2023 Third Quarter Results
- Net Sales +10.5%: Domestic +12.1%, Int’l +11.2
%, SPD -10.1%
- Organic sales¹ +4.8%: Domestic +5.5%, Int’l
+7.3%, SPD -10.1%
- Gross Margin +270 bps
- Reported EPS $0.71, Adjusted EPS $0.74¹
2023 Full Year Outlook
- Net Sales +9%; Organic Sales +5%¹
- Gross Margin expansion raised to +210 bps
- Reported EPS +80%, Adjusted EPS +6%¹
- Cash from operations ~$1.0 billion, +13%
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 third quarter, net sales
grew 10.5% to $1,455.9 million and gross margin expanded by 270
basis points. The Company continues to experience strong consumer
demand across its portfolio. Organic sales grew 4.8% driven by
volume of 2.7% and positive product mix and pricing of 2.1%.
Third quarter 2023 Reported EPS was $0.71; a decrease of 6.6%
compared to 2022 Reported EPS. Third quarter Adjusted EPS was
$0.74; a decrease of 2.6% due to higher marketing investments and
higher incentive compensation in the current quarter. Third quarter
Adjusted EPS exceeded the Company’s outlook of $0.66 driven by
higher-than-expected sales growth and gross margin expansion.
Matthew Farrell, Chief Executive Officer, commented, “Our Q3
results reflect the strength of our brands and our continued focus
on execution. Over half of our organic growth in the quarter was
driven by volume. Our domestic brands grew consumption in 11 of 17
categories. We grew share on brands representing 64% of sales.
Global online sales continued to grow and as a percentage of total
consumer sales were 17% in Q3.
“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. Both
businesses continue to achieve significant distribution gains at
retail.
“Organic revenue growth for the International Division was
strong, driven by growth in most of our country subsidiaries and
our Global Markets Group. The International Division is once again
proving to be a growth engine for the Company as we have overcome
the supply chain challenges of 2022.
“We were especially pleased by the strong gross margin expansion
that we saw in the quarter 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 the third quarter."
Third Quarter Review
Consumer Domestic net sales were $1,133.1 million, a
$122.7 million or 12.1% increase versus prior year driven by both
household and personal care sales growth. Organic sales increased
5.5% due to volume (+3.6%) and price and product mix (+1.9%).
Growth was led by THERABREATH™ mouthwash, ARM & HAMMER™ Cat
Litter, XTRA™ Liquid Detergent, WATERPIK™ and BATISTE™ dry shampoo,
partially offset by declines in the vitamin business, and FIRST
RESPONSE™.
Consumer International net sales were $244.4 million, a
$24.7 million or 11.2% increase versus prior year. Foreign currency
exchange rates impacted sales favorably by (+2.8%). Organic sales
increased 7.3% due to a combination of higher price and product mix
(+5.0%) and higher volume (+2.3%). Q3 organic sales were primarily
driven by STERIMAR™, OXICLEAN™, THERABREATH and the vitamin
business.
Specialty Products net sales were $78.4 million, an $8.8
million or 10.1% decrease versus prior year. Organic sales
decreased 10.1% due to lower volume (-8.3%) and lower pricing/mix
(-1.8%) driven by the dairy business as we continue to be impacted
by low-priced imports.
Gross margin increased 270 basis points to 44.4% due to
improved pricing, volume, productivity, and the impact of the HERO
acquisition, net of the impact of higher manufacturing costs.
Marketing expense was $167.8 million, which was $27.1
million higher than prior year. Marketing expense as a percentage
of net sales increased 80 basis points to 11.5%. The significant
increase in second half marketing is weighted towards Q4,
especially in support of new products.
Selling, general, and administrative expense (SG&A)
was $222.7 million, including charges related to restricted stock
that was issued for the HERO acquisition of $7.3 million. Adjusted
SG&A was $215.41million or 14.8% of net sales, a 310 basis
points increase, primarily due to higher incentive compensation
from improved business performance and costs related to the HERO
acquisition, and higher investment spending for future growth.
Income from Operations was $255.8 million. Adjusted
Income from Operations was $263.11 million an increase of 3.6%
inclusive of higher marketing and SG&A investments.
Other Expense increased $2.4 million primarily due to
higher interest expense resulting from higher average interest
rates on outstanding debt.
