Church & Dwight Reports Q2 2024 Results
2024 Second Quarter Results
-
Net Sales +3.9%: Domestic +3.8%, Int’l +9.0%, SPD -8.6% - Organic Sales1 +4.7%: Domestic +3.8%, Int’l +9.3%, SPD +3.9%
- Adjusted Gross Margin1 +150 bps
-
Reported EPS
$0.99 , Adjusted EPS$0.93 1 -
YTD Cash from Operations of
$499.9 million
2024 Full Year Outlook
-
Net Sales +3.5%; Organic Sales +4.0%1 - Adjusted Gross Margin expansion raised to +100 to 110 bps
- Reported EPS +12 to +13%
- Adjusted EPS lower end of +8 to +9% range1
-
Cash from Operations
~$1.08 billion
Reported gross margin expanded by 320 basis points, and reported EPS was
“Organic revenue growth was broad-based as all three businesses posted strong results. The Domestic Division grew 3.8% organically with five of our seven power brands growing share. Domestic consumption of our products outpaced organic sales primarily due to retailer inventory reductions and prior year distribution gains for HERO™.
"The International Division grew 9.3% organically, driven by growth in our country subsidiaries and our
“Our Specialty Products Division grew organic revenue 3.9% while we continued the strategy of right sizing this business to focus on more profitable segments. In Q1, the company shut down the Megalac™ dairy supplement business. In Q2, we exited the food safety business.”
Second Quarter Review
Consumer Domestic net sales were
Specialty Products net sales were
Gross margin increased 320 basis points to 47.1% reflecting a one-time gain on a favorable tariff ruling. Excluding this impact, adjusted gross margin was 45.4%, an increase of 150 basis points due to improved productivity, volume and mix, net of the impact of higher manufacturing costs.
Marketing expense was
Selling, general, and administrative expense (SG&A) was
Income from Operations was
Other Expense decreased
The effective tax rate was 24.0% compared to 17.9% in Q2 2023. The rate was 610 basis points lower in Q2 2023 primarily due to higher stock option exercises. The expected effective tax rate for the full year is unchanged at approximately 23%.
Operating Cash Flow
For the first six months of 2024, cash from operations was
At
2024 New Products
“ARM & HAMMER™ Laundry launched
“ARM & HAMMER™ Laundry launched POWER SHEETS™ Laundry Detergent online in
“ARM & HAMMER™ Hardball™ Clumping Litter has expanded nationally after successful in-market testing in 2023. This plant-based litter 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, has entered 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 global 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.
“HERO™ continues to drive the majority of growth in the acne category as the #1 patch brand in the
Outlook for 2024
“Category consumption growth in both dollars and units has moderated as the consumer remains under pressure. In June and July we saw consumption dollar growth slow in our eight main categories to 2% from 4.5% in the first 5 months of the year. While we expect our brands to grow faster than our categories in the second half, we are tightening our organic revenue outlook and now expect full year organic sales growth to be approximately 4% (previously 4-5%).1 Reported sales growth is now expected to be slightly lower at approximately 3.5% reflecting an impact from divestitures as well as a negative currency impact.
“We are raising our outlook for full year adjusted gross margin expansion to approximately 100-110 basis points versus 2023 (previously 75 basis points). We continue to expect carryover product pricing, mix, higher volume and productivity to offset higher manufacturing costs.
“We will continue to invest behind our brands and continue to expect marketing as a percentage of sales to be approximately 11%.
“Adjusted SG&A is now expected to be higher as a percent of sales compared to 2023 (previously expected to be flat) reflecting incremental costs related to the
“We now expect full year reported EPS growth to be approximately 12 to 13% (previously 9.5 to 10.5%) and adjusted EPS growth to be at the lower end of the 8 to 9% range1. We continue to expect our tax rate to be approximately 23%.
