2023 Second Quarter Results
- Net Sales +9.7%: Domestic +12.3%, Int’l +4.9 %, SPD -6.5%
- Organic sales¹ +5.4%: Domestic +6.3%, Int’l +6.1%, SPD
-6.5%
- Gross Margin +270 bps
- Reported EPS $0.89, Adjusted EPS $0.92, +21.1% ¹
2023 Full Year Outlook
- Net Sales raised to ~+8%; Organic Sales raised to ~+5%¹
- Gross Margin expansion raised to ~+200 bps
- Reported EPS raised to +80%, Adjusted EPS raised to $3.15,
+6%¹
- Cash from operations raised to ~$1.0 billion
Church & Dwight Co., Inc. (NYSE: CHD) today announced the
Company exceeded its outlook with stronger than expected sales
growth and gross margin expansion. In the second quarter net sales
grew 9.7% to $1,454.2 million and gross margin expanded by 270
basis points. The Company continues to experience strong consumer
demand across its portfolio. Organic sales grew 5.4% driven by
positive product mix and pricing of 5.8% while volume was down
slightly but exceeded expectations.
Matthew Farrell, Chief Executive Officer, commented, “Our Q2
results reflect the strength of our brands and our continued focus
on execution. Consumer demand for our products and improved case
fill is resulting in strong revenue growth. Our domestic brands
grew consumption in 11 of 17 categories in which we compete. The
trade down to value laundry detergent continued as ARM &
HAMMER™ liquid detergent experienced strong consumption growth and
share gains in Q2. Global online sales continued to grow and as a
percentage of total consumer sales were 18% in Q2.
“Our recent acquisitions, THERABREATH™ mouthwash and the HERO™
brand, the maker of MIGHTY PATCH™ acne care products, both
experienced high consumption growth and grew market share.
Quarterly consumption for THERABREATH doubled and HERO consumption
increased 65% compared to the prior year quarter. Both businesses
are rapidly gaining new distribution at retail, with THERABREATH
more than doubling and the HERO brand tripling distribution since
we acquired these businesses.
“Organic revenue growth for the International Division was
strong, driven by growth in all of our country subsidiaries and our
Global Markets Group. The International Division is once again
proving to be a growth engine for the Company after a challenging
year in 2022.
“We were especially pleased as gross margin in the quarter
expanded with productivity, pricing, and strong contributions from
higher margin acquisitions offsetting inflation.
“Second quarter 2023 Reported EPS was $0.89; an increase of
17.1% compared to 2022 Reported EPS. Second quarter Adjusted EPS
was $0.92; an increase of 21.1% versus prior year. Second quarter
Adjusted EPS exceeded the Company’s outlook of $0.78 driven by
higher sales, higher than expected gross margin and a lower tax
rate. Finally, strong sales and gross profit growth, margin
expansion and working capital management were all key drivers of
our strong cash flow generation in the second quarter."
Second Quarter Review
Consumer Domestic net sales were $1,128.2 million, a
$123.5 million or 12.3% increase versus prior year driven by both
household and personal care sales growth. Organic sales increased
6.3% due to price and product mix (+6.5%), slightly offset by
volume (-0.2%). Growth was led by THERABREATH mouthwash, ARM &
HAMMER™ Cat Litter, ARM & HAMMER™ Liquid Detergent, and ARM
& HAMMER™ unit dose laundry detergent, partially offset by
declines in FLAWLESS™, WATERPIK™ and FIRST RESPONSE™. ARM &
HAMMER liquid detergent, ARM & HAMMER Unit Dose and ARM &
HAMMER scent boosters all grew dollars and volume once again in Q2.
ARM & HAMMER litter consumption grew double digits and outpaced
the category.
