Total Current Liabilities |
|
|
1,246.6 |
|
|
|
1,422.0 |
|
Long-Term Debt |
|
|
2,208.2 |
|
|
|
2,202.2 |
|
Other Long-Term Liabilities |
|
|
1,017.7 |
|
|
|
1,089.6 |
|
Stockholders’ Equity |
|
|
4,193.7 |
|
|
|
3,855.4 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
8,666.2 |
|
|
$ |
8,569.2 |
|
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flow (Unaudited) |
|||||||||
|
|
|
Nine Months Ended |
|
|||||
(Dollars in millions) |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||
|
|
|
|
|
|
|
|
||
Net Income |
|
|
$ |
396.1 |
|
|
$ |
601.9 |
|
|
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
|
177.4 |
|
|
|
166.9 |
|
Deferred income taxes |
|
|
|
(92.0 |
) |
|
|
(6.0 |
) |
Tradename and other asset impairments |
|
|
|
357.1 |
|
|
0.0 |
|
|
Non-cash compensation |
|
|
|
50.6 |
|
|
|
51.5 |
|
Other |
|
|
|
7.1 |
|
|
|
1.0 |
|
Subtotal |
|
|
|
896.3 |
|
|
|
815.3 |
|
|
|
|
|
|
|
|
|
||
Changes in assets and liabilities: |
|
|
|
|
|
|
|
||
Accounts receivable |
|
|
|
(25.9 |
) |
|
|
(37.4 |
) |
Inventories |
|
|
|
(35.0 |
) |
|
|
(24.5 |
) |
Other current assets |
|
|
|
4.0 |
|
|
|
11.2 |
|
Accounts payable |
|
|
|
88.0 |
|
|
|
(10.1 |
) |
Accrued expenses |
|
|
|
(42.3 |
) |
|
|
42.1 |
|
Income taxes payable |
|
|
|
(5.0 |
) |
|
|
9.3 |
|
Other |
|
|
|
(16.2 |
) |
|
|
(10.8 |
) |
Net cash from operating activities |
|
|
|
863.9 |
|
|
|
795.1 |
|
|
|
|
|
|
|
|
|
||
Capital expenditures |
|
|
|
(125.2 |
) |
|
|
(121.5 |
) |
Acquisition |
|
|
|
(19.9 |
) |
|
0.0 |
|
|
Proceeds from sale of assets |
|
|
|
6.6 |
|
|
0.0 |
|
|
Other |
|
|
|
0.4 |
|
|
|
(6.9 |
) |
Net cash (used in) investing activities |
|
|
|
(138.1 |
) |
|
|
(128.4 |
) |
|
|
|
|
|
|
|
|
||
Net change in long-term debt |
|
|
|
(200.2 |
) |
|
|
(200.0 |
) |
Net change in short-term debt |
|
|
0.0 |
|
|
|
(70.6 |
) |
|
Payment of cash dividends |
|
|
|
(207.4 |
) |
|
|
(199.9 |
) |
Proceeds from stock option exercises |
|
|
|
90.3 |
|
|
|
107.6 |
|
Deferred financing and other |
|
|
|
(1.0 |
) |
|
|
(0.1 |
) |
Net cash (used in) financing activities |
|
|
|
(318.3 |
) |
|
|
(363.0 |
) |
|
|
|
|
|
|
|
|
||
F/X impact on cash |
|
|
|
0.1 |
|
|
|
(0.7 |
) |
|
|
|
|
|
|
|
|
||
Net change in cash and cash equivalents |
|
|
$ |
407.6 |
|
|
$ |
303.0 |
|
2024 and 2023 Product Line Net Sales |
|||||||||||
|
Three Months Ended |
|
|
Percent |
|
||||||
|
9/30/2024 |
|
|
9/30/2023 |
|
|
Change |
|
|||
Household Products |
$ |
637.4 |
|
|
$ |
636.2 |
|
|
|
0.2 |
% |
Personal Care Products |
|
533.4 |
|
|
|
496.9 |
|
|
|
7.3 |
% |
Consumer Domestic |
$ |
1,170.8 |
|
|
$ |
1,133.1 |
|
|
|
3.3 |
% |
Consumer International |
|
267.7 |
|
|
|
244.4 |
|
|
|
9.5 |
% |
Total Consumer Net Sales |
$ |
1,438.5 |
|
|
$ |
1,377.5 |
|
|
|
4.4 |
% |
Specialty Products Division |
|
72.1 |
|
|
|
78.4 |
|
|
|
-8.0 |
% |
Total Net Sales |
$ |
1,510.6 |
|
|
$ |
1,455.9 |
|
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|||
|
Nine Months Ended |
|
|
Percent |
|
||||||
|
9/30/2024 |
|
|
9/30/2023 |
|
|
Change |
|
|||
Household Products |
$ |
1,929.5 |
|
|
$ |
1,857.0 |
|
|
|
3.9 |
% |
Personal Care Products |
|
1,577.1 |
|
|
|
1,521.2 |
|
|
|
3.7 |
% |
Consumer Domestic |
$ |
3,506.6 |
|
|
$ |
3,378.2 |
|
|
|
3.8 |
% |
Consumer International |
|
786.4 |
|
|
|
716.9 |
|
|
|
9.7 |
% |
Total Consumer Net Sales |
$ |
4,293.0 |
|
|
$ |
4,095.1 |
|
|
|
4.8 |
% |
Specialty Products Division |
|
232.1 |
|
|
|
244.8 |
|
|
|
-5.2 |
% |
Total Net Sales |
$ |
4,525.1 |
|
|
$ |
4,339.9 |
|
|
|
4.3 |
% |
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 Gross Margin:
This press release provides information regarding adjusted gross margin, namely gross margin 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 gross margin.
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 Other Income (expense):
This press release also presents adjusted other income (expense), namely other income (expense) 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 other income (expense).
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.
|
|||||||||
CHURCH & DWIGHT CO., INC. Organic Sales |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended 9/30/2024 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Total |
|
Worldwide |
|
Consumer |
|
Consumer |
|
Specialty |
|
Company |
|
Consumer |
|
Domestic |
|
International |
|
Products |
Reported Sales Growth |
|
|
|
|
|
|
|
|
- |
Less: |
|
|
|
|
|
|
|
|
|
Acquisitions |
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
FX / Other |
|
|
|
|
|
|
|
|
|
Divestitures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Sales Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended 9/30/2024 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
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 Gross Margin Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross Margin - Reported |
$ |
683.1 |
|
|
|
45.2 |
% |
|
$ |
646.3 |
|
|
|
44.4 |
% |
|
|
80 |
|
bps |
Tariff Ruling |
|
(3.2 |
) |
|
|
-0.2 |
% |
|
|
0.0 |
|
|
|
0.0 |
% |
|
|
-20 |
|
bps |
Gross Margin - Adjusted (non-GAAP) |
$ |
679.9 |
|
|
|
45.0 |
% |
|
$ |
646.3 |
|
|
|
44.4 |
% |
|
|
60 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
|
|
|
|
% of NS |
|
|
|
|
|
% of NS |
|
|
|
|
|
|||||
Adjusted SG&A Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SG&A - Reported |
$ |
231.7 |
|
|
|
15.3 |
% |
|
$ |
222.7 |
|
|
|
15.3 |
% |
|
|
0 |
|
bps |
Hero Restricted Stock |
|
(4.8 |
) |
|
|
-0.3 |
% |
|
|
(7.3 |
) |
|
|
-0.5 |
% |
|
|
20 |
|
bps |
SG&A - Adjusted (non-GAAP) |
$ |
226.9 |
|
|
|
15.0 |
% |
|
$ |
215.4 |
|
|
|
14.8 |
% |
|
|
20 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
Adjusted Income From Operations |
|
|
|
% of NS |
|
|
|
|
|
% of NS |
|
|
|
|
|
|||||
(Loss) Income From Operations - Reported |
$ |
(91.5 |
) |
|
|
-6.1 |
% |
|
$ |
255.8 |
|
|
|
17.6 |
% |
|
|
-2370 |
|
bps |
Hero Restricted Stock |
|