“Cash flow from operations is now expected to be approximately
“We expect 2024 capital expenditures of approximately
“For Q3, we expect reported sales growth of approximately 2.5% and organic sales growth of approximately 3%1. We expect gross margin expansion and a significant increase in marketing spending to support our innovation pipeline. As a result, we expect reported EPS of
1 Organic Sales, Adjusted Gross Margin, Adjusted SG&A, Adjusted Income from Operations 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.
|
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Condensed Consolidated Statements of Income (Unaudited) |
|||||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|||||||||||||
(In millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
$ |
1,511.2 |
|
|
$ |
1,454.2 |
|
|
$ |
3,014.5 |
|
|
$ |
2,884.0 |
|
|||
Cost of sales |
|
|
799.1 |
|
|
|
815.3 |
|
|
|
1,615.4 |
|
|
|
1,623.1 |
|
|||
Gross Profit |
|
|
712.1 |
|
|
|
638.9 |
|
|
|
1,399.1 |
|
|
|
1,260.9 |
|
|||
Marketing expenses |
|
|
152.4 |
|
|
|
132.2 |
|
|
|
304.4 |
|
|
|
254.5 |
|
|||
Selling, general and administrative expenses |
|
|
222.8 |
|
|
|
213.1 |
|
|
|
452.8 |
|
|
|
420.9 |
|
|||
Income from Operations |
|
|
336.9 |
|
|
|
293.6 |
|
|
|
641.9 |
|
|
|
585.5 |
|
|||
Equity in earnings of affiliates |
|
|
3.1 |
|
|
|
2.0 |
|
|
|
4.2 |
|
|
|
6.4 |
|
|||
Other income (expense), net |
|
|
(19.5 |
) |
|
|
(26.2 |
) |
|
|
(41.5 |
) |
|
|
(53.7 |
) |
|||
Income before Income Taxes |
|
|
320.5 |
|
|
|
269.4 |
|
|
|
604.6 |
|
|
|
538.2 |
|
|||
Income taxes |
|
|
77.0 |
|
|
|
48.2 |
|
|
|
133.4 |
|
|
|
113.8 |
|
|||
Net Income |
|
$ |
243.5 |
|
|
$ |
221.2 |
|
|
$ |
471.2 |
|
|
$ |
424.4 |
|
|||
Net Income per share - Basic |
|
$ |
1.00 |
|
|
$ |
0.90 |
|
|
$ |
1.93 |
|
|
$ |
1.74 |
|
|||
Net Income per share - Diluted |
|
$ |
0.99 |
|
|
$ |
0.89 |
|
|
$ |
1.91 |
|
|
$ |
1.72 |
|
|||
Dividends per share |
|
$ |
0.28 |
|
|
$ |
0.27 |
|
|
$ |
0.57 |
|
|
$ |
0.54 |
|
|||
Weighted average shares outstanding - Basic |
|
|
244.3 |
|
|
|
245.0 |
|
|
|
243.9 |
|
|
|
244.4 |
|
|||
Weighted average shares outstanding - Diluted |
|
|
247.0 |
|
|
|
247.9 |
|
|
|
246.5 |
|
|
|
247.4 |
|
|||
|
|||||||
Condensed Consolidated Balance Sheets (Unaudited) |
|||||||
(Dollars in millions) |
|
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|
|
|
||
Assets |
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
||
Cash and Cash Equivalents |
|
$ |
491.7 |
|
|
$ |
344.5 |
Accounts Receivable |
|
|
587.9 |
|
|
|
526.9 |
Inventories |
|
|
627.3 |
|
|
|
613.3 |
Other Current Assets |
|
|
48.3 |
|
|
|
45.0 |
Total Current Assets |
|
|
1,755.2 |
|
|
|
1,529.7 |
Property, Plant and Equipment (Net) |
|
|
943.6 |
|
|
|
927.7 |
|
|
|
12.8 |
|
|
|
12.0 |
|
|
|
3,244.7 |
|
|
|
3,302.3 |
|
|
|
2,432.6 |
|
|
|
2,431.5 |
Other Long-Term Assets |
|
|
373.2 |
