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Church & Dwight Co Inc SECURITIES AND EXCHANGE COMMISSION FORM 8-K Current report filing Filing Date: 2021-04-29 | Period of Report: 2021-04-29 SEC Accession No. 0001564590-21-021590 (HTML Version on secdatabase.com) FILER CHURCH & DWIGHT CO INC /DE/ Mailing Address Business Address 500 CHARLES EWING 500 CHARLES EWING CIK:313927| IRS No.: 134996950 | State of Incorp.:DE | Fiscal Year End: 1231 BOULEVARD BOULEVARD Type: 8-K | Act: 34 | File No.: 001-10585 | Film No.: 21867050 EWING NJ 08628 EWING NJ 08628 SIC: 2840 Soap, detergents, cleang preparations, perfumes, cosmetics 609-806-1200 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of the report (Date of earliest event reported): April 29, 2021 CHURCH & DWIGHT CO., INC. (Exact Name of Registrant as Specified in its Charter) Delaware 1-10585 13-4996950 (State or Other (Commission (I.R.S. Employer Jurisdiction File Number) Identification No.) of Incorporation) 500 Charles Ewing Boulevard, Ewing, New Jersey 08628 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code: (609) 806-1200 n/a (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240. 14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Trading Name of each exchange Title of each class Symbol on which registered Common Stock, $1 par value CHD New York Stock Exchange Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ITEM 2.02. Results of Operations and Financial Condition. On April 29, 2021, Church & Dwight Co., Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2021, and providing additional information. This press release is furnished herewith as Exhibit 99.1 pursuant to this Item 2.02. ITEM 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Description 99.1 Church & Dwight Co., Inc. press release, dated April 29, 2021 104 Cover Page Interactive Data File (embedded within the inline XBRL document) Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CHURCH & DWIGHT CO., INC. Date: April 29, 2021 By: /s/ Richard A. Dierker Name: Richard A. Dierker Title: Executive Vice President and Chief Financial Officer Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CHURCH & DWIGHT CO., INC. News Release Contact: Rick Dierker Chief Financial Officer 609-806-1200 CHURCH & DWIGHT REPORTS Q1 RESULTS Q1 NET SALES AND EPS EXCEED OUTLOOK RAISES ORGANIC REVENUE AND MAINTAINS FULL YEAR EPS OUTLOOK 2021 First Quarter Results 2021 Full Year Outlook •Net Sales +6.3%: Domestic +5.8%, Int’l +9.0%, SPD +6.0% •Raises Net Sales growth to +5-6%; Raises Organic to +4-5% •Organic sales +4.9%: Domestic +5.1%, Int’l +3.2%, SPD +6.0% •Adjusted EPS: $3.00-$3.06 (+6 to +8%)¹ •EPS -4.3%; Adjusted “Flat” •Cash from operations approx. $1 billion EWING, NJ, APRIL 29, 2021 – Church & Dwight Co., Inc. (NYSE: CHD) today announced first quarter net sales grew 6.3% to $1,238.9 million. The Company continues to experience a significant increase in consumer demand for many of its products. Volume growth was driven by higher consumption. Organic sales grew 4.9% driven by volume growth of 3.1% and positive product mix and pricing of 1.8%. First quarter 2021 EPS decreased 4.3% to $0.88 per share. Adjusted EPS, which excludes a positive acquisition related earn-out adjustment, was flat at $0.83, exceeding the Company’s adjusted outlook of $0.80.² Matthew Farrell, Chief Executive Officer, commented, “I’d like to recognize all Church & Dwight employees around the world for their continued dedication to helping us successfully navigate the difficult environment, especially our Supply Chain and R&D teams as during this quarter the Company faced additional complexities of raw material shortages as a result of the Texas freeze. “Our brands once again delivered strong consumption in Q1. We experienced double-digit consumption growth in many domestic categories, especially gummy vitamins, pregnancy test kits, women’s electric grooming, battery toothbrush, and toothache. The double-digit gummy vitamin growth is on top of strong growth a year ago. Existing households are consuming more vitamins and household penetration of gummy vitamins has increased. In our International business despite many countries experiencing lockdowns, organic revenues grew 3.2%, led by our Global Markets Group. Overall, online sales grew 54% and as a percentage of total sales were 14.8% in Q1 compared to 10.2% in 2020. “In the first quarter, many key raw materials were in short supply due to the Texas freeze and container shortages. We continued to serve our customers thanks to the efforts of our Supply Chain and R&D teams. Raw material and transportation costs began rising in February and these cost pressures were further exacerbated due to the Texas freeze causing prices to spike further. We expect the tight supply and higher input costs to continue for the balance of the year. We have announced pricing actions in laundry and in our International businesses and also plan to reduce promotional spending to help mitigate increased costs.” Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document First Quarter Review Consumer Domestic net sales were $942.4 million, a $51.4 million or 5.8% increase driven by household and personal care sales growth and acquisitions. Organic sales increased 5.1% due to higher volume (+3.3%) and positive price and product mix (+1.8%). Growth was led by VITAFUSION® and L’IL CRITTERS® gummy vitamins, Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document WATERPIK® oral care products, FLAWLESS® beauty products, ARM & HAMMER® clumping cat litter, KABOOM® bathroom cleaners, and VIVISCAL® hair thinning. Consumer International net sales were $216.4 million, a $17.8 million or a 9.0% increase, primarily driven by the Global Markets Group organic growth and the impact of currency. Despite European lockdowns, organic sales increased 3.2% due to higher volume (+3.5%), partially offset by price and product mix (-0.3%). Organic sales were driven primarily by WATERPIK, ARM & HAMMER liquid laundry detergent, OXICLEAN® stain fighter, and FEMFRESH® intimate wash in the Global Markets Group, WATERPIK in Germany, and ANUSOL® hemorrhoidal products in the U.K. Specialty Products net sales were $80.1 million, a $4.5 million or a 6.0% increase driven by the dairy market. Organic sales increased due to higher pricing (+7.6%), partially offset by lower volume (-1.6%). Milk prices have remained stable. Gross margin decreased 120 basis points to 44.5% due to the impact of higher distribution costs as well as higher manufacturing costs primarily related to commodities, COVID-19 pandemic related expenses, and higher tariffs, partially offset by productivity and favorable volume and price. Marketing expense was $98.7 million, an increase of $2.3 million or 2.4%. Marketing expense as a percentage of net sales decreased 30 basis points to 8.0%. Selling, general, and administrative expense (SG&A) was $149.6 million or 12.1% of net sales on a reported basis, a 170 basis point increase. Adjusted SG&A as a percentage of net sales increased 60 basis points primarily due to acquisition related intangible amortization.² Income from Operations was $302.6 million or 24.4% of net sales. Adjusted Income from Operations was $283.6 million or 22.9% of net sales.² Other Expense of $11.6 million declined primarily due to lower interest expense resulting from lower interest rates. The effective tax rate was 24.2% compared to 23.2% in 2020, an increase of 100 basis points primarily related to lower stock option exercises. Operating Cash Flow For the first three months of 2021, cash from operating activities decreased 57.6% to $100.2 million, a $136.3 million decrease from the prior year as higher cash earnings, were offset by an increase in working capital. Inventory is higher to support increases in sales due to continued recovery of customer fill levels.
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