2020 Second Quarter
Results
- Sales growth +10.6%: Dom. +13.6%; Int’l +0.5%; SPD +3.0%
- Organic sales +8.4%: Dom. +10.7%; Int’l +0.6%; SPD +3.0%
- Gross Margin +220 bps. to 46.8%
- EPS +36.4%; Adjusted EPS +35.1%
- YTD Cash from Operations +70%; Ex tax deferral +47%
2020 Full Year Outlook
Raised from Original Outlook
- Reported Sales growth raised to 9-10% (initially 6.5%)
- Organic Sales growth raised to 7-8% (initially 3.5%)
- Adjusted EPS growth raised to 13% (initially 7 to 9%)1
- Cash from Operations raised to $960MM (initially $890MM)
Church & Dwight Co., Inc. (NYSE: CHD) today announced
reported second quarter 2020 EPS of $0.75, a 36.4% increase versus
year ago. Adjusted EPS, which excludes an acquisition related
earn-out adjustment, grew 35.1% to $0.77.2
Second quarter net sales grew 10.6% to $1,194.3 million. The
Company continued to experience a significant increase in consumer
demand for many of its products, primarily in response to the
COVID-19 pandemic. Organic sales grew 8.4% driven by a volume
increase of 4.9% and positive product mix and pricing of 3.5%.
Organic sales growth was driven by higher consumption, lower
couponing, and restocking of retailer inventories.
Matthew Farrell, Chief Executive Officer, commented, “Q2 was an
extraordinarily strong quarter for Church & Dwight. Both our
household and personal care businesses delivered higher growth as
consumers and retailers focused on core essentials. We experienced
strong consumption in Q2 and continue to see similar strength in
July. The pandemic drove double digit consumption growth in several
domestic categories, especially gummy vitamins, women’s hair
removal, cleaners, and baking soda while restrictions on consumer
mobility drove double-digit declines in other domestic categories,
notably condoms, dry shampoo, and water flossers. Year-to-date
shipments and consumption are in balance for our brands. However,
retailer in-stocks lag normal levels for some brands, including
gummy vitamins, baking soda, and cleaners. Online sales as a
percentage of total sales continued to grow rapidly and reached 13%
of sales in Q2. The International business grew slightly despite
the global COVID-19 pandemic. SPD recorded its third consecutive
quarter of organic growth as demand for our non-dairy products grew
in both domestic and international markets.
“In this unusual time, our focus is on the safety of our
employees, meeting the needs of our customers and consumers, and
ensuring our brands are even stronger moving forward. I want to
again thank Church & Dwight employees around the world for
their dedication to keeping our Company going during the pandemic,
especially our manufacturing and distribution employees and lab
technicians.”
Second Quarter Review
Consumer Domestic net sales were $931.1 million, a $111.8
million or 13.6% increase driven by household and personal care
sales growth and the FLAWLESS® acquisition. Organic sales increased
10.7% due to higher volume (+6.3%) and positive price and product
mix (+4.4%). Contributing to the sales increase was strong
consumption, restocking retailer inventories, and lower couponing.
Organic sales growth was led by ARM & HAMMER® liquid laundry
detergent, VITAFUSION® and L’IL CRITTERS® gummy vitamins, ARM &
HAMMER clumping cat litter and baking soda, OXICLEAN® stain
fighters, ARM & HAMMER laundry detergent scent boosters, and
FLAWLESS® women’s hair removal.
Consumer International net sales were $187.5 million, a
$0.9 million or 0.5% increase versus the prior year. Organic sales
increased 0.6% due to positive price and product mix (+1.3%) offset
by lower volume (-0.7%). Organic sales growth was driven primarily
by the Global Markets Group, offset by declines in Europe and
Mexico.
Specialty Products net sales were $75.7 million, a $2.2
million or 3.0% increase. Organic sales increased 3.0% due to
higher volume (+3.3%) offset by lower pricing (-0.3%). Milk prices
have returned to pre-COVID-19 pandemic levels and demand from dairy
customers is expected to strengthen in the second half. Demand for
prebiotic and probiotic products continues to grow in the poultry
industry.
Gross margin increased 220 basis points to 46.8% due to
higher pricing including a significant reduction in trade
promotions and couponing, and productivity improvements, partially
offset by significant COVID-19 pandemic related expenses including
higher manufacturing costs due to outsourcing, and foreign
exchange.