|
|
|
366.0 |
Total Assets |
|
$ |
8,762.1 |
|
|
$ |
8,569.2 |
Liabilities and Stockholders’ Equity |
|
|
|
|
|
||
Short-Term Debt |
|
$ |
6.1 |
|
|
$ |
3.9 |
Current portion of Long-Term debt |
|
0.0 |
|
|
|
199.9 |
|
Other Current Liabilities |
|
|
1,143.6 |
|
|
|
1,218.2 |
Total Current Liabilities |
|
|
1,149.7 |
|
|
|
1,422.0 |
Long-Term Debt |
|
|
2,207.6 |
|
|
|
2,202.2 |
Other Long-Term Liabilities |
|
|
1,099.3 |
|
|
|
1,089.6 |
Stockholders’ Equity |
|
|
4,305.5 |
|
|
|
3,855.4 |
Total Liabilities and Stockholders’ Equity |
|
$ |
8,762.1 |
|
|
$ |
8,569.2 |
|
|||||||||
Condensed Consolidated Statements of Cash Flow (Unaudited) |
|||||||||
|
|
Six Months Ended |
|
||||||
(Dollars in millions) |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
Net Income |
|
$ |
471.2 |
|
|
$ |
424.4 |
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization |
|
|
117.2 |
|
|
|
110.7 |
|
|
Deferred income taxes |
|
|
(7.4 |
) |
|
|
(1.9 |
) |
|
Non-cash compensation |
|
|
40.2 |
|
|
|
39.5 |
|
|
Other |
|
|
4.2 |
|
|
|
(1.8 |
) |
|
Subtotal |
|
|
625.4 |
|
|
|
570.9 |
|
|
|
|
|
|
|
|
|
|||
Changes in assets and liabilities: |
|
|
|
|
|
|
|||
Accounts receivable |
|
|
(62.2 |
) |
|
|
(32.4 |
) |
|
Inventories |
|
|
(8.2 |
) |
|
|
(24.3 |
) |
|
Other current assets |
|
|
1.7 |
|
|
|
8.8 |
|
|
Accounts payable |
|
|
61.0 |
|
|
|
(4.7 |
) |
|
Accrued expenses |
|
|
(108.8 |
) |
|
|
(12.4 |
) |
|
Income taxes payable |
|
|
0.9 |
|
|
|
6.6 |
|
|
Other |
|
|
(9.9 |
) |
|
|
(3.3 |
) |
|
Net cash from operating activities |
|
|
499.9 |
|
|
|
509.2 |
|
|
|
|
|
|
|
|
|
|||
Capital expenditures |
|
|
(76.6 |
) |
|
|
(63.2 |
) |
|
Acquisition |
|
|
(19.9 |
) |
|
0.0 |
|
||
Proceeds from sale of assets |
|
|
6.6 |
|
|
0.0 |
|
||
Other |
|
|
(1.6 |
) |
|
|
(6.0 |
) |
|
Net cash (used in) investing activities |
|
|
(91.5 |
) |
|
|
(69.2 |
) |
|
|
|
|
|
|
|
|
|||
Net change in long-term debt |
|
|
(200.2 |
) |
|
|
(200.0 |
) |
|
Net change in short-term debt |
|
|
2.5 |
|
|
|
(70.6 |
) |
|
Payment of cash dividends |
|
|
(138.2 |
) |
|
|
(133.0 |
) |
|
Proceeds from stock option exercises |
|
|
79.5 |
|
|
|
88.3 |
|
|
Deferred financing and other |
|
|
(1.0 |
) |
|
|
(0.1 |
) |
|
Net cash (used in) financing activities |
|
|
(257.4 |
) |
|
|
(315.4 |
) |
|
|
|
|
|
|
|
|
|||
F/X impact on cash |
|
|
(3.8 |
) |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|||
Net change in cash and cash equivalents |
|
$ |
147.2 |
|
|
$ |
126.6 |
|
|
2024 and 2023 Product |
|||||||||||
|
Three Months Ended |
|
|
Percent |
|
||||||
|
|
|
|
|
|
|
Change |
|
|||
Household Products |
$ |
653.2 |
|
|
$ |
619.2 |
|
|
|
5.5 |
% |
Personal Care Products |
|
517.4 |
|
|
|
509.0 |
|
|
|
1.7 |
% |
Consumer Domestic |
$ |
1,170.6 |
|
|
$ |
1,128.2 |
|
|
|
3.8 |
% |
|
|
263.7 |
|
|
|
241.9 |
|
|
|
9.0 |
% |
Total Consumer |
$ |
1,434.3 |
|
|
$ |