The effective tax rate increased to 24.1% compared to
20.2% in 2022, as the prior year rate included a nonrecurring
benefit from a state tax reduction.
Operating Cash Flow
For the first nine months of 2023, cash from operating
activities was $795.1 million, an increase of $261.0 million due to
higher cash earnings, including the positive impact from recent
acquisitions, and improvements in working capital. We continue to
expect full year cash flow from operations to be approximately $1.0
billion, an increase of 13% compared to 2022. Capital expenditures
for the first nine months were $121.5 million, a $23.4 million
increase from the prior year as capacity expansion projects proceed
as planned.
At September 30, 2023, cash on hand was $573.3 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™ laundry has launched ARM & HAMMER™ Power
Sheets™ laundry detergent online. As the first laundry detergent
sheet from a major brand in the US, Power Sheets is a convenient
new unit dose form of detergent that delivers an entirely new
laundry experience. It is mess-free, lightweight and eliminates
plastic bottle waste while delivering the trusted ARM & HAMMER™
powerful cleaning performance consumers have come to rely on and
love.
“ARM & HAMMER Litter has launched ARM & HAMMER
Hardball™, a transformational plant-based product that is
lightweight and creates virtually indestructible clumps for no-mess
scooping. We expect this new litter to capture a greater share of
the lightweight litter category where we under-index today.
“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, has expanded into the kids’ segment with the
launch of three new fluoride mouthwashes. These products are
dentist-formulated to freshen breath and help prevent cavities,
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 experienced strong sales growth and
gross margin expansion through the first nine months of the year,
and we expect to continue this trend in the fourth quarter. This
outlook reflects strong operating fundamentals as full year
adjusted operating profit is expected to increase approximately 8%.
We continue to expect Reported EPS to be $3.03 and Adjusted EPS to
be $3.15, a 6% year-over-year increase.
“We now expect full year 2023 reported sales growth to be
approximately 9% (previously 8%) and continue to expect organic
sales growth to be approximately 5%. Our marketing investments, new
product innovation, and successful execution are all reasons that
we continue to expect volume to be a driver of organic growth in
the second half. This is impactful as organic growth was largely
price driven for the 8 quarters prior to Q3.”
Mr. Farrell continued, “We now expect full year gross margin to
expand approximately 210 basis points (previously 200). This is an
encouraging trend as we continue to move closer to restoring gross
margins to pre-COVID levels. We continue to expect a double-digit
percentage increase in gross profit in full year 2023.
“We are maintaining our full year EPS outlook, with higher
revenue and gross profits being offset by higher marketing and
SG&A dollars. We continue to expect marketing as a percentage
of net sales for the full year to be 11.0% (Full year 2022 was
10%). As in past years, when we have strong business performance,
we invest for the future. Our investments will focus on driving
future growth with higher marketing investment, R&D investment
and accelerating product registrations in international markets as
well as driving efficiency, including investments in automation and
technology.
“Other expense for 2023 is now expected to be approximately $95
million (previously $100 million) and we expect our tax rate to
approximate 22%.
“Cash flow from operations is expected to be approximately $1.0
billion, an increase of 13% compared to 2022. We now expect 2023
capital expenditures of approximately $230 million (previously $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 (HERO,
THERABREATH, and ZICAM).
“For Q4, we expect reported sales growth of approximately 5%,
organic sales growth of approximately 4% and gross margin
expansion. In Q4 we expect a significant increase in marketing
spending as we enter 2024 with strong momentum. We also expect an
increase in SG&A due to higher incentive compensation and
investments for the future, as well as a higher tax rate. As a
result, we expect Reported EPS of $0.60 and Adjusted EPS of $0.63
per share, a 2% increase from last year’s Adjusted Q4 EPS1.”
