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Dec 31, 2021
Church & Dwight Q4 2021 Earnings Report
Church & Dwight reported Q4 2021 results with net sales and EPS exceeding expectations.
Key Takeaways
Church & Dwight reported a 5.7% increase in net sales for Q4 2021, reaching $1,368.7 million. EPS increased by 8.5% to $0.64 per share, and adjusted EPS grew by 20.8%. Organic sales grew by 4.3%.
Net sales increased by 5.7%, driven by growth in domestic, international, and specialty products divisions.
Organic sales grew by 4.3%, exceeding the company's outlook.
EPS increased by 8.5% to $0.64 per share, with adjusted EPS growth of 20.8%.
The company closed on the THERABREATH® acquisition in late December, expecting $100 million in sales for 2022.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company expects full year 2022 reported sales growth to be approximately 5%-8% and organic sales growth to be approximately 3%-6%. We estimate full year EPS of $3.14 to $3.26, an increase of 4%-8% compared to prior year adjusted EPS.
Positive Outlook
- Categories expected to remain at elevated consumption levels, including gummy vitamins, laundry, laundry additives, hair growth supplements, and cat litter.
- Household penetration is increasing, and existing households are consuming more vitamins.
- Committed to offsetting inflation with price increases.
- Expect operating profit margin expansion of 60 to 70 basis points compared to prior year adjusted operating margin.
- THERABREATH ® brand to be fully integrated by the end of 2022 and continue to pursue accretive acquisitions.
Challenges Ahead
- Expect incremental cost inflation of $155 million versus 2021.
- Expect to experience higher inflation at a faster rate than our price increases take effect in 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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