1,370.1 |
|
|
|
4.7 |
% |
Specialty Products Division |
|
76.9 |
|
|
|
84.1 |
|
|
|
-8.6 |
% |
Total |
$ |
1,511.2 |
|
|
$ |
1,454.2 |
|
|
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
|||
|
Six Months Ended |
|
|
Percent |
|
||||||
|
|
|
|
|
|
|
Change |
|
|||
Household Products |
$ |
1,292.1 |
|
|
$ |
1,220.8 |
|
|
|
5.8 |
% |
Personal Care Products |
|
1,043.7 |
|
|
|
1,024.3 |
|
|
|
1.9 |
% |
Consumer Domestic |
$ |
2,335.8 |
|
|
$ |
2,245.1 |
|
|
|
4.0 |
% |
|
|
518.7 |
|
|
|
472.5 |
|
|
|
9.8 |
% |
Total Consumer |
$ |
2,854.5 |
|
|
$ |
2,717.6 |
|
|
|
5.0 |
% |
Specialty Products Division |
|
160.0 |
|
|
|
166.4 |
|
|
|
-3.8 |
% |
Total |
$ |
3,014.5 |
|
|
$ |
2,884.0 |
|
|
|
4.5 |
% |
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 Gross Margin:
This press release provides information regarding adjusted gross margin, namely gross margin 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 gross margin.
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.
|
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Organic Sales |
|||||||||
|
|||||||||
|
Three Months Ended |
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|
|
|
|
|
|
|
|
|
|
|
Total |
|
Worldwide |
|
Consumer |
|
Consumer |
|
Specialty |
|
Company |
|
Consumer |
|
Domestic |
|
International |
|
Products |
Reported Sales Growth |
3.9% |
|
4.7% |
|
3.8% |
|
9.0% |
|
-8.6% |
Less: |
|
|
|
|
|
|
|
|
|
Acquisitions |
0.0% |
|
0.1% |
|
0.0% |
|
0.1% |
|
0.0% |
Add: |
|
|
|
|
|
|
|
|
|
FX / Other |
0.1% |
|
0.1% |
|
0.0% |
|
0.4% |
|
0.0% |
Divestitures |
0.7% |
|
0.0% |
|
0.0% |
|
0.0% |
|
12.5% |
|
|
|
|
|
|
|
|
|
|
Organic Sales Growth |
4.7% |
|
4.7% |
|
3.8% |
|
9.3% |
|
3.9% |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Total |
|
Worldwide |
|
Consumer |
|
Consumer |
|
Specialty |
|
Company |
|
Consumer |
|
Domestic |
|
International |
|
Products |
Reported Sales Growth |
4.5% |
|
5.0% |
|
4.0% |
|
9.8% |
|
-3.8% |
Less: |
|
|
|
|
|
|
|
|
|
Acquisitions |
0.0% |
|
0.0% |
|
0.0% |
|
0.1% |
|
0.0% |
Add: |
|
|
|
|
|
|
|
|
|
FX / Other |
-0.1% |
|
-0.1% |
|
0.0% |
|
-0.6% |
|
0.0% |
Divestitures |
0.5% |
|
0.0% |
|
0.0% |
|
0.0% |
|
9.3% |
|
|
|
|
|
|
|
|
|
|
Organic Sales Growth |
4.9% |
|
4.9% |
|
4.0% |
|
9.1% |
|
5.5% |
|
|||||||||||||||||||||
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 Gross Margin Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gross Margin - Reported |
$ |
712.1 |
|
|
|
47.1 |
% |
|
$ |
638.9 |
|
|
|
43.9 |
% |
|
|
320 |
|
bps |
|
Tariff Ruling |
|
(26.1 |
) |
|
|
-1.7 |
% |
|
|
0.0 |
|
|
|
0.0 |
% |
|
|
-170 |
|
bps |
|
Gross Margin - Adjusted (non-GAAP) |
$ |
686.0 |
|
|
|
45.4 |
% |
|
$ |
638.9 |
|
|
|
43.9 |
% |
|
|
150 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
For the quarter ended
|
|
For the quarter ended
|
|
Change |
||||||||||||||||
|
|
|
|
% of NS |
|
|
|
|
% of NS |
|
|
|
|
||||||||
Adjusted SG&A Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SG&A - Reported |
$ |
222.8 |
|
|
|
14.7 |
% |
|
$ |
213.1 |
|
|
|
14.6 |
% |
|
|
10 |
|
bps |
|
Hero Restricted Stock |
|
(5.2 |
) |
|
|
-0.3 |
% |
|
|
(7.3 |
) |
|
|
-0.4 |
% |
|
|
10 |
|
bps |
|
SG&A - Adjusted (non-GAAP) |
$ |
217.6 |
|
|
|
14.4 |
% |
|
$ |
205.8 |
|
|
|
14.2 |
% |
|
|
20 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
For the quarter ended
|
|
For the quarter ended
|
|
Change |
||||||||||||||||
Adjusted Income From Operations |
|
|
|
% of NS |
|
|
|
|
% of NS |
|
|
|
|
||||||||
Income From Operations - Reported |
$ |
336.9 |
|
|
|
22.3 |
% |
|
$ |
293.6 |
|
|
|
20.2 |
% |
|
|
210 |
|
bps |
|
Hero Restricted Stock |
|
5.2 |
|
|
|
0.3 |
% |
|
|
7.3 |
|
|
|
0.4 |
% |
|
|
-10 |
|
bps |
|
Tariff Ruling |
|
(26.1 |
) |
|
|
-1.7 |
% |
|
|
0.0 |
|
|
|
0.0 |
% |
|
|
-170 |
|
bps |
|
Income From Operations - Adjusted (non-GAAP) |
$ |
316.0 |
|
|
|
20.9 |
% |
|
$ |
300.9 |
|
|
|
20.6 |
% |
|
|
30 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
For the quarter ended
|
|
For the quarter ended
|
|
Change |
||||||||||||||||
Adjusted Diluted Earnings Per Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted Earnings Per Share - Reported |
$ |
0.99 |
|
|
|
|
|
$ |
0.89 |
|
|
|
|
|
|
11.2 |
% |
|
|||
Hero Restricted Stock |
|
0.02 |
|
|
|
|
|
|
0.03 |
|
|
|
|
|
|
|
|
||||
Tariff Ruling |
|
(0.08 |
) |
|
|
|
|
|
0.00 |
|
|
|
|
|
|
|
|
||||
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
0.93 |
|
|
|
|
|
$ |
0.92 |
|
|
|
|
|
|
1.1 |
% |
|
|||
Reported and Organic Forecasted Sales Reconciliation |
|||
|
|
|
|
|
For the Quarter |
|
For the Year |
|
Ended |
|
Ended |
|
|
|
|
Reported Sales Growth |
2.5% |
|
3.5% |
Acquisition |
-0.3% |
|
-0.2% |
Divestiture/Other |
0.7% |
|
0.7% |
FX |
0.1% |
|
0.0% |
|
|
|
|
Organic Sales Growth |
3.0% |
|
4.0% |
|
For the quarter ended
|
|
For the quarter ended
|
|
Change |
||||||
Adjusted Diluted Earnings Per Share Reconciliation (Forecasted) |
|
|
|
|
|
|
|
|
|||
Diluted Earnings Per Share - Reported |
$ |
0.65 |
|
|
$ |
0.71 |
|
|
|
-8.5 |
% |
Hero Restricted Stock |
|
0.02 |
|
|
|
0.03 |
|
|
|
|
|
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
0.67 |
|
|
$ |
0.74 |
|
|
|
-9.5 |
% |
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
For the year ended
|
|
For the year ended
|
|
Change |
||||||
Adjusted Diluted Earnings Per Share Reconciliation (Forecasted) |
|
|
|
|
|
|
|
|
|||
Diluted Earnings Per Share - Reported |
|
|
|
$ |
3.05 |
|
|
12% to 13 |
% |
||
Hero Restricted Stock |
|
0.08 |
|
|
|
0.12 |
|
|
|
|
|
Tariff Ruling |
|
(0.08 |
) |
|
|
0.00 |
|
|
|
|
|
Diluted Earnings Per Share - Adjusted (non-GAAP) |
|
|
|
$ |
3.17 |
|
|
8% to 9 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240802598571/en/
Chief Financial Officer
609-806-1200
Source: