2024 First Quarter Results
- Net Sales +5.1%: Domestic +4.3%, Int’l +10.6%, SPD +1.0%
- Organic Sales¹ +5.2%: Domestic +4.3%, Int’l +8.8%, SPD
+7.2%
- Gross Margin +220 bps
- Reported EPS $0.93, Adjusted EPS $0.96¹
- Cash from Operations of $263 million
2024 Full Year Outlook
- Net Sales +4% to 5%; Organic Sales +4% to 5%¹
- Gross Margin expansion raised to +75 bps
- Reported EPS +9.5-10.5%
- Adjusted EPS raised to +8-9%¹
- Cash from Operations ~$1.05 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 first quarter, net sales
grew 5.1% to $1,503.3 million, gross margin expanded by 220 basis
points, and reported EPS grew 13.4%. The Company continues to drive
strong consumer demand across its portfolio. Organic sales grew
5.2% driven by volume of 3.7% and positive product mix and pricing
of 1.5%.
First quarter 2024 Reported EPS was $0.93; an increase of 13.4%
compared to 2023 reported EPS. First quarter Adjusted EPS was
$0.96; an increase of 12.9%. First quarter Adjusted EPS exceeded
the Company’s outlook of $0.85 driven by higher-than-expected sales
growth and gross margin expansion, and a lower tax rate.
Matthew Farrell, Chief Executive Officer, commented, “The
Company is performing extremely well with all three divisions
delivering strong growth. I want to thank our global employees for
their great efforts each and every day. Our outstanding Q1 results
reflect the strength of our brands, the early success of our new
products, and our perennial focus on execution. Volume was the
primary driver of organic growth, and we expect volume growth to
continue for the rest of the year. Marketing as a percent of sales
increased 150 bps driving strong consumption and share gains.
Global online sales grew to 20.5% of total consumer sales in Q1, a
dollar increase of 14.9% compared to Q1 2023. Finally, the
combination of strong sales, margin expansion, and efficient
working capital management resulted in strong cash flow generation
in the first quarter, leading to over $1 billion of cash from
operations expected in the full year outlook.
“Organic revenue growth was broad-based as all three businesses
posted exceptional results. The Domestic Division grew 4.3%
organically while growing share in five of our seven power brands.
The International Division grew 8.8% organically, driven by growth
in all of our country subsidiaries and our Global Markets Group.
Our Specialty Products Division grew organic revenue 7.2% led by
global expansion of the non-dairy portfolio.
“In March, we signed a definitive agreement to acquire Graphico,
our Japan based distributor, for approximately $35 million
including transaction costs. We expect the acquisition to close
later this year. Since 2008, Graphico has partnered with Church
& Dwight and driven Oxiclean to be the #1 powder prewash
additive in Japan. The acquisition is expected to contribute to
greater expansion of our business in Japan and the greater APAC
region as we leverage the capabilities of Graphico in bringing the
larger portfolio of Church & Dwight brands to Japanese
consumers.
First Quarter Review
Consumer Domestic net sales were $1,165.2 million, a
$48.3 million or 4.3% increase driven by both household and
personal care sales growth. Organic sales increased 4.3% due to
volume (+3.3%) and price and product mix (+1.0%). Growth was led by
THERABREATH™ mouthwash, HERO™ acne products, ARM & HAMMER™ Cat
Litter, ARM & HAMMER™ Baking Soda, XTRA™ Liquid Detergent, and
BATISTE™ dry shampoo, partially offset by declines in the vitamin
business and WATERPIK™.
Consumer International net sales were $255.0 million, a
$24.4 million or 10.6% increase. Organic sales increased 8.8% due
to a combination of higher volume (+5.4%) and price and product mix
(+3.4%). Growth was led by STERIMAR™, HERO and THERABREATH.
Specialty Products net sales were $83.1 million, a $0.8
million or 1.0% increase including the impact of winding down the
Megalac business. Organic sales increased 7.2% due to higher price
and product mix (+4.2%) and volume (+3.0%).
Gross margin increased 220 basis points to 45.7% due to
improved productivity, volume, mix and pricing, net of the impact
of higher manufacturing costs.
Marketing expense was $152.0 million, a $29.7 million
increase. Marketing expense as a percentage of net sales increased
150 basis points to 10.1%.
Selling, general, and administrative expense (SG&A)
was $230.0 million, including $7.3 million of charges related to
restricted stock that was issued for the HERO acquisition. Adjusted
SG&A was $222.71 million or 14.8% of net sales, an 80 basis
points increase primarily due to investments in International and
R&D.
Income from Operations was $305.0 million. Adjusted
Income from Operations was $312.31 million, an increase of 4.4%
inclusive of higher marketing and SG&A investments.
Other Expense decreased $2.2 million primarily due to
lower outstanding debt and higher interest income.
The effective tax rate was 19.9% compared to 24.4% in
2023. The rate was lower due to a high level of stock option
exercises in Q1 2024. The expected effective tax rate for the full
year is unchanged at approximately 23%.
Operating Cash Flow
For the first three months of 2024, cash from operations was
$263.0 million, a decrease of $10.1 million as higher cash earnings
were offset by higher working capital. We now expect full year cash
flow from operations to be approximately $1.05 billion (previously
$1.0 billion). Capital expenditures for the first three months were
$46.3 million, a $21.3 million increase from the prior year as
capacity expansion projects proceed as planned.
At March 31, 2024, cash on hand was $349.7 million, while total
debt was $2.2 billion.
2024 New Products
Mr. Farrell commented, “Product innovation continues to be a big
driver of our success and we are excited about our new product
launches. In 2024, we expect accelerated growth from new product
launches as we lead with innovation in a number of key categories.
Through the first few months of the year, we are encouraged by
consumer enthusiasm for several of our new product
introductions.
“ARM & HAMMER™ Laundry launched Deep Clean™ Liquid and Deep
Clean Unit Dose Laundry Detergent. Arm & Hammer Deep Clean is
our most premium Arm & Hammer laundry detergent, entering the
mid-tier of the category and delivering a superior clean at a price
consumers can afford.
“ARM & HAMMER™ launched Power Sheets™ Laundry Detergent
online in August 2023. This innovative laundry solution is
effective, convenient, and eliminates plastic bottle waste. ARM
& HAMMER™ is the first major brand to offer a detergent sheet
in the U.S. Due to its online success, Power Sheets™ is now
available in select brick & mortar retailers.
“ARM & HAMMER™ Hardball™ Clumping Litter has expanded
nationally after successful in-market testing in 2023. This
transformational plant-based substrate is lightweight and creates
virtually indestructible clumps for no-mess scooping. We expect
this new litter to help ARM & HAMMER capture a greater share of
the lightweight litter category.
“THERABREATH™, the #1 alcohol-free mouthwash brand, has entered
the antiseptic segment of the category with the launch of
TheraBreath™ Deep Clean Oral Rinse. Antiseptic mouthwashes account
for 30% of the category. This product is formulated to kill 99.9%
of germs that cause bad breath, plaque & gingivitis without the
burn.
“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 and
release a burst of fragrance whenever you sweat or touch your
hair.
“HERO™ continues to drive the majority of growth in the acne
category as the #1 patch brand in the U.S. In 2024, Hero will
continue to launch innovative solutions in patches combined with
adjacent products, such as Dissolve Away Daily Cleansing Balm,
which will broaden our offerings of gentle and effective solutions
for acne-prone skin.”
Outlook for 2024
Mr. Farrell stated, “We started the year with an exceptional
quarter, delivering strong sales growth, gross margin expansion,
and strong earnings growth. We remain confident about 2024 and will
continue to focus on offering high quality products to consumers at
the right value. We are thrilled with the early success of our new
product launches.
“We continue to expect full year 2024 reported and organic sales
growth to be approximately 4 to 5%.1
“We now expect full year gross margin to expand approximately 75
basis points versus 2023 (previously 50 to 75 basis points). We
continue to expect an increase in manufacturing costs primarily due
to capacity-related investments, third party manufacturing cost
increases, and moderate commodity inflation. We continue to expect
to more than offset these cost increases through carryover product
pricing, mix, higher volume and productivity.
“We continue to invest behind our brands and are targeting
marketing as a percentage of sales to be approximately 11%.
SG&A is now expected to be flat as a percent of sales compared
to 2023 (previously expected leverage) reflecting incremental
infrastructure investments in International and ecommerce, and
costs related to the Graphico acquisition.”
“Our full year reported EPS growth is expected to be
approximately +9.5-10.5% and our Adjusted EPS growth expectation is
now 8-9%1 (previously 7-9%), inclusive of a slightly dilutive EPS
impact from the Graphico acquisition. We continue to expect our tax
rate to be approximately 23%.
“Cash flow from operations is now expected to be approximately
$1.05 billion (previously $1.0 billion), which would be an all-time
high for the Company.
“This outlook reflects strong growth across all key measures,
including reported and organic sales, volume, gross margin
expansion, operating income growth and cash flow.
“We expect 2024 capital expenditures of approximately $180
million as we complete the major capacity investments that were
initiated in 2023. We expect capital spending to return to
historical levels (approximately 2% of sales) in 2025. Our capital
allocation priorities remain unchanged and we will 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 Q2, we expect reported sales growth of approximately 3.5%
and organic sales growth of approximately 4.0%¹ reflecting higher
couponing in support of our new products. We expect moderate gross
margin expansion, increased marketing spending to support our
innovation pipeline, higher SG&A expense and a significantly
higher tax rate (24%) compared to the prior year (17.9%) when our
tax rate benefitted from a high level of stock option exercises. As
a result, we expect reported EPS of $0.81 and Adjusted EPS of $0.83
per share, down 10% versus last year’s adjusted Q2 EPS.”¹
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) will host a webcast to
discuss first quarter 2024 results on May 2, 2024, at 10:00 a.m.
(ET). The webcast will be broadcast online at
investor.churchdwight.com/investors/news-events. It will also be
available for replay from May 2, 2024 to May 9, 2024.
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®. For more information, visit the Company’s website.
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/pdf/Sustainability/2023-Sustainability-Report.pdf
This press release contains forward-looking statements,
including, among others, statements relating to net sales and
earnings growth; gross margin changes; trade, marketing, and
SG&A spending; recessionary conditions; interest rates;
inflation; sufficiency of cash flows from operations; earnings per
share; cost savings programs; consumer demand and spending; the
effects of competition; the effect of product mix; volume growth,
including the effects of new product launches into new and existing
categories; the impact of acquisitions (including earn-outs); and
capital expenditures. Other forward-looking statements in this
release may be identified by the use of such terms as “may,”
“could,” “expect,” “intend,” “believe,” “plan,” “estimate,”
“forecast,” “project,” “anticipate,” “to be,” “to make” or other
comparable terms. These statements represent the intentions, plans,
expectations and beliefs of the Company, and are based on
assumptions that the Company believes are reasonable but may prove
to be incorrect. In addition, these statements are subject to
risks, uncertainties and other factors, many of which are outside
the Company’s control and could cause actual results to differ
materially from such forward-looking statements. Factors that could
cause such differences include a decline in market growth, retailer
distribution and consumer demand (as a result of, among other
things, political, economic and marketplace conditions and events),
including those relating to the outbreak of contagious diseases;
other impacts of the COVID-19 pandemic and its impact on the
Company’s operations, customers, suppliers, employees, and other
constituents, and market volatility and impact on the economy
(including contributions to recessionary conditions), resulting
from global, nationwide or local or regional outbreaks or increases
in infections, new variants, and the risk that the Company will not
be able to successfully execute its response plans with respect to
the pandemic or localized outbreaks and the corresponding
uncertainty; the impact of new legislation such as the 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 and increased conflict in the Middle East,
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, increased conflict in the Middle East 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; 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
(In millions, except per share data)
March 31, 2024
March 31, 2023
Net Sales
$
1,503.3
$
1,429.8
Cost of sales
816.3
807.8
Gross Profit
687.0
622.0
Marketing expenses
152.0
122.3
Selling, general and administrative
expenses
230.0
207.8
Income from Operations
305.0
291.9
Equity in earnings of affiliates
1.1
4.4
Other income (expense), net
(22.0
)
(27.5
)
Income before Income Taxes
284.1
268.8
Income taxes
56.4
65.6
Net Income
$
227.7
$
203.2
Net Income per share - Basic
$
0.94
$
0.83
Net Income per share - Diluted
$
0.93
$
0.82
Dividends per share
$
0.28
$
0.27
Weighted average shares outstanding -
Basic
243.4
243.8
Weighted average shares outstanding -
Diluted
246.1
246.8
CHURCH & DWIGHT CO., INC.
AND SUBSIDIARIES
Condensed Consolidated Balance
Sheets (Unaudited)
(Dollars in millions)
March 31, 2024
December 31, 2023
Assets
Current Assets
Cash and Cash Equivalents
$
349.7
$
344.5
Accounts Receivable
545.4
526.9
Inventories
595.4
613.3
Other Current Assets
43.8
45.0
Total Current Assets
1,534.3
1,529.7
Property, Plant and Equipment (Net)
939.2
927.7
Equity Investment in Affiliates
12.3
12.0
Trade Names and Other Intangibles
3,271.1
3,302.3
Goodwill
2,431.5
2,431.5
Other Long-Term Assets
373.1
366.0
Total Assets
$
8,561.5
$
8,569.2
Liabilities and Stockholders’
Equity
Short-Term Debt
$
4.0
$
3.9
Current portion of Long-Term debt
0.0
199.9
Other Current Liabilities
1,147.1
1,218.2
Total Current Liabilities
1,151.1
1,422.0
Long-Term Debt
2,202.8
2,202.2
Other Long-Term Liabilities
1,106.9
1,089.6
Stockholders’ Equity
4,100.7
3,855.4
Total Liabilities and Stockholders’
Equity
$
8,561.5
$
8,569.2
CHURCH & DWIGHT CO., INC.
AND SUBSIDIARIES
Condensed Consolidated Statements
of Cash Flow (Unaudited)
Three Months Ended
(Dollars in millions)
March 31, 2024
March 31, 2023
Net Income
$
227.7
$
203.2
Depreciation and amortization
57.6
54.9
Deferred income taxes
(1.2
)
(1.6
)
Non-cash compensation
28.9
25.8
Other
2.4
(0.1
)
Subtotal
315.4
282.2
Changes in assets and liabilities:
Accounts receivable
(20.0
)
(2.4
)
Inventories
16.1
(4.8
)
Other current assets
(5.2
)
0.7
Accounts payable
31.4
(19.7
)
Accrued expenses
(118.7
)
(42.3
)
Income taxes payable
46.6
57.7
Other
(2.6
)
1.7
Net cash from operating
activities
263.0
273.1
Capital expenditures
(46.3
)
(25.0
)
Other
(0.5
)
(4.6
)
Net cash (used in) investing
activities
(46.8
)
(29.6
)
Net change in long-term debt
(200.0
)
(200.0
)
Net change in short-term debt
0.0
(55.6
)
Payment of cash dividends
(69.0
)
(66.3
)
Proceeds from stock option exercises
59.9
10.2
Net cash (used in) financing
activities
(209.1
)
(311.7
)
F/X impact on cash
(1.9
)
0.7
Net change in cash and cash
equivalents
$
5.2
$
(67.5
)
2024 and
2023 Product Line Net Sales
Three Months Ended
Percent
3/31/2024
3/31/2023
Change
Household Products
$
638.9
$
601.6
6.2
%
Personal Care Products
526.3
515.3
2.1
%
Consumer Domestic
$
1,165.2
$
1,116.9
4.3
%
Consumer International
255.0
230.6
10.6
%
Total Consumer Net Sales
$
1,420.2
$
1,347.5
5.4
%
Specialty Products Division
83.1
82.3
1.0
%
Total Net Sales
$
1,503.3
$
1,429.8
5.1
%
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:
This press release also presents adjusted income from
operations, namely income from operations calculated in accordance
with GAAP, as adjusted to exclude significant one-time items that
are not indicative of the Company’s period-to-period performance.
We believe that this metric provides investors a useful perspective
of underlying business trends and results and provides useful
supplemental information regarding our year over year income from
operations.
Adjusted EPS:
This press release also presents adjusted earnings per share,
namely, EPS calculated in accordance with GAAP, as adjusted to
exclude significant one-time items that are not indicative of the
Company’s period-to-period performance. We believe that this metric
provides investors a useful perspective of underlying business
trends and results and provides useful supplemental information
regarding our year over year EPS growth.
Adjusted Effective Tax Rate:
This press release also presents an adjusted effective tax rate,
namely, the effective tax rate calculated in accordance with GAAP,
as adjusted to exclude significant one-time items that are not
indicative of the Company’s period-to-period performance. We
believe that this metric provides investors a useful perspective of
underlying business trends and results and provides useful
supplemental information regarding our effective tax rate.
CHURCH & DWIGHT CO.,
INC.
Organic Sales
Three Months Ended
3/31/2024
Total
Worldwide
Consumer
Consumer
Specialty
Company
Consumer
Domestic
International
Products
Reported Sales Growth
5.1%
5.4%
4.3%
10.6%
1.0%
Less:
Acquisitions
0.0%
0.0%
0.0%
0.0%
0.0%
Add:
FX / Other
-0.3%
-0.3%
0.0%
-1.8%
0.0%
Divestitures
0.4%
0.0%
0.0%
0.0%
6.2%
Organic Sales Growth
5.2%
5.1%
4.3%
8.8%
7.2%
CHURCH & DWIGHT CO.,
INC.
Reconciliation of GAAP
Measures to Non-GAAP Measures (Unaudited)
(Dollars in millions, except per share
data)
For the quarter ended March
31, 2024
For the quarter ended March
31, 2023
Change
% of NS
% of NS
Adjusted SG&A
Reconciliation
SG&A - Reported
$
230.0
15.3
%
$
207.8
14.5
%
80
bps
Hero Restricted Stock
(7.3
)
-0.5
%
(7.3
)
-0.5
%
0
bps
SG&A - Adjusted (non-GAAP)
$
222.7
14.8
%
$
200.5
14.0
%
80
bps
For the quarter ended March
31, 2024
For the quarter ended March
31, 2023
Change
Adjusted Income
From Operations
% of NS
% of NS
Income From Operations -
Reported
$
305.0
20.3
%
$
291.9
20.4
%
-10
bps
Hero Restricted Stock
7.3
0.5
%
7.3
0.5
%
0
bps
Income From Operations - Adjusted
(non-GAAP)
$
312.3
20.8
%
$
299.2
20.9
%
-10
bps
For the quarter ended March
31, 2024
For the quarter ended March
31, 2023
Change
Adjusted Diluted
Earnings Per Share Reconciliation
Diluted Earnings Per Share -
Reported
$
0.93
$
0.82
13.4
%
Hero Restricted Stock
0.03
0.03
Diluted Earnings Per Share - Adjusted
(non-GAAP)
$
0.96
$
0.85
12.9
%
Reported and
Organic Forecasted Sales Reconciliation
For the Quarter
For the Year
Ended
Ended
30-Jun-24
31-Dec-24
Reported Sales Growth
3.5%
4.5%
Megalac
0.7%
0.5%
FX / Other
-0.2%
-0.3%
Organic Sales Growth
4.0%
4.7%
Reported and
Adjusted Diluted Earnings Per Share - Outlook
For the quarter ended June 30,
2024
For the quarter ended June 30,
2023
Change
Adjusted Diluted
Earnings Per Share Reconciliation (Forecasted)
Diluted Earnings Per Share -
Reported
$
0.81
$
0.89
-9.0
%
Hero Restricted Stock
0.02
0.03
Diluted Earnings Per Share - Adjusted
(non-GAAP)
$
0.83
$
0.92
-9.8
%
For the year ended December
31, 2024
For the year ended December
31, 2023
Change
Adjusted Diluted
Earnings Per Share Reconciliation (Forecasted)
Diluted Earnings Per Share -
Reported
$
3.34 to 3.37
$
3.05
9.5% to 10.5%
Hero Restricted Stock
0.08
0.12
Diluted Earnings Per Share - Adjusted
(non-GAAP)
$
3.42 to 3.45
$
3.17
8% to 9%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240502890713/en/
Rick Dierker Chief Financial Officer 609-806-1200
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