Church & Dwight Co Inc CHD reported third-quarter FY23 sales growth of 10.55% year-on-year to $1.46 billion, beating the analyst consensus estimate of $1.43 billion.
Organic sales increased 4.8%, driven by volume of 2.7% and positive product mix and pricing of 2.1%.
Net sales from Consumer Domestic increased 12.1% Y/Y, Consumer International grew 11.2%, and Specialty Products dropped 10.1%.
Adjusted EPS of 74 cents beat the analyst consensus of 68 cents.
The gross margin expanded 270 basis points Y/Y to 44.4% due to improved pricing, volume, productivity, and the impact of the HERO acquisition, net of the impact of higher manufacturing costs.
The operating income for the quarter was $255.8 million, with an operating margin of 17.6%.
The company held $573.3 million in cash and equivalents as of Sept. 30, 2023. Net cash provided by operating activities for nine months totaled $795.1 million.
Outlook: Church & Dwight sees Q4 adjusted EPS of 63 cents, versus an estimate of 72 cents. It expects Q4 sales growth of 5%.
In 2023, CHD expects reported sales growth to be approximately 9%, (previous view 8%). Adjusted EPS expectation for 2023 is $3.15 versus $3.16 estimate.
Price Action: CHD was down 6.2% at $86.26 at last check Friday.
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