Church & Dwight Co., Inc. (NYSE: CHD) will host a conference
call to discuss third quarter 2023 results. When: November
3, 2023, at 10:00 a.m. (EDT). Conference ID: 86805943
Live Call:1-888-259-6580 (US Toll-Free) or 1-416-764-8624
(International) Replay: 1-877-674-7070 (US Toll-Free) or
1-416-764-8692 (International); passcode: 805943# Webcast:
investor.churchdwight.com/investors/news-events
1Organic 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
Nine Months Ended
(In millions, except per share data)
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
Net Sales
$
1,455.9
$
1,317.3
$
4,339.9
$
3,939.6
Cost of sales
809.6
767.6
2,432.7
2,292.1
Gross Profit
646.3
549.7
1,907.2
1,647.5
Marketing expenses
167.8
140.7
422.3
345.5
Selling, general and administrative
expenses
222.7
155.1
643.6
505.8
Income from Operations
255.8
253.9
841.3
796.2
Equity in earnings of affiliates
1.7
3.7
8.1
10.0
Other income (expense), net
(23.5
)
(23.1
)
(77.2
)
(59.0
)
Income before Income Taxes
234.0
234.5
772.2
747.2
Income taxes
56.5
47.4
170.3
168.6
Net Income
$
177.5
$
187.1
$
601.9
$
578.6
Net Income per share - Basic
$
0.72
$
0.77
$
2.46
$
2.38
Net Income per share - Diluted
$
0.71
$
0.76
$
2.43
$
2.35
Dividends per share
$
0.27
$
0.26
$
0.82
$
0.79
Weighted average shares outstanding -
Basic
246.0
242.8
244.9
242.7
Weighted average shares outstanding -
Diluted
248.7
246.0
247.8
246.4
CHURCH & DWIGHT CO., INC. AND
SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollars in millions)
September 30, 2023
December 31, 2022
Assets
Current Assets
Cash and Cash Equivalents
$
573.3
$
270.3
Accounts Receivable
460.9
422.0
Inventories
671.7
646.6
Other Current Assets
38.7
57.0
Total Current Assets
1,744.6
1,395.9
Property, Plant and Equipment (Net)
862.4
761.1
Equity Investment in Affiliates
13.6
12.7
Trade Names and Other Intangibles
3,338.2
3,431.6
Goodwill
2,431.5
2,426.8
Other Long-Term Assets
311.9
317.5
Total Assets
$
8,702.2
$
8,345.6
Liabilities and Stockholders’
Equity
Short-Term Debt
$
3.8
$
74.0
Other Current Liabilities
1,184.6
1,109.8
Total Current Liabilities
1,188.4
1,183.8
Long-Term Debt
2,401.5
2,599.5
Other Long-Term Liabilities
1,061.8
1,072.4
Stockholders’ Equity
4,050.5
3,489.9
Total Liabilities and Stockholders’
Equity
$
8,702.2
$
8,345.6
CHURCH & DWIGHT CO., INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of Cash
Flow (Unaudited)
Nine Months Ended
(Dollars in millions)
September 30, 2023
September 30, 2022
Net Income
$
601.9
$
578.6
Depreciation and amortization
166.9
160.6
Deferred income taxes
(6.0
)
(12.7
)
Non-cash compensation
51.5
22.0
Other
1.0
(4.3
)
Subtotal
815.3
744.2
Changes in assets and liabilities:
Accounts receivable
(37.4
)
(1.7
)
Inventories
(24.5
)
(152.7
)
Other current assets
11.2
4.7
Accounts payable and accrued expenses
32.0
(56.0
)
Income taxes payable
9.3
16.5
Other
(10.8
)
(20.9
)
Net cash from operating
activities
795.1
534.1
Capital expenditures
(121.5
)
(98.1
)
Other
(6.9
)
(2.6
)
Net cash (used in) investing
activities
(128.4
)
(100.7
)
Net change in long-term debt
(200.0
)
199.8
Net change in short-term debt
(70.6
)
(249.5
)
Payment of cash dividends
(199.9
)
(191.2
)
Proceeds from stock option exercises
107.6
22.4
Deferred financing and other
(0.1
)
(7.5
)
Net cash (used in) financing
activities
(363.0
)
(226.0
)
F/X impact on cash
(0.7
)
(10.4
)
Net change in cash and cash
equivalents
$
303.0
$
197.0
2023 and
2022 Product Line Net Sales
Three Months Ended
Percent
9/30/2023
9/30/2022
Change
Household Products
$
636.2
$
592.3
7.4
%
Personal Care Products
496.9
418.1
18.8
%
Consumer Domestic
$
1,133.1
$
1,010.4
12.1
%
Consumer International
244.4
219.7
11.2
%
Total Consumer Net Sales
$
1,377.5
$
1,230.1
12.0
%
Specialty Products Division
78.4
87.2
-10.1
%
Total Net Sales
$
1,455.9
$
1,317.3
10.5
%
Nine Months Ended
Percent
9/30/2023
9/30/2022
Change
Household Products
$
1,857.0
$
1,685.6
10.2
%
Personal Care Products
1,521.2
1,324.6
14.8
%
Consumer Domestic
$
3,378.2
$
3,010.2
12.2
%
Consumer International
716.9
664.8
7.8
%
Total Consumer Net Sales
$
4,095.1
$
3,675.0
11.4
%
Specialty Products Division
244.8
264.6
-7.5
%
Total Net Sales
$
4,339.9
$
3,939.6
10.2
%
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.
CHURCH & DWIGHT CO.,
INC.
Organic Sales
Three Months Ended
9/30/2023
Total
Worldwide
Consumer
Consumer
Specialty
Company
Consumer
Domestic
International
Products
Reported Sales Growth
10.5%
12.0%
12.1%
11.2%
-10.1%
Less:
Acquisitions
5.2%
5.7%
6.6%
1.1%
0.0%
Add:
FX / Other
-0.5%
-0.5%
0.0%
-2.8%
0.0%
Divestitures
0.0%
0.0%
0.0%
0.0%
0.0%
Organic Sales Growth
4.8%
5.8%
5.5%
7.3%
-10.1%
Nine Months Ended
9/30/2023
Total
Worldwide
Consumer
Consumer
Specialty
Company
Consumer
Domestic
International
Products
Reported Sales Growth
10.2%
11.4%
12.2%
7.8%
-7.5%
Less:
Acquisitions
5.0%
5.3%
6.4%
0.3%
0.0%
Add:
FX / Other
0.1%
0.1%
0.0%
0.8%
0.0%
Divestitures
0.0%
0.0%
0.0%
0.0%
0.0%
Organic Sales Growth
5.3%
6.2%
5.8%
8.3%
-7.5%
CHURCH & DWIGHT CO.,
INC.
Reconciliation of GAAP
Measures to Non-GAAP Measures (Unaudited)
(Dollars in millions, except per share
data)
For the quarter ended
September 30, 2023
For the quarter ended
September 30, 2022
Change
% of NS
% of NS
Adjusted SG&A
Reconciliation
SG&A - Reported
$
222.7
15.3
%
$
155.1
11.7
%
360
bps
Hero Restricted Stock
(7.3
)
-0.5
%
0.0
0.0
%
-50
bps
SG&A - Adjusted (non-GAAP)
$
215.4
14.8
%
$
155.1
11.7
%
310
bps
For the quarter ended
September 30, 2023
For the quarter ended
September 30, 2022
Change
Adjusted Income
From Operations
% of NS
% of NS
Income From Operations -
Reported
$
255.8
17.6
%
$
253.9
19.3
%
-170
bps
Hero Restricted Stock
7.3
0.5
%
0.0
0.0
%
50
bps
Income From Operations - Adjusted
(non-GAAP)
$
263.1
18.1
%
$
253.9
19.3
%
-120
bps
For the quarter ended
September 30, 2023
For the quarter ended
September 30, 2022
Change
Adjusted Diluted
Earnings Per Share Reconciliation
Diluted Earnings Per Share -
Reported
$
0.71
$
0.76
-6.6
%
Hero Restricted Stock
0.03
0.00
Diluted Earnings Per Share - Adjusted
(non-GAAP)
$
0.74
$
0.76
-2.6
%
Reported and
Organic Forecasted Sales Reconciliation
For the Quarter
For the Year
Ended
Ended
December 31, 2023
December 31, 2023
Reported Sales Growth
5%
9%
Less: Acquisition
-1%
-4%
Add: FX / Other
0%
0%
Organic Sales Growth
4%
5%
For the quarter ended December
31, 2023
For the quarter ended December
31, 2022
Change
Adjusted Diluted
Earnings Per Share Reconciliation (Forecasted)
Diluted Earnings Per Share -
Reported
$
0.60
$
(0.67
)
-189.6
%
Hero Restricted Stock
0.03
0.03
Flawless Impairment
0.00
1.26
Diluted Earnings Per Share - Adjusted
(non-GAAP)
$
0.63
$
0.62
1.6
%
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/20231103353917/en/
Rick Dierker Chief Financial Officer 609-806-1200
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