Church & Dwight beats by $0.01, misses on revs; guides Q4 EPS in-line; Announces $500 mln share repurchase :
- Reports Q3 (Sep) earnings of $0.48 per share, $0.01 better than the Capital IQ Consensus of $0.47; revenues rose 1.0% year/year to $870.7 mln vs the $884.86 mln Capital IQ Consensus.
- Co issues in-line guidance for Q4, sees EPS of $0.42 vs. $0.44 Capital IQ Consensus Estimate.
- For the fourth quarter, expect reported and organic sales growth of approximately 2.5% for global Consumer Products. The Consumer organic growth will be partially offset by continued headwinds in the Specialty Products business resulting in a net 1-2% reported and organic sales growth for the total Company.
- 2017 Outlook
- "Our planning process for 2017 will be finalized over the next several months. Based on the Company's current growth momentum, continued focus on innovation, and confidence in gross margin expansion, we expect to achieve high single digit EPS growth in 2017 excluding the adoption impact of an accounting change related to stock option compensation. This represents top tier results within the consumer packaged goods industry."
- Share Repurchase
- The Board of Directors has authorized a new program under which up to $500 million of the Company's common stock may be repurchased in the future to reduce the number of shares outstanding. The previously authorized share repurchase program has been terminated. In addition, the Company has a separate evergreen repurchase program that is intended to neutralize dilution associated with the exercise of stock options issued. Currently, the Company has approximately 258 million shares outstanding.
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