Church & Dwight Reports Fourth Quarter and Full Year 2023 Results
2023 Fourth Quarter Results
-
Net Sales growth +6.4%: Domestic +6.4%, Int’l +11.9%, SPD -9.2 % - Organic sales +5.3%: Domestic +5.7%, Int’l +9.0%, SPD -9.2%1
- Gross Margin +260 bps
-
Reported EPS
$0.62 , Adjusted EPS$0.65 , +4.8%1
2023 Full Year Results
-
Net Sales growth +9.2%; Organic Sales +5.3%1 - Gross Margin +220 bps
-
Reported EPS
$3.05 , Adjusted EPS$3.17 , +6.7%1 -
Cash from operations
$1.03 billion
Full year EPS was
Q4 net sales were
“Our recent acquisitions, THERABREATH™ mouthwash and HERO™, the maker of
“Organic revenue growth for the Domestic Division grew 5.7% in 2023 driven by growth across much of the portfolio. Organic revenue growth for the International Division grew 8.5% in 2023, driven by broad-based growth in our country subsidiaries and our
“We were especially pleased by the strong gross margin expansion that we saw in 2023 with productivity, pricing, volume, and strong contributions from higher margin acquisitions more than offsetting inflation.
“Finally, strong sales and margin expansion along with efficient working capital management were all key drivers of our strong cash flow generation in 2023, achieving over
Fourth Quarter Review
Consumer Domestic net sales were
Specialty Products net sales were
Gross margin increased 260 basis points to 44.6% due to improved pricing, volume, productivity, and the impact of the HERO acquisition, partially offset by higher manufacturing costs.
Marketing expense was
Selling, general, and administrative expense (SG&A) was
Income from Operations was
Other Expense was
The effective tax rate decreased to 21.3% compared to 26.4% in Q4 2022. On an adjusted basis the tax rate was 20.5% compared to a rate of 21.3% in Q4 2022. The reported tax rate of 26.4% in Q4 2022 was unusually high due to the impact of the FLAWLESS™ intangible asset impairment charge.
Operating Cash Flow
For the full year 2023, cash from operations was
At
4% Dividend Increase and Share Repurchase
Consistent with the Company’s capital allocation strategy, the Company’s Board of Directors declared a 4% increase in the quarterly dividend from
In Q4, the Company spent
2024 New Products
ARM & HAMMER™ Laundry is launching
ARM & HAMMER™ launched Power Sheets™ Laundry Detergent online in
ARM & HAMMER™ Hardball™ Clumping Litter is being expanded nationally in early 2024, after successful in-market testing in 2023. This transformational plant-based substrate is lightweight and creates virtually indestructible clumps for no-mess scooping. We expect this new litter to help ARM & HAMMER capture a greater share of the lightweight litter category.
THERABREATH™, the #1 alcohol-free mouthwash brand, is entering the antiseptic segment of the category with the launch of TheraBreath™ Deep Clean Oral Rinse. Antiseptic mouthwashes account for 30% of the category. This product is formulated to kill 99.9% of germs that cause bad breath, plaque & gingivitis without the burn.
BATISTE™, the leader in dry shampoo, is meeting consumers’ desire for longer-lasting results with new BATISTE Sweat Activated and BATISTE Touch Activated dry shampoos. These breakthrough products are formulated with advanced technology and release a burst of fragrance whenever you sweat or touch your hair. Both new products deliver up to 24 hours of freshness.
HERO™ continues to drive the majority of growth in the acne category as the #1 patch brand in the
Outlook for 2024
“We are evolving our long-term Evergreen business model in 2024. The last revision was in 2018. Our new annual Evergreen model reflects our expectation of faster topline growth, greater margin expansion, and a higher cadence of growth investment, specifically in ecommerce and international. The revised evergreen model calls for 4% organic net sales growth (previously 3%), 25 to 50 basis points of gross margin expansion (previously 25 bps), marketing as a percentage of sales continues to approximate 11% (no change), and SG&A leverage of 0-25 bps (previously 25 bps) reflecting investments which will help sustain accelerated growth for years to come. We are maintaining our 8% industry leading annual EPS growth target.
“In 2024 we expect full year reported and organic sales growth to be approximately 4-5%.1 The organic sales outlook excludes Megalac from both years and the impact from foreign currency. We expect full year reported gross margin to expand approximately 50 to 75 basis points versus 2023. We expect an increase in manufacturing costs primarily due to capacity related investments, third party manufacturing cost increases, and moderate commodity inflation. We expect to more than offset our cost increases through carryover product pricing, mix, higher volume and productivity. We expect marketing as a percentage of sales to be approximately 11% and we expect to leverage SG&A while making investments in our International and ecommerce infrastructure.
“Our Adjusted EPS expectation for 2024 is 7-9% growth (mid-point
“Other expense for 2024 is expected to be approximately
“Cash flow from operations is expected to be approximately
“In past years, we have highlighted and discussed 14 power brands within our portfolio. In the future, we will focus our communication on seven brands that we expect to be the key drivers of growth. These brands, which today represent 70% of our sales and profits, primarily compete in larger categories and have the potential for global expansion. The seven brands are ARM & HAMMER™, OXICLEAN™, BATISTE™, VITAFUSION™,
“For Q1, we expect reported and organic sales growth of approximately 4%1, gross margin expansion and higher marketing spending (+100 basis points) to support our strong innovation pipeline. As a result of the shift in marketing spend to Q1, we expect Adjusted EPS of
1 Organic Sales, Adjusted SG&A, Adjusted Income from Operations, Adjusted Tax Rate and Adjusted EPS are non-GAAP measures. See Non-GAAP reconciliations included at the end of this release.
For more information, see the
This press release contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; gross margin changes; trade, marketing, and SG&A spending; recessionary conditions; interest rates; inflation; sufficiency of cash flows from operations; earnings per share; cost savings programs; consumer demand and spending; the effects of competition; the effect of product mix; volume growth, including the effects of new product launches into new and existing categories; the impact of acquisitions (including earn-outs); and capital expenditures. Other forward-looking statements in this release may be identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. These statements represent the intentions, plans, expectations and beliefs of the Company, and are based on assumptions that the Company believes are reasonable but may prove to be incorrect. In addition, these statements are subject to risks, uncertainties and other factors, many of which are outside the Company’s control and could cause actual results to differ materially from such forward-looking statements. Factors that could cause such differences include a decline in market growth, retailer distribution and consumer demand (as a result of, among other things, political, economic and marketplace conditions and events), including those relating to the outbreak of contagious diseases; other impacts of the COVID-19 pandemic and its impact on the Company’s operations, customers, suppliers, employees, and other constituents, and market volatility and impact on the economy (including contributions to recessionary conditions), resulting from global, nationwide or local or regional outbreaks or increases in infections, new variants, and the risk that the Company will not be able to successfully execute its response plans with respect to the pandemic or localized outbreaks and the corresponding uncertainty; the impact of new legislation such as the
For a description of additional factors that could cause actual results to differ materially from the forward-looking statements, please see Item 1A, “Risk Factors” in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the
This press release also contains non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of the Company’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP. See the end of this press release for these reconciliations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read in connection with the Company’s financial statements presented in accordance with GAAP.
