Church & Dwight Co., Princeton, NJ, re- ported 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 26% from last year, to $33.6 million.
Total sales for the third quarter, excluding Armkel and other affiliates, increased 10.7% to $263.8 million, up from $238.4 million last year. The increase was primarily due to the Arrid antiperspirant and Lambert Kay pet care product lines acquired from Carter-Wallace late in 2001, company executives said. 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 month 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 $1.13 million, primarily due to the acquisition of the Carter-Wallace consumer products business in September 2001.
“For the full year 2002, our objective remains to achieve adjusted earnings per share in the range of $1.58-1.60, approximately 15% above the adjusted $1.38 per share last year,” commented Robert A. Davies III, chairman and chief executive officer, Church & Dwight. Mr. Davies also reaffirmed the company’s long-term objective, laid out in the company’s second quarter earnings release, to achieve average earnings growth of 12.5-15% in the next year period.