2020 Third Quarter
Results
- Sales growth +13.9%
- Organic sales +9.9%
- Gross Margin -110 bps. to 45.5%, due to tariffs and acquisition
accounting
- EPS +37.1%; Adjusted EPS +6.1%
- YTD Cash from Operations +29.3%
2020 Full Year
Outlook
- Reported Sales growth raised to 11% (previously 9-10%)
- Organic Sales growth raised to 9% (previously 7-8%)
- Adjusted EPS growth raised to 13%-14% 1, including
investments
- Cash from Operations raised to $975MM (previously $960MM)
Church & Dwight Co., Inc. (NYSE: CHD) today announced
reported third quarter 2020 EPS of $0.85, a 37.1% increase versus
year ago. Adjusted EPS, which excludes a favorable acquisition
related earn-out adjustment, grew 6.1% to $0.70.2
Third quarter net sales grew 13.9% to $1,241.0 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 9.9% driven by a volume
increase of 10.2%, partially offset by 0.3% from unfavorable
product mix and pricing in support of new products. Volume growth
was driven by higher consumption and restocking of retailer
inventories.
Matthew Farrell, Chief Executive Officer, commented, “Q3 was an
extraordinarily strong quarter for Church & Dwight. Both our
household and personal care businesses delivered higher volume
growth as consumers and retailers focused on core essentials. Our
brands experienced strong consumption in Q3 and we continue to see
similar strength in October. The pandemic drove double digit
consumption growth in most domestic categories, especially gummy
vitamins, women’s hair removal, cleaners, and baking soda.
Restrictions on consumer mobility continued to suppress the condoms
and dry shampoo categories, although we saw significant sequential
improvement in Q3. Consumption of water flossers was flat in Q3 and
positive for October, after experiencing double-digit declines in
Q2. Year-to-date shipments and consumption are generally in balance
for our brands. However, retailer in-stocks continue to 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 Q3, up from 8% last year.
The International business had a strong quarter despite the global
COVID-19 pandemic, with extremely strong and broad-based
consumption increases across many countries and brands. After 3
consecutive quarters of growth, SPD sales contracted primarily in
the non-dairy segment.
“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.”
Third Quarter Review
Consumer Domestic net sales were $954.6 million, a $127.0
million or 15.3% increase driven by household and personal care
sales growth. Organic sales increased 10.7% due to higher volume
(+11.1%), offset by lower price and product mix (-0.4%) as a result
of increased promotion and couponing for new products. Strong
consumption was the primary driver for the sales increase. Organic
sales growth was led by VITAFUSION® and L’IL CRITTERS® gummy
vitamins, WATERPIK® oral care products, ARM & HAMMER® liquid
laundry detergent, OXICLEAN® stain fighters, KABOOM® bathroom
cleaners, ARM & HAMMER® clumping cat litter and baking soda,
and FIRST RESPONSE® diagnostic kits.
Consumer International net sales were $213.6 million, a
$27.2 million or 14.6% increase versus the prior year. Organic
sales increased 11.6% due to higher volume (+11.7%). Organic sales
growth was driven primarily by the Global Markets Group and
Canada.
Specialty Products net sales were $72.8 million, a $2.6
million or 3.4% decrease. Organic sales also decreased 3.4% due to
lower volume (-3.8%) offset by higher pricing (+0.4%). The lower
volume was primarily driven by the non-dairy Animal and Food
Production and specialty chemical businesses as they face
continuing challenges from the COVID-19 pandemic reducing
demand.
Gross margin decreased 110 basis points to 45.5% due to
the impact of tariffs, COVID-19 pandemic related expenses, higher
manufacturing costs due to outsourcing, and acquisition accounting,
partially offset by productivity improvements. Specifically, gross
margin was impacted by a 200 basis point headwind in the quarter,
from the year-over-year impact of tariffs (-110 basis points), and
acquisition accounting (-90 basis points).
Marketing expense was $170.9 million, an increase of
$45.7 million or 36.5% reflecting brand investments to provide
momentum going into 2021. Marketing expense as a percentage of net
sales increased 230 basis points to 13.8%.