|
||||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In millions, except per share data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
|
|
$ |
1,528.0 |
|
|
$ |
1,436.0 |
|
|
$ |
5,867.9 |
|
|
$ |
5,375.6 |
|
Cost of sales |
|
|
846.7 |
|
|
|
833.5 |
|
|
|
3,279.4 |
|
|
|
3,125.6 |
|
Gross Profit |
|
|
681.3 |
|
|
|
602.5 |
|
|
|
2,588.5 |
|
|
|
2,250.0 |
|
Marketing expenses |
|
|
219.0 |
|
|
|
189.7 |
|
|
|
641.3 |
|
|
|
535.2 |
|
Selling, general and administrative expenses |
|
|
246.2 |
|
|
|
611.2 |
|
|
|
889.8 |
|
|
|
1,117.0 |
|
Income from Operations |
|
|
216.1 |
|
|
|
(198.4 |
) |
|
|
1,057.4 |
|
|
|
597.8 |
|
Equity in earnings of affiliates |
|
|
0.6 |
|
|
|
2.3 |
|
|
|
8.7 |
|
|
|
12.3 |
|
Other income (expense), net |
|
|
(21.5 |
) |
|
|
(27.8 |
) |
|
|
(98.7 |
) |
|
|
(86.8 |
) |
Income before Income Taxes |
|
|
195.2 |
|
|
|
(223.9 |
) |
|
|
967.4 |
|
|
|
523.3 |
|
Income taxes |
|
|
41.5 |
|
|
|
(59.2 |
) |
|
|
211.8 |
|
|
|
109.4 |
|
Net Income |
|
$ |
153.7 |
|
|
$ |
(164.7 |
) |
|
$ |
755.6 |
|
|
$ |
413.9 |
|
Net Income per share - Basic |
|
$ |
0.63 |
|
|
$ |
(0.68 |
) |
|
$ |
3.09 |
|
|
$ |
1.70 |
|
Net Income per share - Diluted |
|
$ |
0.62 |
|
|
$ |
(0.67 |
) |
|
$ |
3.05 |
|
|
$ |
1.68 |
|
Dividends per share |
|
$ |
0.27 |
|
|
$ |
0.26 |
|
|
$ |
1.09 |
|
|
$ |
1.05 |
|
Weighted average shares outstanding - Basic |
|
|
244.6 |
|
|
|
243.6 |
|
|
|
244.9 |
|
|
|
242.9 |
|
Weighted average shares outstanding - Diluted |
|
|
247.0 |
|
|
|
246.1 |
|
|
|
247.6 |
|
|
|
246.3 |
|
|
||||||||
Condensed Consolidated Balance Sheets (Unaudited) |
||||||||
(Dollars in millions) |
|
|
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|
|
|
||
Assets |
|
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
|
||
Cash and Cash Equivalents |
|
$ |
344.5 |
|
|
$ |
270.3 |
|
Accounts Receivable |
|
|
526.9 |
|
|
|
422.0 |
|
Inventories |
|
|
613.3 |
|
|
|
646.6 |
|
Other Current Assets |
|
|
45.0 |
|
|
|
57.0 |
|
Total Current Assets |
|
|
1,529.7 |
|
|
|
1,395.9 |
|
Property, Plant and Equipment (Net) |
|
|
927.7 |
|
|
|
761.1 |
|
|
|
|
12.0 |
|
|
|
12.7 |
|
|
|
|
3,302.3 |
|
|
|
3,431.6 |
|
|
|
|
2,431.5 |
|
|
|
2,426.8 |
|
Other Long-Term Assets |
|
|
366.0 |
|
|
|
317.5 |
|
Total Assets |
|
$ |
8,569.2 |
|
|
$ |
8,345.6 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
||
Short-Term Debt |
|
$ |
3.9 |
|
|
$ |
74.0 |
|
Current portion of Long-Term debt |
|
|
199.9 |
|
|
0.0 |
|
|
Other Current Liabilities |
|
|
1,218.2 |
|
|
|
1,109.8 |
|
Total Current Liabilities |
|
|
1,422.0 |
|
|
|
1,183.8 |
|
Long-Term Debt |
|
|
2,202.2 |
|
|
|
2,599.5 |
|
Other Long-Term Liabilities |
|
|
1,089.6 |
|
|
|
1,072.4 |
|
Stockholders’ Equity |
|
|
3,855.4 |
|
|
|
3,489.9 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
8,569.2 |
|
|
$ |
8,345.6 |
|
|
||||||||
Condensed Consolidated Statements of Cash Flow (Unaudited) |
||||||||
|
|
Twelve Months Ended |
|
|||||
|
|
|
|
|
|
|
||
(Dollars in millions) |
|
2023 |
|
|
2022 |
|
||
|
|
|
|
|
|
|
||
Net Income |
|
$ |
755.6 |
|
|
$ |
413.9 |
|
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
225.2 |
|
|
|
219.0 |
|
Deferred income taxes |
|
|
(13.8 |
) |
|
|
(117.7 |
) |
Flawless impairment |
|
0.0 |
|
|
|
411.0 |
|
|
Non-cash compensation |
|
|
63.6 |
|
|
|
32.3 |
|
Other |
|
|
9.3 |
|
|
|
(4.4 |
) |
Subtotal |
|
|
1,039.9 |
|
|
|
954.1 |
|
|
|
|
|
|
|
|
||
Changes in assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(97.4 |
) |
|
|
(5.3 |
) |
Inventories |
|
|
38.5 |
|
|
|
(92.8 |
) |
Other current assets |
|
|
10.4 |
|
|
|
2.5 |
|
Accounts payable and accrued expenses |
|
|
55.2 |
|
|
|
39.9 |
|
Income taxes payable |
|
|
(1.8 |
) |
|
|
14.4 |
|
Other |
|
|
(14.2 |
) |
|
|
(27.6 |
) |
Net cash from operating activities |
|
|
1,030.6 |
|
|
|
885.2 |
|
|
|
|
|
|
|
|
||
Capital expenditures |
|
|
(223.5 |
) |
|
|
(178.8 |
) |
Acquisition |
|
0.0 |
|
|
|
(546.8 |
) |
|
Other |
|
|
(10.8 |
) |
|
|
(3.0 |
) |
Net cash (used in) investing activities |
|
|
(234.3 |
) |
|
|
(728.6 |
) |
|
|
|
|
|
|
|
||
Net change in long-term debt |
|
|
(200.0 |
) |
|
|
298.8 |
|
Net change in short-term debt |
|
|
(70.6 |
) |
|
|
(178.9 |
) |
Payment of cash dividends |
|
|
(266.5 |
) |
|
|
(255.0 |
) |
Proceeds from stock option exercises |
|
|
111.7 |
|
|
|
26.2 |
|
Purchase of treasury stock |
|
|
(300.1 |
) |
|
0.0 |
|
|
Deferred financing and other |
|
|
(0.1 |
) |
|
|
(12.0 |
) |
Net cash (used in) financing activities |
|
|
(725.6 |
) |
|
|
(120.9 |
) |
|
|
|
|
|
|
|
||
F/X impact on cash |
|
|
3.5 |
|
|
|
(6.0 |
) |
|
|
|
|
|
|
|
||
Net change in cash and cash equivalents |
|
$ |
74.2 |
|
|
$ |
29.7 |
|
2023 and 2022 Product |
|||||||||||
|
Three Months Ended |
|
|
Percent |
|
||||||
|
|
|
|
|
|
|
Change |
|
|||
Household Products |
$ |
627.1 |
|
|
$ |
586.4 |
|
|
|
6.9 |
% |
Personal Care Products |
|
565.9 |
|
|
|
534.4 |
|
|
|
5.9 |
% |
Consumer Domestic |
$ |
1,193.0 |
|
|
$ |
1,120.8 |
|
|
|
6.4 |
% |
|
|
258.8 |
|
|
|
231.3 |
|
|
|
11.9 |
% |
Total Consumer |
$ |
1,451.8 |
|
|
$ |
1,352.1 |
|
|
|
7.4 |
% |
Specialty Products Division |
|
76.2 |
|
|
|
83.9 |
|
|
|
-9.2 |
% |
Total |
$ |
1,528.0 |
|
|
$ |
1,436.0 |
|
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|||
|
Twelve Months Ended |
|
|
Percent |
|
||||||
|
|
|
|
|
|
|
Change |
|
|||
Household Products |
$ |
2,484.1 |
|
|
$ |
2,272.0 |
|
|
|
9.3 |
% |
Personal Care Products |
|
2,087.1 |
|
|
|
1,859.0 |
|
|
|
12.3 |
% |
Consumer Domestic |
$ |
4,571.2 |
|
|
$ |
4,131.0 |
|
|
|
10.7 |
% |
|
|
975.7 |
|
|
|
896.1 |
|
|
|
8.9 |
% |
Total Consumer |
$ |
5,546.9 |
|
|
$ |
5,027.1 |
|
|
|
10.3 |
% |
Specialty Products Division |
|
321.0 |
|
|
|
348.5 |
|
|
|
-7.9 |
% |
Total |
$ |
5,867.9 |
|
|
$ |
5,375.6 |
|
|
|
9.2 |
% |
Non-GAAP Measures:
The following discussion addresses the non-GAAP measures used in this press release and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the comparable GAAP measures. The following non-GAAP measures may not be the same as similar measures provided by other companies due to differences in methods of calculation and items and events being excluded.
