02.10.03
Church & Dwight Co.'s fourth quarter profit more than doubled, thanks in part to the integration of USA Detergents Inc. and the consumer businesses of Carter-Wallace Inc. The consumer products company, best known for its Arm & Hammer line of baking soda products, Monday reported net income of $15.5 million, or $0.37 a share, compared with $6.1 million, or $0.15 a share, a year earlier.
In November, the company issued fourth quarter earnings guidance of between $0.34 and $0.36 a share. At that time, analysts had expected earnings of about $0.38 a share. Results in the year-earlier quarter included a charge of $0.15 a share for accounting costs related to its Armkel LLC unit, as well as a charge of $0.02 a share in goodwill amortization. Excluding items, the company's year-earlier adjusted earnings came to $0.32 a share.
Sales, excluding Armkel and other affiliates, rose 1.2% to $268.1 million from $264.9 million a year earlier. Combined sales of Church & Dwight and affiliates grew 5.4% to $380.3 million for the quarter. Armkel is a 50/50 joint venture between Church & Dwight and the private equity group Kelso & Co. Church & Dwight acquired USA Detergents and Carter-Wallace's consumer businesses in 2001.
For the full year, Church & Dwight's net income jumped 42% to $66.7 million, or $1.60 a share, compared with $47 million, or $1.15 a share, in 2001. Sales climbed 9.1% to $1.05 billion from $959.7 million a year earlier.
In November, the company issued fourth quarter earnings guidance of between $0.34 and $0.36 a share. At that time, analysts had expected earnings of about $0.38 a share. Results in the year-earlier quarter included a charge of $0.15 a share for accounting costs related to its Armkel LLC unit, as well as a charge of $0.02 a share in goodwill amortization. Excluding items, the company's year-earlier adjusted earnings came to $0.32 a share.
Sales, excluding Armkel and other affiliates, rose 1.2% to $268.1 million from $264.9 million a year earlier. Combined sales of Church & Dwight and affiliates grew 5.4% to $380.3 million for the quarter. Armkel is a 50/50 joint venture between Church & Dwight and the private equity group Kelso & Co. Church & Dwight acquired USA Detergents and Carter-Wallace's consumer businesses in 2001.
For the full year, Church & Dwight's net income jumped 42% to $66.7 million, or $1.60 a share, compared with $47 million, or $1.15 a share, in 2001. Sales climbed 9.1% to $1.05 billion from $959.7 million a year earlier.