Consumer International net sales were $241.9 million, an
$11.4 million or 4.9% increase versus prior year. Foreign currency
exchange rates negatively impacted sales by (-1.2%). Organic sales
increased 6.1% due to a combination of higher price and product mix
(+5.5%) and higher volume (+0.6%). Q2 organic sales were primarily
driven by BATISTE™, STERIMAR™, OXICLEAN™ and WATERPIK™.
Specialty Products net sales were $84.1 million, a $5.8
million or 6.5% decrease versus prior year. Organic sales decreased
6.5% due to lower volume (-4.2%) and lower pricing/mix (-2.3%)
driven by the dairy business as low-priced imports returned to the
US market.
Gross margin increased 270 basis points to 43.9% due to
improved pricing, productivity, and the impact of the HERO
acquisition, net of the impact of higher manufacturing costs.
Marketing expense was $132.2 million, which was $29.3
million higher than prior year. Marketing expense as a percentage
of net sales increased 130 basis points to 9.1%.
Selling, general, and administrative expense (SG&A)
was $213.1 million, including charges related to restricted stock
that was issued for the HERO acquisition of $7.3 million. Adjusted
SG&A was $205.81 million or 14.2% of net sales, a 60 basis
points increase, primarily due to higher incentive compensation
which reflects improved business performance.
Income from Operations was $293.6 million. Adjusted
Income from Operations was $300.91 million or 20.6% of net sales,
up 80 basis points vs prior year.
Other Expense of $24.2 million increased $9.1 million
primarily due to higher interest expense resulting from higher
average interest rates on outstanding debt.
The effective tax rate decreased to 17.9% compared to
24.1% in 2022. The decrease is driven by a higher tax benefit from
stock option exercises.
Operating Cash Flow
For the first six months of 2023, cash from operating activities
was $509.2 million, an increase of $198.8 million due to higher
cash earnings including the positive impact from recent
acquisitions, and improvements in working capital. We now expect
full year cash flow from operations to be approximately $1.0
billion (previously $950 million). Capital expenditures for the
first six months were $63.2 million, a $24.4 million increase from
the prior year as capacity expansion projects proceed as
planned.
On June 30, 2023, cash on hand was $396.9 million, while total
debt was $2.4 billion.
2023 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 2023. We continue to differentiate our brands to
consumers via innovative products, packaging, and forms.
“ARM & HAMMER Litter has launched ARM & HAMMER
Hardball™, a transformational plant-based substrate that is
lightweight and creates virtually indestructible clumps for no-mess
scooping. Over time we expect this new litter will enable the
Company to capture a greater share of the lightweight litter
category.
“TROJAN™ is building on the success of the Raw™ franchise by
offering the new TROJAN Raw Non-Latex condom which is America’s
Thinnest Condom. The Raw innovation platform has been a driving
force to improving TROJAN market share.
“The THERABREATH brand, the fastest-growing brand in the
mouthwash category, is expanding into the kids segment with the
launch of three new fluoride mouthwashes. These products are
dentist-formulated, free of dyes, and have certified organic
flavor.
“NAIR™ has launched Prep & Smooth, a one-step solution that
preps the face for makeup application in a No-Touch, No-Mess
format.
“HERO continues to innovate in the acne treatment category.
Building on the success of its MIGHTY PATCH products, HERO is
launching MICROPOINT FOR BLEMISHES™ XL patches. The HERO Rescue
skin care line will also be expanding with the launch of Rescue
Retinol Nighttime Renewing Cream. These new products help to
provide gentle and effective solutions for issue-prone skin.
“BATISTE, a leader in the dry shampoo category, has launched
Overnight and Texturizing dry shampoos. Both products are designed
to tap into new usage occasions.”
Outlook for 2023
Mr. Farrell stated, “We have driven strong sales growth and
gross margin expansion through the first six months of the year,
and we expect to continue this trend in the second half.
Accordingly, the Company is raising the full year outlook for
Sales, Gross Margin, EPS, and Cash Flow, while funding significant
incremental investments in marketing and SG&A. This outlook
reflects strong operating fundamentals as full year adjusted
operating profit is expected to increase approximately 8%
(previously 6-8%). We now expect Reported EPS to be $3.03 and
Adjusted EPS to be $3.15 or a 6% increase (previously 2-4%).
