NEW YORK - Church & Dwight Co. (NYSE:CHD) reported better-than-expected third quarter results and raised its full-year guidance, sending shares up 0.59% in early trading on Wednesday.
The consumer products company posted adjusted earnings per share of $0.79, surpassing analyst estimates of $0.68. Revenue rose 3.8% year-over-year to $1.51 billion, slightly above the consensus forecast of $1.5 billion.
Organic sales growth, which excludes the impact of acquisitions, divestitures and foreign exchange, came in at 4.3% for the quarter. This was driven by volume growth of 3.1% and positive pricing and product mix of 1.2%.
"We are pleased to deliver another quarter of strong results," said Matthew Farrell, Chief Executive Officer. "Our outstanding Q3 results reflect the strength of our brands, the success of our new products, and our continued focus on execution."
The company's Consumer Domestic segment, its largest business unit, saw organic sales increase 3.3% YoY. Five of Church & Dwight's seven power brands gained market share during the quarter.
Adjusted gross margin expanded by 60 basis points to 45.0%, benefiting from improved productivity and higher volumes.
For the full year 2024, Church & Dwight now expects organic sales growth of approximately 4%, up from its previous outlook of 3-4%. The company also raised its adjusted earnings per share growth forecast to 8%, compared to its prior guidance of 6-7%.
"While US consumption in our categories improved slightly in September and October, we remain cautious regarding the US consumer and category growth rates for Q4," Farrell noted.
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