Organic Sales Growth:
This press release provides information regarding organic sales growth, namely net sales growth excluding the effect of acquisitions, divestitures and foreign exchange rate changes. Management believes that the presentation of organic sales growth is useful to investors because it enables them to assess, on a consistent basis, sales trends related to products that were marketed by the Company during the entirety of relevant periods, excluding the impact of acquisitions, divestitures, and foreign exchange rate changes that are out of the control of, and do not reflect the performance of the Company and management.
Adjusted Selling, General, and Administrative Expense (SG&A):
This press release also presents adjusted SG&A, namely, SG&A calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year SG&A expense.
Adjusted Income from Operations:
This press release also presents adjusted income from operations, namely income from operations calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year income from operations.
Adjusted EPS:
This press release also presents adjusted earnings per share, namely, EPS calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year EPS growth.
Adjusted Effective Tax Rate:
This press release also presents an adjusted effective tax rate, namely, the effective tax rate calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our effective tax rate.
|
|||||||||
Organic Sales |
|||||||||
|
|||||||||
|
Three Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Total |
|
Worldwide |
|
Consumer |
|
Consumer |
|
Specialty |
|
Company |
|
Consumer |
|
Domestic |
|
International |
|
Products |
Reported Sales Growth |
6.4% |
|
7.4% |
|
6.4% |
|
11.9% |
|
-9.2% |
Less: |
|
|
|
|
|
|
|
|
|
Acquisitions |
0.7% |
|
0.7% |
|
0.7% |
|
0.2% |
|
0.0% |
Add: |
|
|
|
|
|
|
|
|
|
FX / Other |
-0.4% |
|
-0.5% |
|
0.0% |
|
-2.7% |
|
0.0% |
Divestitures |
0.0% |
|
0.0% |
|
0.0% |
|
0.0% |
|
0.0% |
|
|
|
|
|
|
|
|
|
|
Organic Sales Growth |
5.3% |
|
6.2% |
|
5.7% |
|
9.0% |
|
-9.2% |
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Total |
|
Worldwide |
|
Consumer |
|
Consumer |
|
Specialty |
|
Company |
|
Consumer |
|
Domestic |
|
International |
|
Products |
Reported Sales Growth |
9.2% |
|
10.3% |
|
10.7% |
|
8.9% |
|
-7.9% |
Less: |
|
|
|
|
|
|
|
|
|
Acquisitions |
3.9% |
|
4.1% |
|
5.0% |
|
0.3% |
|
0.0% |
Add: |
|
|
|
|
|
|
|
|
|
FX / Other |
0.0% |
|
0.0% |
|
0.0% |
|
-0.1% |
|
0.0% |
Divestitures |
0.0% |
|
0.0% |
|
0.0% |
|
0.0% |
|
0.0% |
|
|
|
|
|
|
|
|
|
|
Organic Sales Growth |
5.3% |
|
6.2% |
|
5.7% |
|
8.5% |
|
-7.9% |
|
||||||||||||||||||||
Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited) |
||||||||||||||||||||
(Dollars in millions, except per share data) |
||||||||||||||||||||
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
|
|
|
|
% of NS |
|
|
|
|
|
% of NS |
|
|
|
|
|
|||||
Adjusted SG&A Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SG&A - Reported |
$ |
246.2 |
|
|
|
16.1 |
% |
|
$ |
611.2 |
|
|
|
42.6 |
% |
|
|
-2650 |
|
bps |
Flawless Impairment |
$ |
- |
|
|
|
0.0 |
% |
|
|
(411.0 |
) |
|
|
-28.6 |
% |
|
|
2860 |
|
bps |
Hero Restricted Stock |
$ |
(7.3 |
) |
|
|
-0.5 |
% |
|
|
(6.0 |
) |
|
|
-0.5 |
% |
|
|
0 |
|
bps |
SG&A - Adjusted (non-GAAP) |
$ |
238.9 |
|
|
|
15.6 |
% |
|
$ |
194.2 |
|
|
|
13.5 |
% |
|
|
210 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
Adjusted Income From Operations |
|
|
|
% of NS |
|
|
|
|
|
% of NS |
|
|
|
|
|
|||||
Income From Operations - Reported |
$ |
216.1 |
|
|
|
14.2 |
% |
|
$ |
(198.4 |
) |
|
|
-13.8 |
% |
|
|
-208.9 |
% |
|
Flawless Impairment |
$ |
- |
|
|
|
0.0 |
% |
|
|
411.0 |
|
|
|
28.6 |
% |
|
|
|
|
|
Hero Restricted Stock |
$ |
7.3 |
|
|
|
0.5 |
% |
|
|
6.0 |
|
|
|
0.5 |
% |
|
|
|
|
|
Income From Operations - Adjusted (non-GAAP) |
$ |
223.4 |
|
|
|
14.7 |
% |
|
$ |
218.6 |
|
|
|
15.3 |
% |
|
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the quarter ended
|
|
|
For the quarter ended
|
|
|
Change |
|||||||||||||
Adjusted Diluted Earnings Per Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted Earnings Per Share - Reported |
$ |
0.62 |
|
|
|
|
|
$ |
(0.67 |
) |
|
|
|
|
|
-192.5 |
% |
|
||
Flawless Impairment |
$ |
- |
|
|
|
|
|
|
1.26 |
|
|
|
|
|
|
|
|
|||
Hero Restricted Stock |
$ |
0.03 |
|
|
|
|
|
|
0.03 |
|
|
|
|
|
|
|
|
|||
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
0.65 |
|
|
|
|
|
$ |
0.62 |
|
|
|
|
|
|
4.8 |
% |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the year ended
|
|
|
For the year ended
|
|
|
Change |
|||||||||||||
Adjusted Diluted Earnings Per Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted Earnings Per Share - Reported |
$ |
3.05 |
|
|
|
|
|
$ |
1.68 |
|
|
|
|
|
|
81.5 |
% |
|
||
Flawless Impairment |
$ |
- |
|
|
|
|
|
$ |
1.26 |
|
|
|
|
|
|
|
|
|||
Hero Restricted Stock |
$ |
0.12 |
|
|
|
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|||
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
3.17 |
|
|
|
|
|
$ |
2.97 |
|
|
|
|
|
|
6.7 |
% |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported and Organic Forecasted Sales Reconciliation |
|||
|
|
|
|
|
For the Quarter |
|
For the Year |
|
Ended |
|
Ended |
|
|
|
|
Reported Sales Growth |
4.0% |
|
4.5% |
Megalac / Exit of Business |
0.5% |
|
0.5% |
FX / Other |
-0.5% |
|
-0.5% |
|
|
|
|
Organic Sales Growth |
4.0% |
|
4.5% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240202916999/en/
Chief Financial Officer
609-806-1200
Source: