NYSE$CHD
Church & Dwight Co Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Church & Dwight reported strong Q4 2023 results, exceeding expectations for net sales, gross margin, EPS, and cash from operations, driven by volume growth and successful acquisitions.
Church & Dwight reported a 6.4% increase in Q4 net sales, reaching $1,528.0 million, and a 5.3% increase in organic sales. Reported EPS was $0.62, with adjusted EPS at $0.65. The company's performance was driven by strong volume growth and contributions from recent acquisitions, leading to gross margin expansion and strong cash flow generation.
- Q4 net sales increased by 6.4%, exceeding the company's outlook.
- Organic sales grew by 5.3%, driven by positive pricing and higher volume.
- Adjusted EPS was $0.65, compared to $0.62 in Q4 2022.
- Gross margin increased by 260 basis points to 44.6%.
Headline financials
Revenue & EPS history
Church & Dwight · Revenue · Quarterly
$1.53B
Revenue by segment
Church & Dwight · $1.46B total across 4 segments · Q3 2023
- Household Products$636M+7.4%43.7%
- Personal Care$497M+18.8%34.1%
- Consumer International$244M+11.2%16.8%
- Specialty Products$78.4M-10.1%5.4%
Forward guidance
Church & Dwight anticipates strong sales and EPS growth for 2024, driven by product innovation and effective marketing. The company is evolving its Evergreen business model to reflect faster topline growth and greater margin expansion.
Tailwinds
- Full year reported and organic sales growth expected to be approximately 4-5%.
- Full year reported gross margin to expand approximately 50 to 75 basis points versus 2023.
- Adjusted EPS expectation for 2024 is 7-9% growth.
- Cash flow from operations is expected to be approximately $1.0 billion.
- Pursue accretive acquisitions that meet our strict criteria.
Headwinds
- Increase in manufacturing costs primarily due to capacity related investments and commodity inflation.
- Tax rate is expected to increase 170 bps to approximately 23%.
- Exiting the MEGALAC business will have a 1% EPS drag.
- Higher marketing spending (+100 basis points) in Q1.
- Other expense for 2024 is expected to be approximately $85 million, compared to $90 million in 2023.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.2%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+1.4%
Avg return
30 days after
58%
40 / 69 earnings
Positive
+11.3%
Q3 2018
Best reaction
-8.8%
Q3 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.9% | -2.2% | -1.3% | |
| Q4 2025 | +5.7% | +9.4% | +14.0% | |
| Q3 2025 | +5.5% | +6.0% | +4.1% | |
| Q1 2025 | -7.0% | -7.3% | -1.0% | |
| Q4 2024 | -1.5% | +0.1% | +3.8% | |
| Q3 2024 | +3.1% | +3.3% | +10.2% | |
| Q2 2024 | -0.1% | +1.6% | +1.9% | |
| Q1 2024 | -0.1% | +0.6% | +0.7% | |
| Q4 2023 | -1.6% | -1.0% | -1.5% | |
| Q3 2023 | -5.5% | -3.6% | +3.7% | |
| Q2 2023 | -0.3% | +0.9% | -2.8% | |
| Q1 2023 | +5.6% | +5.5% | +2.1% | |
| Q4 2022 | +4.4% | +4.3% | +5.5% | |
| Q3 2022 | -3.1% | -5.3% | +3.1% | |
| Q2 2022 | -7.9% | -9.0% | -11.3% | |
| Q1 2022 | -6.3% | -8.2% | -13.3% | |
| Q4 2021 | +4.0% | +4.6% | +0.0% | |
| Q3 2021 | +2.8% | +4.2% | +9.4% | |
| Q2 2021 | -1.5% | -3.6% | -4.8% | |
| Q1 2021 | +1.6% | +5.9% | +1.6% | |
| Q4 2020 | -3.4% | -4.5% | -9.4% | |
| Q3 2020 | +0.2% | +0.9% | -2.2% | |
| Q2 2020 | +3.7% | +6.4% | +5.4% | |
| Q1 2020 | +4.2% | +7.4% | +9.8% | |
| Q4 2019 | +3.2% | +2.0% | -4.5% | |
| Q3 2019 | -8.8% | -10.8% | -6.9% | |
| Q2 2019 | -3.0% | -3.2% | +4.1% | |
| Q1 2019 | +1.0% | -1.0% | +1.0% | |
| Q4 2018 | -4.0% | -3.1% | +0.4% | |
| Q3 2018 | +11.3% | +14.3% | +11.5% | |
| Q2 2018 | +3.7% | +2.4% | +2.6% | |
| Q1 2018 | +3.2% | +4.1% | +3.2% | |
| Q4 2017 | +3.3% | +4.8% | +7.8% | |
| Q3 2017 | -4.9% | -5.2% | +1.4% | |
| Q2 2017 | -4.4% | -5.7% | -4.8% | |
| Q1 2017 | +4.2% | +3.2% | +7.8% | |
| Q4 2016 | +5.2% | +6.1% | +9.2% | |
| Q3 2016 | -7.3% | -3.0% | -8.1% | |
| Q2 2016 | +3.0% | +3.4% | +2.4% | |
| Q1 2016 | +3.1% | — | — | |
| Q4 2015 | +2.4% | — | — | |
| Q3 2015 | -2.3% | — | — | |
| Q2 2015 | +2.4% | — | — | |
| Q1 2015 | +1.8% | — | — | |
| Q4 2014 | +1.9% | — | — | |
| Q3 2014 | +1.6% | — | — | |
| Q2 2014 | +2.2% | — | — | |
| Q1 2014 | -0.7% | — | — | |
| Q4 2013 | +1.6% | — | — | |
| Q3 2013 | +0.1% | — | — | |
| Q2 2013 | -3.3% | — | — | |
| Q1 2013 | +1.5% | — | — | |
| Q4 2012 | +2.3% | — | — | |
| Q3 2012 | +1.4% | — | — | |
| Q2 2012 | -4.4% | — | — | |
| Q1 2012 | +0.6% | — | — | |
| Q4 2008 | -0.4% | — | — | |
| Q1 2009 | -0.4% | — | — | |
| Q4 2011 | -0.4% | — | — | |
| Q3 2011 | +0.0% | — | — | |
| Q2 2011 | -1.4% | — | — | |
| Q1 2010 | -3.5% | — | — | |
| Q1 2011 | +0.8% | — | — | |
| Q4 2010 | +1.1% | — | — | |
| Q3 2010 | -0.4% | — | — | |
| Q3 2009 | -0.4% | — | — | |
| Q2 2009 | +0.4% | — | — | |
| Q4 2009 | +0.4% | — | — | |
| Q2 2010 | +0.4% | — | — |
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