“We now expect full year 2023 reported sales growth to be
approximately 8% (previously 6-7%) and organic sales growth to be
approximately 5% (previously 3-4%). We expect 2nd half reported
sales growth of approximately 6%. We now expect volume to be
positive in both the second half and full year. Our brand
investments, new product innovation, and successful execution are
all reasons that we expect up to 50% of organic growth to be volume
driven in the second half. This is impactful as 100% of organic
growth has been largely price driven over the last 24 months.”
Mr. Farrell continued, “We now expect full year gross margin to
expand approximately 200 basis points (previously 120 bps).
Compared to our previous outlook, we see commodity cost
favorability, higher productivity, and faster growth from our
higher margin recent acquisitions. Full year gross margin is also
benefitting from pricing, pack size changes and laundry
concentration. This is an encouraging trend as we are moving closer
to restoring gross margins to pre-COVID levels. We now expect a
double-digit percentage increase in gross profit in full year
2023.
“We are raising our full year EPS outlook, inclusive of
significant incremental investments in marketing and SG&A. We
intend to increase marketing as a percentage of net sales to 11.0%
(previous outlook 10.5%; 2022 was 10%) This represents an
incremental $30 million expense compared to our previous outlook.
In addition, SG&A is also increasing by an incremental $30
million compared to our previous forecast due to higher full year
incentive compensation and investments we are making for the long
term. As in past years, when we have strong business performance,
we invest for the future. In the back half of the year our
investments will focus in two areas. First is growth, with higher
marketing investment, R&D investment around new products and
accelerating product registrations in International markets. Second
would be driving efficiency, including investments in automation
and technology. Consequently, we expect second half EPS growth to
be flat, resulting in a full year outlook of 6% Adjusted EPS
growth.
“Other expense for 2023 is now expected to be approximately $100
million (previous outlook $110 million) and we now expect our tax
rate to approximate 22% (previously 23%).
“Cash flow from operations is now expected to be approximately
$1.0 billion (previously $950 million), an increase of 13% compared
to 2022. We continue to expect 2023 capital expenditures of
approximately $250 million as we make capacity investments for the
future. We expect annual Capex spending to return to historical
levels (approximately 2% of sales) in 2025. We continue to pursue
accretive acquisitions that meet our strict criteria, with an
emphasis on fast-moving consumable products, similar to our last 3
acquisitions (ZICAM, THERABREATH, and HERO).
“For Q3, we expect reported sales growth of approximately 8%,
organic sales growth of approximately 4% and gross margin expansion
driving double digit gross profit growth, which reflects a
continuation of the strong performance we have seen through the
first six months of the year. We expect a significant increase in
marketing spending and higher SG&A from higher incentive
compensation and investments for the future, as well as a higher
tax rate. As a result, we expect Reported EPS of $0.63 and Adjusted
EPS of $0.66 per share, a 13% decrease from last year’s Adjusted Q3
EPS as investment spending is weighted more to Q3.”
Church & Dwight Co., Inc. (NYSE: CHD) will host a conference
call to discuss second quarter 2023 results. When: July 28,
2023, at 10:00 a.m. (ET). Conference ID: 24615951 Live
Call:1-888-396-8049 (US Toll-Free) or 1-416-764-8646
(International) Replay: 1-877-674-7070 (US Toll-Free) or
1-416-764-8692 (International); passcode: 615951 Webcast:
investor.churchdwight.com/investors/news-events
¹ Organic Sales, Adjusted SG&A, Adjusted Income from
Operations and Adjusted EPS are non-GAAP measures. See Non-GAAP
reconciliations included at the end of this release.