4.8 |
|
|
|
0.3 |
% |
|
|
7.3 |
|
|
|
0.5 |
% |
|
|
-20 |
|
bps |
Tradename and other asset impairments |
|
357.1 |
|
|
|
23.7 |
% |
|
|
0.0 |
|
|
|
0.0 |
% |
|
|
2370 |
|
bps |
Tariff Ruling |
|
(3.2 |
) |
|
|
-0.2 |
% |
|
|
0.0 |
|
|
|
0.0 |
% |
|
|
-20 |
|
bps |
Income From Operations - Adjusted (non-GAAP) |
$ |
267.2 |
|
|
|
17.7 |
% |
|
$ |
263.1 |
|
|
|
18.1 |
% |
|
|
-40 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
Adjusted Other Expense |
|
|
|
% of NS |
|
|
|
|
|
% of NS |
|
|
|
|
|
|||||
Other income (expense), net |
$ |
(9.9 |
) |
|
|
-0.7 |
% |
|
$ |
(21.8 |
) |
|
|
-1.5 |
% |
|
|
80 |
|
bps |
Tariff Ruling |
|
(4.6 |
) |
|
|
-0.3 |
% |
|
|
- |
|
|
|
0.0 |
% |
|
|
-30 |
|
bps |
Other income (expense) - Adjusted (non-GAAP) |
$ |
(14.5 |
) |
|
|
-1.0 |
% |
|
$ |
(21.8 |
) |
|
|
-1.5 |
% |
|
|
50 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
Adjusted Diluted Earnings Per Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted (Loss) Earnings Per Share - Reported |
$ |
(0.31 |
) |
|
|
|
|
$ |
0.71 |
|
|
|
|
|
|
-143.7 |
% |
|
||
Hero Restricted Stock |
|
0.02 |
|
|
|
|
|
|
0.03 |
|
|
|
|
|
|
|
|
|||
Tradename and other asset impairments |
|
1.10 |
|
|
|
|
|
|
0.0 |
|
|
|
|
|
|
|
|
|||
Tariff Ruling |
|
(0.02 |
) |
|
|
|
|
|
0.0 |
|
|
|
|
|
|
|
|
|||
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
0.79 |
|
|
|
|
|
$ |
0.74 |
|
|
|
|
|
|
6.8 |
% |
|
||
Reported and Organic Forecasted Sales Reconciliation |
|||
|
|
|
|
|
For the Quarter |
|
For the Year |
|
Ended |
|
Ended |
|
December 31, 2024 |
|
December 31, 2024 |
Reported Sales Growth |
1.5 |
|
|
Acquisition |
- |
|
- |
Divestiture/Other |
|
|
|
FX |
- |
|
|
|
|
|
|
Organic Sales Growth |
2 |
|
|
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|
|||
Adjusted Diluted Earnings Per Share Reconciliation (Forecasted) |
|
|
|
|
|
|
|
|
|||
Diluted Earnings Per Share - Reported |
$ |
0.75 |
|
|
$ |
0.62 |
|
|
|
21 |
% |
Hero Restricted Stock |
|
0.01 |
|
|
|
0.03 |
|
|
|
|
|
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
0.76 |
|
|
$ |
0.65 |
|
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
For the year ended
|
|
|
For the year ended
|
|
|
Change |
|
|||
Adjusted Diluted Earnings Per Share Reconciliation (Forecasted) |
|
|
|
|
|
|
|
|
|||
Diluted Earnings Per Share - Reported |
$ |
2.35 |
|
|
$ |
3.05 |
|
|
|
-23 |
% |
Hero Restricted Stock |
|
0.08 |
|
|
|
0.12 |
|
|
|
|
|
Tradename and other asset impairments |
|
1.10 |
|
|
0.00 |
|
|
|
|
||
Tariff Ruling |
|
(0.10 |
) |
|
0.00 |
|
|
|
|
||
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
3.43 |
|
|
$ |
3.17 |
|
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241101220252/en/
Rick Dierker
Chief Financial Officer
609-806-1200
Source: Church & Dwight Co., Inc.
FAQ
What was Church & Dwight's (CHD) Q3 2024 net sales growth?
Why did Church & Dwight (CHD) report a loss in Q3 2024?
What is Church & Dwight's (CHD) full-year 2024 sales outlook?