Marketing expense was $122.3 million, a decrease of $6.8
million or 5.3%. Marketing expense as a percentage of net sales
decreased 180 basis points to 10.2%. Due to retailer out of stocks,
marketing spend was significantly reduced.
Selling, general, and administrative expense (SG&A)
was $186.6 million or 15.6% of net sales, a 30 basis point
increase, primarily due to higher compensation, intangible
amortization related to acquisitions, and investments in R&D
and IT.
Income from Operations was $250.7 million or 21.0% of net
sales.
Other Expense of $14.7 million declined slightly due to
lower interest expense resulting from lower interest rates.
The effective tax rate was 19.6% compared to 18.7% in
2019, an increase of 90 basis points, primarily driven by lower tax
benefits related to stock option exercises.
Operating Cash Flow
Cash flow was exceptionally strong. The borrowing on the
revolving credit line that was accessed in Q1 during the early days
of the COVID-19 pandemic was completely repaid in Q2. For the first
six months of 2020, cash from operating activities increased 70.4%
to $598.6 million, a $247.4 million increase from the prior year
due to significantly higher cash earnings and a decrease in working
capital. In accordance with IRS guidelines, the Company elected to
defer $81 million of U.S. Federal income tax payments to July which
contributed to the significant increase in cash flow. Capital
expenditures for the first six months were $30.9 million, a $7.3
million increase from the prior year. We now expect full year capex
spending to be approximately $100 million (initially $85 million),
reflecting plans for expansion in manufacturing capacity for
laundry, litter, and vitamins.
At June 30, 2020, cash on hand was $451.7 million, while total
debt was $1,877.2 million.
2020 New Products
Mr. Farrell commented, “Innovation will continue to be a big
driver of our success. Church and Dwight will continue to invest in
new products and R&D to drive long-term revenue and earnings
growth. We continue to be excited about this year’s new product
launches.
“In the household products portfolio, we launched a new ARM
& HAMMER laundry detergent called CLEAN & SIMPLE™ which has
only 6 ingredients plus water (compared to 15 to 30 ingredients for
the typical liquid detergent), provides no compromise on efficacy,
and cleaning power comparable to our bestselling consumer favorite
– ARM & HAMMER with OXICLEAN. CLEAN & SIMPLE is on trend
with consumers’ desire for ‘better for me’ products, which are
simple and have fewer ingredients. The advertising and trade
support for the CLEAN & SIMPLE launch has been shifted entirely
to the second half.
“In July, ARM & HAMMER clumping cat litter launched CLUMP
& SEAL ABSORBx™, a first of its kind revolutionary new litter
made from DESERT DRY MINERALS™. It rapidly absorbs wetness in
seconds to form rock hard clumps. The 100% dust free litter is
guaranteed to trap and seal odors. ABSORBx is 55% lighter than our
regular litter.
“In the personal care portfolio, BATISTE® has launched a line of
waterless cleansing foam for normal, dry, and curly hair. The
weightless foam dries in 60 seconds and delivers an instant refresh
for hair that looks revived, feels soft and smells amazing. We have
launched TROJAN G SPOT™, a condom featuring a unique shape for
targeted stimulation. FLAWLESS has launched NU RAZOR™, a waterless
whole-body hair removal product for women to use anywhere, anytime.
WATERPIK® is in the second year of the SONIC FUSION® launch, the
world’s first flossing toothbrush combining the convenience of a
sonic toothbrush with a water flosser in a single device. In the
second quarter, we launched WATERPIK WATER FOR WELLNESS®
showerheads across the power pulse product line, incorporating our
FDA registered therapeutic massage technology that provides
clinically proven results to help soothe muscle tension, increase
flexibility, and promote restful sleep. VITAFUSION gummy vitamins
launched a number of new products including Triple Immune Power,
Apple Cider Vinegar, Organic Prenatal Multi, and IRRESISTIBLE
SKIN™. In Q3, VITAFUSION will continue to capitalize on increased
consumer interest in immunity products with the launch of POWER
ZINC™ and Elderberry gummies in both adult and kids variants.”
Outlook for 2020
Mr. Farrell stated, “The Company is well positioned for the
current economic environment, due to a combination of being in the
right categories and having a balance of value and premium
brands.
“With seven months behind us, we are re-instating our 2020 sales
and EPS outlook. However, due to volatility in consumer demand,
supply constraints, and uncertainty regarding a COVID-19
resurgence, we will not provide a quarterly financial outlook.
“Given our strong first half performance, we have raised our
full year outlook for sales and EPS. We now expect approximately
9-10% full year 2020 sales growth (initial outlook 6.5%) and
approximately 7-8% organic sales growth (initially 3.5%). Adjusted
EPS growth is expected to be 13% (initially 7 to 9%).1 This implies
a front-end loaded year and flat EPS in the second half as the
Company has higher amounts of trade promotions and advertising
dollars in the second half in support of new products. Gross margin
is expected to decline in the second half due to new product
promotional support, the year over year impact of FLAWLESS
accounting, incremental manufacturing and distribution capacity
investments, and higher tariffs on WATERPIK.
“In the second half, we intend to make incremental investments
for surge capacity in manufacturing, R&D, new product
development, consumer research, digital advertising, and predictive
analytics. These investments are intended to position the Company
for future growth.
“Our outlook will continue to adapt to the changing environment
and as such, we may continue to defer trade, couponing and
advertising until late in the second half or into next year
depending on: (1) consumption trends, (2) a resurgence of COVID-19,
and (3) supply constraints.”
1 This press release does not provide a forward-looking
reconciliation of adjusted EPS to reported EPS, the most directly
comparable GAAP financial measure, expected for 2020, because we
are unable to provide such a reconciliation without unreasonable
effort. We have excluded the Company’s potential earn-out liability
from our acquisition of the FLAWLESS business from our expected
adjusted EPS for these periods. We are required to review the fair
value of the earn-out liability quarterly based on changes in sales
forecasts, discount rates, volatility assumptions, and other
inputs. Our inability to provide a reconciliation to GAAP EPS for
future periods is due to the uncertainty and inherent difficulty of
predicting what these changes will be on a quarter-by-quarter
basis. For the same reasons, we are unable to address the probable
significance of the unavailable information, which could be
material to our future results.
2 See non-GAAP reporting reconciliations.
Church & Dwight Co., Inc. will host a conference call to
discuss second quarter 2020 earnings results on July 31, 2020 at
10:00 am (EDT). To participate, dial 877-322-9846 within the U.S.
and Canada, or 631-291-4539 internationally, using access code
8495695. A replay will be available at 855-859-2056 using the same
access code through the close of business on August 7, 2020. You
also can participate via webcast by visiting the Investor Relations
section of the Company’s website at www.churchdwight.com.
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®, and FLAWLESS®. These twelve
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. Church
& Dwight is notably ranked in the 2019 Barron’s 100 Most
Sustainable Companies and on the EPA’s Green Power Partnership Top
100 List of Green Power Users.
For more information, see the Church & Dwight 2019
Sustainability Report at:
https://churchdwight.com/pdf/Sustainability/2019-Sustainability-Report.pdf
This press release contains forward-looking statements,
including, among others, statements relating to net sales and
earnings growth; the impact of the COVID-19 pandemic and the
Company’s response; gross margin changes; trade, marketing, and
SG&A spending; sufficiency of cash flows from operations;
earnings per share; cost savings programs; consumer demand and
spending; the effects of competition; the effect of product mix;
volume growth, including the effects of new product launches into
new and existing categories; the impact of acquisitions (including
earn-outs); and capital expenditures. Other forward-looking
statements in this release may be identified by the use of such
terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,”
“estimate,” “forecast,” “project,” “anticipate,” “to be,” “to make”
or other comparable terms. These statements represent the
intentions, plans, expectations and beliefs of the Company, and are
based on assumptions that the Company believes are reasonable but
may prove to be incorrect. In addition, these statements are
subject to risks, uncertainties and other factors, many of which
are outside the Company’s control and could cause actual results to
differ materially from such forward-looking statements. Factors
that could cause such differences include a decline in market
growth, retailer distribution and consumer demand (as a result of,
among other things, political, economic and marketplace conditions
and events); including those relating to the outbreak of contagious
diseases; other impacts of the COVID-19 pandemic and its impact on
the Company’s operations, customers, suppliers, employees, and
other constituents, and market volatility and impact on the economy
(including causing recessionary conditions), resulting from
nationwide or local or regional outbreaks or increases in
infections and the risk that the Company will not be able to
successfully execute its response plans with respect to the
pandemic or localized outbreaks and the corresponding uncertainty;
the impact of regulatory changes or policies associated with the
COVID-19 pandemic, including continuing or renewed shutdowns of
retail and other businesses in various jurisdictions; the impact of
the CARES Act and other governmental actions; unanticipated
increases in raw material and energy prices; delays or other
problems in manufacturing or distribution; increases in
transportation costs; adverse developments affecting the financial
condition of major customers and suppliers; changes in marketing
and promotional spending; growth or declines in various product
categories and the impact of customer actions in response to
changes in consumer demand and the economy, including increasing
shelf space of private label products; consumer and competitor
reaction to, and customer acceptance of, new product introductions
and features; the Company’s ability to maintain product quality and
characteristics at a level acceptable to our customers and
consumers; disruptions in the banking system and financial markets;
foreign currency exchange rate fluctuations; implications of the
United Kingdom’s withdrawal from the 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, including the actual and potential
effect of tariffs on Chinese goods imposed by the United States;
issues relating to the Company’s information technology and
controls; the impact of natural disasters on the Company and its
customers and suppliers, including third party information
technology service providers; the integration of acquisitions or
divestiture of assets; the outcome of contingencies, including
litigation, pending regulatory proceedings and environmental
matters; and changes in the regulatory environment.
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 10Q. 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, 2020
June 30, 2019
June 30, 2020
June 30, 2019
Net Sales
$
1,194.3
$
1,079.4
$
2,359.5
$
2,124.1
Cost of sales
634.7
597.9
1,267.9
1,171.8
Gross Profit
559.6
481.5
1,091.6
952.3
Marketing expenses
122.3
129.1
218.7
227.2
Selling, general and administrative
expenses
186.6
165.0
307.6
296.9
Income from Operations
250.7
187.4
565.3
428.2
Equity in earnings of affiliates
2.0
1.7
3.6
3.4
Other income (expense), net
(16.7
)
(18.8
)
(33.5
)
(36.2
)
Income before Income Taxes
236.0
170.3
535.4
395.4
Income taxes
46.3
31.8
115.9
81.2
Net Income
$
189.7
$
138.5
$
419.5
$
314.2
Net Income per share - Basic
$
0.77
$
0.56
$
1.71
$
1.28
Net Income per share - Diluted
$
0.75
$
0.55
$
1.67
$
1.25
Dividends per share
$
0.24
$
0.23
$
0.48
$
0.45
Weighted average shares outstanding -
Basic
246.2
246.4
245.9
246.2
Weighted average shares outstanding -
Diluted
251.3
252.7
251.2
252.3
CHURCH & DWIGHT CO., INC. AND
SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollars in millions)
June 30, 2020
December 31, 2019
Assets
Current Assets
Cash and Cash Equivalents
$
451.7
$
155.7
Accounts Receivable
344.5
356.4
Inventories
455.5
417.4
Other Current Assets
25.0
26.9
Total Current Assets
1,276.7
956.4
Property, Plant and Equipment (Net)
568.7
573.0
Equity Investment in Affiliates
10.6
9.7
Trade Names and Other Intangibles
2,697.9
2,750.0
Goodwill
2,078.2
2,079.5
Other Long-Term Assets
286.9
288.8
Total Assets
$
6,919.0
$
6,657.4
Liabilities and Stockholders’
Equity
Short-Term Debt
$
65.8
$
252.9
Other Current Liabilities
930.8
839.4
Total Current Liabilities
996.6
1,092.3
Long-Term Debt
1,811.4
1,810.2
Other Long-Term Liabilities
1,112.2
1,087.1
Stockholders’ Equity
2,998.8
2,667.8
Total Liabilities and Stockholders’
Equity
$
6,919.0
$
6,657.4
CHURCH & DWIGHT CO., INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of Cash
Flow (Unaudited)
Six Months Ended
(Dollars in millions)
June 30, 2020
June 30, 2019
Net Income
$
419.5
$
314.2
Depreciation and amortization
92.4
82.9
Deferred income taxes
11.4
6.0
Non-cash compensation
15.8
15.0
Gain on sale of assets
(3.0
)
-
Other
0.7
1.7
Subtotal
536.8
419.8
Changes in assets and liabilities:
Accounts receivable
5.9
(37.3
)
Inventories
(42.7
)
(17.9
)
Other current assets
(2.1
)
0.9
Accounts payable and accrued expenses
35.8
6.7
Income taxes payable
87.1
(11.6
)
Change in fair value of business
acquisition liabilities
(20.7
)
-
Other
(1.5
)
(9.4
)
Net cash from operating
activities
598.6
351.2
Capital expenditures
(30.9
)
(23.6
)
Acquisitions
-
(475.0
)
Proceeds from sale of assets
7.0
-
Other
(2.5
)
(3.8
)
Net cash (used in) investing
activities
(26.4
)
(502.4
)
Net change in short-term debt
(186.2
)
109.8
Payment of cash dividends
(118.1
)
(112.0
)
Proceeds from stock option exercises
44.9
37.0
Purchase of treasury stock
-
(100.0
)
Payment of contingent consideration
(14.5
)
-
Deferred financing and other
(0.1
)
(2.5
)
Net cash (used in) financing
activities
(274.0
)
(67.7
)
F/X impact on cash
(2.2
)
0.1
Net change in cash and cash
equivalents
$
296.0
$
(218.8
)
2020 and
2019 Product Line Net Sales
Three Months Ended
Percent
6/30/2020
6/30/2019
Change
Household Products
$
544.7
$
464.3
17.3
%
Personal Care Products
386.4
355.0
8.8
%
Consumer Domestic
$
931.1
$
819.3
13.6
%
Consumer International
187.5
186.6
0.5
%
Total Consumer Net Sales
$
1,118.6
$
1,005.9
11.2
%
Specialty Products Division
75.7
73.5
3.0
%
Total Net Sales
$
1,194.3
$
1,079.4
10.6
%
Six Months Ended
Percent
6/30/2020
6/30/2019
Change
Household Products
$
1,039.0
$
907.6
14.5
%
Personal Care Products
783.1
696.6
12.4
%
Consumer Domestic
$
1,822.1
$
1,604.2
13.6
%
Consumer International
386.1
373.3
3.4
%
Total Consumer Net Sales
$
2,208.2
$
1,977.5
11.7
%
Specialty Products Division
151.3
146.6
3.2
%
Total Net Sales
$
2,359.5
$
2,124.1
11.1
%
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 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 Cash from Operations:
This press release also presents adjusted cash from operations
(CFO), namely, CFO calculated in accordance with GAAP, as adjusted
to exclude a significant one-time item that is 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 CFO growth.
CHURCH & DWIGHT CO.,
INC.
Organic Sales
Three Months Ended
6/30/2020
Total
Worldwide
Consumer
Consumer
Specialty
Company
Consumer
Domestic
International
Products
Reported Sales Growth
10.6%
11.2%
13.6%
0.5%
3.0%
Less:
Acquisitions
3.2%
3.4%
2.9%
5.3%
0.0%
Add:
FX / Other
0.7%
0.7%
0.0%
3.9%
0.0%
Divestitures
0.3%
0.3%
0.0%
1.5%
0.0%
Organic Sales Growth
8.4%
8.8%
10.7%
0.6%
3.0%
Six Months Ended
06/30/2020
Total
Worldwide
Consumer
Consumer
Specialty
Company
Consumer
Domestic
International
Products
Reported Sales Growth
11.1%
11.7%
13.6%
3.4%
3.2%
Less:
Acquisitions
3.1%
3.5%
3.1%
4.2%
0.0%
Add:
FX / Other
0.5%
0.6%
0.0%
3.1%
0.0%
Divestitures
0.3%
0.3%
0.0%
1.5%
0.0%
Organic Sales Growth
8.8%
9.1%
10.5%
3.8%
3.2%
CHURCH & DWIGHT CO.,
INC.
Reconciliation of GAAP
Measures to Non-GAAP Measures (Unaudited)
For the quarter ended
June 30, 2020
For the quarter ended
June 30, 2019
Change
Adjusted Diluted
Earnings Per Share Reconciliation
Diluted Earnings Per Share -
Reported
$
0.75
$
0.55
36.4
%
Passport Earn-Out Reversal
-
$
(0.02
)
-
Flawless Earn-Out Adjustment
$
0.02
$
0.01
-
Brazil Loss on Sale
-
$
0.03
-
Diluted Earnings Per Share - Adjusted
(non-GAAP)
$
0.77
$
0.57
35.1
%
For the six months
ended
June 30, 2020
For the six months
ended
June 30, 2019
Change
Adjusted Cash
From Operations
Cash From Operations - Reported
$
598.6
$
351.2
70.4
%
U.S. Federal Income Tax Payment
Deferral
81.0
-
-
Cash From Operations - Adjusted
$
517.6
$
351.2
47.4
%
Reported and
Organic Forecasted Sales Reconciliation
For the Year
Ended
December 31, 2020
Reported Sales Growth
9% - 10%
Less: Acquisition
-2.7%
Add: FX / Other
+0.2%
Organic Sales Growth
7% - 8%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200731005112/en/
Rick Dierker Chief Financial Officer 609-806-1200
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