Church & Dwight Co. Inc. Q4 FY2023 results: revenue $1.5 billion, up 6.4% on the year

Church & Dwight Co. Inc. (CHD) reported revenue of $1.5 billion for Q4 FY2023, the quarter ended 31 December 2023, up 6.4% on the same quarter a year earlier. Net income was $154 million, and diluted earnings per share $0.63. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue$1.5 billionup 6.4%

Net income$154 million

Diluted EPS$0.63

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,528	1,456	n/a	n/a
Cost of revenue	847	810	n/a	n/a
Gross profit	681	646	n/a	n/a
Gross margin	44.6%	44.4%	n/a
Research and development	35.2	30.3	n/a	n/a
Selling, general and administrative	246	223	n/a	n/a
Operating income	216	256	n/a	n/a
Operating margin	14.1%	17.6%	n/a
Interest expense	27.0	27.2	n/a	n/a
Pre-tax income	195	234	n/a	n/a
Income tax	41.5	56.5	n/a	n/a
Effective tax rate	21.3%	24.1%	n/a
Net income	154	178	n/a	n/a
Net margin	10.1%	12.2%	n/a
Diluted EPS	$0.63	$0.71	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	236	286	n/a	n/a
Capital expenditure	102	58.3	n/a	n/a
Free cash flow	134	228	n/a	n/a
Free cash flow margin	8.7%	15.6%	n/a
Depreciation and amortisation	-73.3	49.3	n/a	n/a
Share-based compensation	12.1	12.0	n/a	n/a
Dividends paid	66.6	66.9	n/a	n/a
Dividend per share	n/a	$0.27	n/a	n/a
Diluted shares, weighted	248m	249m	n/a	n/a
Shares outstanding at period end	244m	246m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	8,569	8,702	n/a	n/a
Cash and equivalents	344	573	n/a	n/a
Receivables	527	461	n/a	n/a
Inventory	613	672	n/a	n/a
Goodwill	2,432	2,432	n/a	n/a
Long-term debt	2,402	2,402	n/a	n/a
Operating lease liabilities	175	141	n/a	n/a
Shareholders' equity	3,855	4,050	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,456	1,528	1,503	1,511	1,511	1,582	1,467	1,506	1,586	1,644	1,469	1,530
Cost of revenue	810	847	816	799	828	874	808	859	871	890	788	836
Gross profit	646	681	687	712	683	708	660	647	714	754	681	694
Gross margin	44%	45%	46%	47%	45%	45%	45%	43%	45%	46%	46%	45%
R&D	30.3	35.2	30.1	33.0	36.0	40.6	32.8	35.8	36.2	40.8	31.6	33.9
SG&A	223	246	230	223	232	243	228	228	257	276	251	252
Operating income	256	216	305	337	-91.5	257	295	262	255	266	291	276
Operating margin	18%	14%	20%	22%	-6%	16%	20%	17%	16%	16%	20%	18%
Interest expense	27.2	27.0	25.0	23.2	23.4	23.4	23.3	23.5	23.8	24.6	24.0	24.2
Pre-tax income	234	195	284	320	-101	253	282	250	236	188	273	256
Tax rate	24%	21%	20%	24%	n/a	25%	22%	24%	23%	24%	21%	21%
Net income	178	154	228	244	-75.1	189	220	191	182	144	216	203
Net margin	12%	10%	15%	16%	-5%	12%	15%	13%	11%	9%	15%	13%
Diluted EPS	$0.71	$0.63	$0.93	$0.99	-$0.31	$0.76	$0.89	$0.78	$0.75	$0.60	$0.91	$0.85
Operating cash flow	286	236	263	237	364	292	186	231	n/a	n/a	175	287
Capital expenditure	58.3	102	46.3	30.3	48.6	54.6	16.5	22.5	28.2	55.2	31.9	29.9
Free cash flow	228	134	217	207	315	238	169	208	n/a	n/a	143	257
Buybacks	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	300	n/a	n/a	n/a
Dividends paid	66.9	66.6	69.0	69.2	69.2	69.6	72.4	72.6	71.4	70.8	72.9	72.9
Shares outstanding	246m	244m	245m	245m	245m	246m	246m	244m	240m	237m	237m	237m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 15 February 2024, accession 0000950170-24-015810: the filing on EDGAR. All of Church & Dwight Co. Inc.'s filings: EDGAR company page.

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