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Church & Dwight Co Inc - Stock Quote CHD

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Morningstar's Church & Dwight Co Inc Stock Analysis

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Volume Tumbles in No-Moat Church & Dwight's Q1 on Pronounced Price Hikes; Shares Rich

Erin Lash, CFA Sector Director

Analyst Note

| Erin Lash, CFA |

Supply chain disruptions and rising costs affected no-moat Church & Dwight in the first quarter. Organic sales edged up 2.7% as higher prices (up 8%) were partially offset by contracting volume (down around 5%). A portion of this pullback is a byproduct of inadequate supply; fill rates improved to the mid- to high 80s of late but still lag the high 90s that characterized the business in the past. However, we think this could also reflect consumers trading down or out of the categories in which Church plays. We don’t anticipate these pressures will subside, as prices at the shelf continue to climb and government benefits decrease. In this context, Church suggested its value products (40% of its mix) have been winning relative to its premium fare.

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Church & Dwight Co Inc's Company Profile

Business Description

Church & Dwight is the leading producer of baking soda in the world. Beyond baking soda, the products in its portfolio have vast category reach, including laundry products, cat litter, oral care, deodorant, and nasal care, all sold under the Arm & Hammer brand. Its mix also includes Xtra, Trojan, OxiClean, First Response, Nair, L’il Critters/Vitafusion, Orajel, and WaterPik, which together with Arm & Hammer constitute more than 80% of its annual sales and profits. In early 2019, the firm announced the addition of Flawless, which manufactures electric shaving products for women. At the end of 2020, the firm acquired Zicam, a leading brand in the cough/cold-shortening category. Church & Dwight derives more than 80% of its sales from its home turf.

500 Charles Ewing Boulevard
Ewing, NJ, 08628
T +1 609 806-1200
Sector Consumer Defensive
Industry Household & Personal Products
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Classic Growth
Employees 5,100

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