11.04.02
Church & Dwight Co., Princeton, NJ, reported net income in the third quarter rose 13.5% to $17.6 million. Operating income, combined with the company's share of the income from affiliates, rose to $33.6 million, a 26% increase from last year.
Robert A. Davies, III, chairman and chief executive officer of Church & Dwight, commented, "With the virtual completion of the two major integration projects following the acquisition of USA Detergents and the consumer products business of Carter-Wallace, we are beginning to see the improvement in gross margin we had expected, which enables us to increase our investment in marketing and new product development."
Total Church & Dwight sales for the third quarter, excluding Armkel and other affiliates, increased 10.7% to $263.8 million from $238.4 million last year. This increase is primarily due to the Arrid antiperspirant and Lambert Kay pet care product lines acquired from Carter-Wallace late in 2001. Consumer product sales increased 11.2% to $217.6 million, and specialty product sales rose 7.9% to $46.2 million.
For the nine months, net income increased 23% to $51.1 million. Nine months sales, excluding unconsolidated affiliates, increased 12.1% to $779.1 million. In addition to its 50% interest in Armkel, the company has two unconsolidated 50%-owned affiliates in the specialty products business, Armand products and Armakleen. Church & Dwight sales, combined with its three unconsolidated affiliates, increased 55% to $1,130.4 million, primarily due to the acquisition of the Carter-Wallace consumer products business in September 2001.
Mr. Davies said, "For the full year 2002, our objective remains to achieve adjusted earnings per share in the range of $1.58 to $1.60, approximately 15% above the adjusted $1.38 per share last year." Mr. Davies concluded by reaffirming the company's long-term objective, laid out in the second quarter earnings release, to achieve average earnings growth of 12.5-15% a year going forward.
Robert A. Davies, III, chairman and chief executive officer of Church & Dwight, commented, "With the virtual completion of the two major integration projects following the acquisition of USA Detergents and the consumer products business of Carter-Wallace, we are beginning to see the improvement in gross margin we had expected, which enables us to increase our investment in marketing and new product development."
Total Church & Dwight sales for the third quarter, excluding Armkel and other affiliates, increased 10.7% to $263.8 million from $238.4 million last year. This increase is primarily due to the Arrid antiperspirant and Lambert Kay pet care product lines acquired from Carter-Wallace late in 2001. Consumer product sales increased 11.2% to $217.6 million, and specialty product sales rose 7.9% to $46.2 million.
For the nine months, net income increased 23% to $51.1 million. Nine months sales, excluding unconsolidated affiliates, increased 12.1% to $779.1 million. In addition to its 50% interest in Armkel, the company has two unconsolidated 50%-owned affiliates in the specialty products business, Armand products and Armakleen. Church & Dwight sales, combined with its three unconsolidated affiliates, increased 55% to $1,130.4 million, primarily due to the acquisition of the Carter-Wallace consumer products business in September 2001.
Mr. Davies said, "For the full year 2002, our objective remains to achieve adjusted earnings per share in the range of $1.58 to $1.60, approximately 15% above the adjusted $1.38 per share last year." Mr. Davies concluded by reaffirming the company's long-term objective, laid out in the second quarter earnings release, to achieve average earnings growth of 12.5-15% a year going forward.