Church & Dwight Co., Inc. (NYSE: CHD) founded in 1846, is
the leading U.S. producer of sodium bicarbonate, popularly known as
baking soda. The Company manufactures and markets a wide range of
personal care, household, and specialty products under recognized
brand names such as ARM & HAMMER®, TROJAN®, OXICLEAN®,
SPINBRUSH®, FIRST RESPONSE®, NAIR®, ORAJEL®, XTRA®, L’IL CRITTERS®
and VITAFUSION®, BATISTE®, WATERPIK®, ZICAM®, THERABREATH® and
HERO®. These fourteen key brands represent approximately 85% of the
Company’s products sales. For more information, visit the Company’s
website.
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 2022 our continued
progress earned public recognition, including the Newsweek
Magazine’s Americas Most Responsible Companies list, the EPA’s
Green Power Partnership-Top 100 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 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 new legislation such as the U.S. CARES
Act, the EU Medical Device Regulation, new cosmetic and device
regulations in Mexico, and the U.S. Modernization of Cosmetic
Regulation Act; the impact on the global economy of the
Russia/Ukraine war, including the impact of export controls and
other economic sanctions; potential recessionary conditions or
economic uncertainty; the impact of continued shifts in consumer
behavior, including accelerating shifts to on-line shopping;
unanticipated increases in raw material and energy prices,
including as a result of the Russia/Ukraine war or other
inflationary pressures; delays and increased costs in manufacturing
and distribution; increases in transportation costs; labor
shortages; the impact of price increases for our products; the
impact of inflationary conditions; the impact of supply chain and
labor disruptions; the impact of severe or inclement weather on raw
material and transportation costs; adverse developments affecting
the financial condition of major customers and suppliers;
competition; 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 or on-line share of
private label and retailer-branded products or other changes in the
retail environment; 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; the Company’s
borrowing capacity and ability to finance its operations and
potential acquisitions; higher interest rates; foreign currency
exchange rate fluctuations; implications of the United Kingdom’s
withdrawal from the European Union; transition to, and shifting
economic policies in the United States; potential changes in
export/import and trade laws, regulations and policies of the
United States and other countries, including any increased trade
restrictions or tariffs; increased or changing regulation regarding
the Company’s products and its suppliers in the United States and
other countries where it or its suppliers operate; market
volatility; issues relating to the Company’s information technology
and controls; the impact of natural disasters, including those
related to climate change, on the Company and its customers and
suppliers, including third party information technology service
providers; integrations of acquisitions or divestiture of assets;
the outcome of contingencies, including litigation, pending
regulatory proceedings and environmental matters; and changes in
the regulatory environment in the countries where we do
business.
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 U.S. federal
securities laws. You are advised, however, to consult any further
disclosures the Company makes on related subjects in its filings
with the United States Securities and Exchange Commission.
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
Six Months Ended
(In millions, except per share data)
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Net Sales
$
1,454.2
$
1,325.1
$
2,884.0
$
2,622.3
Cost of sales
815.3
779.8
1,623.1
1,524.5
Gross Profit
638.9
545.3
1,260.9
1,097.8
Marketing expenses
132.2
102.9
254.5
204.8
Selling, general and administrative
expenses
213.1
180.8
420.9
350.7
Income from Operations
293.6
261.6
585.5
542.3
Equity in earnings of affiliates
2.0
3.9
6.4
6.3
Other income (expense), net
(26.2
)
(19.0
)
(53.7
)
(35.9
)
Income before Income Taxes
269.4
246.5
538.2
512.7
Income taxes
48.2
59.4
113.8
121.2
Net Income
$
221.2
$
187.1
$
424.4
$
391.5
Net Income per share - Basic
$
0.90
$
0.77
$
1.74
$
1.61
Net Income per share - Diluted
$
0.89
$
0.76
$
1.72
$
1.59
Dividends per share
$
0.27
$
0.26
$
0.54
$
0.53
Weighted average shares outstanding -
Basic
245.0
242.6
244.4
242.6
Weighted average shares outstanding -
Diluted
247.9
246.4
247.4
246.5
CHURCH & DWIGHT CO., INC.
AND SUBSIDIARIES Condensed Consolidated Balance Sheets
(Unaudited)
(Dollars in millions)
June 30, 2023
December 31, 2022
Assets
Current Assets
Cash and Cash Equivalents
$
396.9
$
270.3
Accounts Receivable
460.9
422.0
Inventories
675.4
646.6
Other Current Assets
43.2
57.0
Total Current Assets
1,576.4
1,395.9
Property, Plant and Equipment (Net)
802.4
761.1
Equity Investment in Affiliates
14.7
12.7
Trade Names and Other Intangibles
3,369.8
3,431.6
Goodwill
2,430.3
2,426.8
Other Long-Term Assets
317.4
317.5
Total Assets
$
8,511.0
$
8,345.6
Liabilities and Stockholders’
Equity
Short-Term Debt
$
4.0
$
74.0
Other Current Liabilities
1,117.8
1,109.8
Total Current Liabilities
1,121.8
1,183.8
Long-Term Debt
2,400.9
2,599.5
Other Long-Term Liabilities
1,077.3
1,072.4
Stockholders’ Equity
3,911.0
3,489.9
Total Liabilities and Stockholders’
Equity
$
8,511.0
$
8,345.6
CHURCH & DWIGHT CO., INC.
AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flow
(Unaudited)
Six Months Ended
(Dollars in millions)
June 30, 2023
June 30, 2022
Net Income
$
424.4
$
391.5
Depreciation and amortization
110.7
107.3
Deferred income taxes
(1.9
)
2.4
Non-cash compensation
39.5
17.9
Other
(1.8
)
(6.4
)
Subtotal
570.9
512.7
Changes in assets and liabilities:
Accounts receivable
(32.4
)
(7.5
)
Inventories
(24.3
)
(133.0
)
Other current assets
8.8
10.0
Accounts payable, accrued and other
liabilities
(17.1
)
(62.1
)
Income taxes payable
6.6
2.0
Other
(3.3
)
(11.7
)
Net cash from operating
activities
509.2
310.4
Capital expenditures
(63.2
)
(38.8
)
Other
(6.0
)
(1.0
)
Net cash (used in) investing
activities
(69.2
)
(39.8
)
Net change in long-term debt
(200.0
)
499.8
Net change in short-term debt
(70.6
)
(249.5
)
Payment of cash dividends
(133.0
)
(127.4
)
Proceeds from stock option exercises
88.3
16.9
Deferred financing and other
(0.1
)
(7.6
)
Net cash (used in) financing
activities
(315.4
)
132.2
F/X impact on cash
2.0
(3.7
)
Net change in cash and cash
equivalents
$
126.6
$
399.1
2023 and
2022 Product Line Net Sales
Three Months Ended
Percent
6/30/2023
6/30/2022
Change
Household Products
$
619.2
$
572.8
8.1
%
Personal Care Products
509.0
431.9
17.9
%
Consumer Domestic
$
1,128.2
$
1,004.7
12.3
%
Consumer International
241.9
230.5
4.9
%
Total Consumer Net Sales
$
1,370.1
$
1,235.2
10.9
%
Specialty Products Division
84.1
89.9
-6.5
%
Total Net Sales
$
1,454.2
$
1,325.1
9.7
%
Six Months Ended
Percent
6/30/2023
6/30/2022
Change
Household Products
$
1,220.8
$
1,093.3
11.7
%
Personal Care Products
1,024.3
906.5
13.0
%
Consumer Domestic
$
2,245.1
$
1,999.8
12.3
%
Consumer International
472.5
445.1
6.2
%
Total Consumer Net Sales
$
2,717.6
$
2,444.9
11.2
%
Specialty Products Division
166.4
177.4
-6.2
%
Total Net Sales
$
2,884.0
$
2,622.3
10.0
%
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.
CHURCH & DWIGHT CO., INC.
Organic Sales
Three Months Ended
6/30/2023
Total
Worldwide
Consumer
Consumer
Specialty
Company
Consumer
Domestic
International
Products
Reported Sales Growth
9.7%
10.9%
12.3%
4.9%
-6.5%
Less:
Acquisitions
4.5%
4.8%
6.0%
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
5.4%
6.3%
6.3%
6.1%
-6.5%
Six Months Ended
6/30/2023
Total
Worldwide
Consumer
Consumer
Specialty
Company
Consumer
Domestic
International
Products
Reported Sales Growth
10.0%
11.2%
12.3%
6.2%
-6.2%
Less:
Acquisitions
4.8%
5.3%
6.4%
0.0%
0.0%
Add:
FX / Other
0.4%
0.5%
0.0%
2.7%
0.0%
Divestitures
0.0%
0.0%
0.0%
0.0%
0.0%
Organic Sales Growth
5.6%
6.4%
5.9%
8.9%
-6.2%
CHURCH & DWIGHT CO.,
INC. Reconciliation of GAAP Measures to Non-GAAP Measures
(Unaudited)
(Dollars in millions, except per share
data)
For the quarter ended June 30,
2023
For the quarter ended June 30,
2022
Change
% of NS
% of NS
Adjusted SG&A
Reconciliation
SG&A - Reported
$
213.1
14.6
%
$
180.8
13.6
%
100
bps
Hero Restricted Stock
(7.3
)
-0.4
%
0.0
0.0
%
-40
bps
SG&A - Adjusted (non-GAAP)
$
205.8
14.2
%
$
180.8
13.6
%
60
bps
For the quarter ended June 30,
2023
For the quarter ended June 30,
2022
Change
Adjusted Income
From Operations
% of NS
% of NS
Income From Operations -
Reported
$
293.6
20.2
%
$
261.6
19.8
%
40
bps
Hero Restricted Stock
7.3
0.4
%
0.0
0.0
%
40
bps
Income From Operations - Adjusted
(non-GAAP)
$
300.9
20.6
%
$
261.6
19.8
%
80
bps
For the quarter ended June 30,
2023
For the quarter ended June 30,
2022
Change
Adjusted Diluted
Earnings Per Share Reconciliation
Diluted Earnings Per Share -
Reported
$
0.89
$
0.76
17.1
%
Hero Restricted Stock
0.03
0.00
Diluted Earnings Per Share - Adjusted
(non-GAAP)
$
0.92
$
0.76
21.1
%
Reported and
Organic Forecasted Sales Reconciliation
For the Quarter
For the Year
Ended
Ended
September 30, 2023
December 31, 2023
Reported Sales Growth
8.0%
8.0%
Less: Acquisition
-3.8%
-3.3%
Add: FX / Other
-0.2%
0.3%
Organic Sales Growth
4.0%
5.0%
For the quarter ended
September 30, 2023
For the quarter ended
September 30, 2022
Change
Adjusted Diluted
Earnings Per Share Reconciliation (Forecasted)
Diluted Earnings Per Share -
Reported
$
0.63
$
0.76
-17.1
%
Hero Restricted Stock
0.03
0.00
Diluted Earnings Per Share - Adjusted
(non-GAAP)
$
0.66
$
0.76
-13.2
%
For the year ended December
31, 2023
For the year ended December
31, 2022
Change
Adjusted Diluted
Earnings Per Share Reconciliation (Forecasted)
Diluted Earnings Per Share -
Reported
$
3.03
$
1.68
80.4
%
Hero Restricted Stock
0.12
0.03
Flawless Impairment
0.00
1.26
Diluted Earnings Per Share - Adjusted
(non-GAAP)
$
3.15
$
2.97
6.1
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230728010869/en/
Rick Dierker Chief Financial Officer 609-806-1200
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