- Church & Dwight Co Inc (CHD) reported first-quarter FY23 sales growth of 10.2% year-on-year to $1.43 billion, beating the consensus of $1.35 billion. The company continues to experience strong consumer demand and a favorable product mix.
- Adjusted EPS of $0.85 (+2.4) beat the analyst consensus of $0.77.
- Segments: Net sales from Consumer Domestic increased 12.2% Y/Y to $1.12 billion, Consumer International rose 7.5% to $230.6 million, and Specialty Products slipped 5.9% to $82.3 million.
- The gross margin increased 90 basis points to 43.5% due to improved pricing, productivity, and the impact of the Hero acquisition, net of higher manufacturing costs.
- Adjusted income from operations was $299.2 million (margin: 20.9%, down 70 basis points vs. prior year).
- On March 31, 2023, cash on hand was $202.8 million, while total debt was $2.4 billion.
- Outlook: For FY23, Church & Dwight expects reported sales growth to be approximately 6% -7% (prior guidance 5%-7%), with organic sales growth of roughly 3%-4% (prior guidance 2% – 4%).
- Adjusted EPS expectation for 2023 is 2%-4% (prior guidance 0%-4%), representing $3.03-$3.09 against the consensus of $3.06.
- Church & Dwight sees Q2 adjusted EPS of $0.78 (+2.6% Y/Y), above the consensus of $0.76. It expects Q2 sales growth of 7%.
- Price Action: CHD shares are trading higher by 4.95% at $96.55 on the last check Thursday.
Needham Reiterates Buy on Paycor HCM, Maintains $42 Price Target
Needham analyst Scott Berg reiterates Paycor HCM (NASDAQ:PYCR) with a Buy and maintains $42 price target.