Selling, general, and administrative expense (SG&A)
was $120.5 million or 9.7% of net sales, a 550 basis point
decrease, primarily due to an acquisition related earn-out
adjustment. Adjusted SG&A of $171.5 million decreased 30 basis
points as a percentage of net sales primarily due to leverage from
strong sales growth. 2
Income from Operations was $273.8 million or 22.0% of net
sales. Adjusted Income from Operations was $222.8 million or 17.9%
of net sales excluding the acquisition related earn-out adjustment.
2
Other Expense of $12.3 million declined $3.9 million due
to lower interest expense resulting from lower interest rates.
The effective tax rate was 17.3% compared to 21.6% in
2019, a decrease of 430 basis points, primarily driven by higher
tax benefits related to stock option exercises.
Operating Cash Flow
Cash flow continues to be exceptionally strong. For the first
nine months of 2020, cash from operating activities increased 29.3%
to $798.2 million, a $180.7 million increase from the prior year
due to higher cash earnings and an improvement in working capital.
Capital expenditures for the first nine months were $54.6 million,
a $14.9 million increase from the prior year. Full year capex
spending is expected to be approximately $100 million, reflecting
plans for expansion in manufacturing capacity for laundry, litter,
and vitamins. Due to our strong cash position, the Company may
resume stock purchases in the future.
At September 30, 2020, cash on hand was $549.1 million, while
total debt was $1,813.5 million.
2020 New Products
Mr. Farrell commented, “Innovation continues to be a big driver
of our success. In support of our long-term strategy to drive
revenue and earnings growth, we launched new products in several
categories in 2020. VITAFUSION new gummy vitamin products include
Triple Immune Power, Apple Cider Vinegar, Organic Prenatal Multi,
and IRRESISTIBLE SKIN™. To capitalize on increased consumer
interest in immunity, VITAFUSION launched POWER ZINC™ and
Elderberry gummies in both adult and kids’ variants. WATERPIK® is
having great success in the second year of the SONIC FUSION®
launch. We launched ARM & HAMMER CLEAN & SIMPLE™ laundry
detergent which has only 6 ingredients plus water, on trend with
consumers’ desire for ‘better for me’ products, which are simple
and have fewer ingredients. We launched ARM & HAMMER CLUMP
& SEAL ABSORBx™ clumping cat litter, a first of its kind
revolutionary new litter made from DESERT DRY MINERALS™ that is 55%
lighter than our regular litter. TROJAN® launched the TROJAN G
SPOT™ condom featuring a unique shape for targeted stimulation.
FLAWLESS® launched NU RAZOR™, a waterless whole-body hair removal
product for women to use anywhere, anytime.”
Outlook for 2020
Mr. Farrell stated, “2020 is shaping up to be another
outstanding year for Church & Dwight. The Company is well
positioned in the current economic environment and the future, due
to a combination of being in the right categories and having a
balance of value and premium brands and the ability to make
investments.
“Given our strong year to date performance, we have raised our
full year outlook for sales, EPS, and cash flow. We now expect
approximately 11% full year 2020 sales growth (previously 9-10%)
and approximately 9% organic sales growth (previously 7-8%). Our
cash from operations is now expected to be $975 million or a 13%
increase versus prior year.
“We will continue to make incremental investments in Q4 as a
result of our strong results. As in years past, these actions help
the Company enter the coming year with momentum. Specifically, we
expect significantly higher marketing spending, investments for
surge capacity in manufacturing, R&D, new product development,
consumer research, digital advertising, and predictive analytics.
These investments have historically proven to position the Company
for future growth.
“We expect gross margin to contract 20 basis points for the full
year due to tariffs on WATERPIK products, COVID-19 related costs,
new product support, the impact of acquisition accounting, and
incremental manufacturing and distribution capacity investments.
Due to non-recurring Q4 supply chain costs, we now expect second
half gross margin to be down 190 basis points (previously down 150
basis points). Our marketing as a percentage of sales is now
expected to be flat for the full year given significant increases
in the back half. Accordingly, we now expect adjusted EPS growth to
be $2.79 to $2.81 or up 13%-14%.1
“In Q4, we expect reported sales growth of approximately 9%,
organic sales growth of approximately 8%, gross margin contraction,
significantly higher marketing expense, and a lower tax rate. As a
result, we expect Q4 EPS to be $0.50-$0.52 per share excluding the
acquisition earn-out adjustment.”1
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
or the fourth quarter of 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 third quarter 2020 earnings results on October 29, 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
9285485. A replay will be available at 855-859-2056 using the same
access code through the close of business on November 5, 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
Nine Months Ended
(In millions, except per share data)
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
Net Sales
$
1,241.0
$
1,089.4
$
3,600.5
$
3,213.5
Cost of sales
675.8
581.7
1,943.7
1,753.5
Gross Profit
565.2
507.7
1,656.8
1,460.0
Marketing expenses
170.9
125.2
389.6
352.4
Selling, general and administrative
expenses
120.5
165.7
428.1
462.6
Income from Operations
273.8
216.8
839.1
645.0
Equity in earnings of affiliates
1.9
2.1
5.5
5.5
Other income (expense), net
(14.2
)
(18.3
)
(47.7
)
(54.5
)
Income before Income Taxes
261.5
200.6
796.9
596.0
Income taxes
45.3
43.3
161.2
124.5
Net Income
$
216.2
$
157.3
$
635.7
$
471.5
Net Income per share - Basic
$
0.87
$
0.64
$
2.58
$
1.91
Net Income per share - Diluted
$
0.85
$
0.62
$
2.52
$
1.87
Dividends per share
$
0.24
$
0.23
$
0.72
$
0.68
Weighted average shares outstanding -
Basic
247.7
246.8
246.5
246.4
Weighted average shares outstanding -
Diluted
253.3
252.9
252.0
252.5
CHURCH & DWIGHT CO., INC. AND
SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollars in millions)
September 30, 2020
December 31, 2019
Assets
Current Assets
Cash and Cash Equivalents
$
549.1
$
155.7
Accounts Receivable
372.8
356.4
Inventories
497.7
417.4
Other Current Assets
24.9
26.9
Total Current Assets
1,444.5
956.4
Property, Plant and Equipment (Net)
579.5
573.0
Equity Investment in Affiliates
9.4
9.7
Trade Names and Other Intangibles
2,674.1
2,750.0
Goodwill
2,078.2
2,079.5
Other Long-Term Assets
291.3
288.8
Total Assets
$
7,077.0
$
6,657.4
Liabilities and Stockholders’
Equity
Short-Term Debt
$
1.6
$
252.9
Other Current Liabilities
970.3
839.4
Total Current Liabilities
971.9
1,092.3
Long-Term Debt
1,811.9
1,810.2
Other Long-Term Liabilities
1,082.9
1,087.1
Stockholders’ Equity
3,210.3
2,667.8
Total Liabilities and Stockholders’
Equity
$
7,077.0
$
6,657.4
CHURCH & DWIGHT CO., INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of Cash
Flow (Unaudited)
Nine Months Ended
(Dollars in millions)
September 30, 2020
September 30, 2019
Net Income
$
635.7
$
471.5
Depreciation and amortization
138.9
129.9
Change in fair value of business
acquisition liabilities
(71.7
)
9.7
Deferred income taxes
28.0
6.1
Non-cash compensation
18.7
17.7
Gain on sale of assets
(3.0
)
-
Other
1.7
5.0
Subtotal
748.3
639.9
Changes in assets and liabilities:
Accounts receivable
(18.1
)
(41.8
)
Inventories
(82.3
)
(7.1
)
Other current assets
(4.1
)
6.5
Accounts payable and accrued expenses
140.1
1.8
Income taxes payable
13.1
14.9
Other
1.2
3.3
Net cash from operating
activities
798.2
617.5
Capital expenditures
(54.6
)
(39.7
)
Acquisitions
-
(475.0
)
Proceeds from sale of assets
7.0
-
Other
(3.6
)
(4.3
)
Net cash (used in) investing
activities
(51.2
)
(519.0
)
Net change in short-term debt
(250.4
)
72.4
Payment of cash dividends
(177.7
)
(168.2
)
Proceeds from stock option exercises
89.1
49.8
Purchase of treasury stock
-
(250.0
)
Payment of business acquisition
liabilities
(14.5
)
-
Deferred financing and other
(0.2
)
(2.6
)
Net cash (used in) financing
activities
(353.7
)
(298.6
)
F/X impact on cash
0.1
(1.9
)
Net change in cash and cash
equivalents
$
393.4
$
(202.0
)
2020 and 2019 Product
Line Net Sales
Three Months Ended
Percent
9/30/2020
9/30/2019
Change
Household Products
$
501.4
$
463.5
8.2
%
Personal Care Products
453.2
364.1
24.5
%
Consumer Domestic
$
954.6
$
827.6
15.3
%
Consumer International
213.6
186.4
14.6
%
Total Consumer Net Sales
$
1,168.2
$
1,014.0
15.2
%
Specialty Products Division
72.8
75.4
-3.4
%
Total Net Sales
$
1,241.0
$
1,089.4
13.9
%
Nine Months Ended
Percent
9/30/2020
9/30/2019
Change
Household Products
$
1,540.4
$
1,371.1
12.3
%
Personal Care Products
1,236.3
1,060.7
16.6
%
Consumer Domestic
$
2,776.7
$
2,431.8
14.2
%
Consumer International
599.7
559.7
7.1
%
Total Consumer Net Sales
$
3,376.4
$
2,991.5
12.9
%
Specialty Products Division
224.1
222.0
0.9
%
Total Net Sales
$
3,600.5
$
3,213.5
12.0
%
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 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 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
9/30/2020
Total
Worldwide
Consumer
Consumer
Specialty
Company
Consumer
Domestic
International
Products
Reported Sales Growth
13.9
%
15.2
%
15.3
%
14.6
%
-3.4
%
Less:
Acquisitions
4.2
%
4.4
%
4.6
%
3.7
%
0.0
%
Add:
FX / Other
-0.2
%
-0.3
%
0.0
%
-1.4
%
0.0
%
Divestitures
0.4
%
0.4
%
0.0
%
2.1
%
0.0
%
Organic Sales Growth
9.9
%
10.9
%
10.7
%
11.6
%
-3.4
%
Nine Months Ended
09/30/2020
Total
Worldwide
Consumer
Consumer
Specialty
Company
Consumer
Domestic
International
Products
Reported Sales Growth
12.0
%
12.9
%
14.2
%
7.1
%
0.9
%
Less:
Acquisitions
3.4
%
3.7
%
3.7
%
4.1
%
0.0
%
Add:
FX / Other
0.3
%
0.3
%
0.0
%
1.6
%
0.0
%
Divestitures
0.3
%
0.3
%
0.0
%
1.8
%
0.0
%
Organic Sales Growth
9.2
%
9.8
%
10.5
%
6.4
%
0.9
%
CHURCH & DWIGHT CO.,
INC.
Reconciliation of GAAP
Measures to Non-GAAP Measures (Unaudited)
For the quarter ended
September 30, 2020
For the quarter ended
September 30, 2019
Change
Adjusted Diluted
Earnings Per Share Reconciliation
Diluted Earnings Per Share -
Reported
$
0.85
$
0.62
37.1
%
Flawless Earn-Out Adjustment
$
(0.15
)
$
0.04
-
Diluted Earnings Per Share - Adjusted
(non-GAAP)
$
0.70
$
0.66
6.1
%
For the three months ended
September 30, 2020
For the three months ended
September 30, 2019
Change
% of NS
% of NS
Adjusted
SG&A
SG&A - Reported
$
120.5
9.7
%
$
165.7
15.2
%
(550
)
bps
Flawless Earn-Out Adjustment
$
51.0
4.1
%
$
(12.0
)
-1.1
%
520
bps
SG&A - Adjusted
$
171.5
13.8
%
$
153.7
14.1
%
(30
)
bps
For the three months ended
September 30, 2020
Percentage of Net
Sales
Adjusted Income
From Operations
Income From Operations -
Reported
$
273.8
22.0
%
Flawless Earn-Out Adjustment
(51.0
)
-4.1
%
Income From Operations -
Adjusted
$
222.8
17.9
%
Reported and
Organic Forecasted Sales Reconciliation
For the Quarter
For the Year
Ended
Ended
December 31, 2020
December 31, 2020
Reported Sales Growth
9.0%
11.0
%
Less: Acquisition
-1.0%
-3.0
%
Add: FX / Other
-
+1.0%
Organic Sales Growth
8.0%
9.0
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201029005431/en/
Rick Dierker Chief Financial Officer 609-806-1200
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