On this page of StockholderLetter.com we present the 3/22/2024 shareholder letter from CHURCH & DWIGHT CO INC /DE/ — ticker symbol CHD. Reading current and past CHD letters to shareholders can bring important insights into the investment thesis.

 •  3/22/2024 Letter Continued (Full PDF)
 •  3/17/2023 CHD Stockholder Letter
 •  3/20/2025 CHD Stockholder Letter
 •  3/19/2026 CHD Stockholder Letter
 •  More "Consumer Goods" Category Stockholder Letters
 •  CHD Benford's Law Stock Score = 89

CHD 3/22/2024 Shareholder/Stockholder Letter Transcript:

CHURCH & DWIGHT CO., INC.
annual
report
CHURCH & DWIGHT CO., INC.
ANNUAL REPORT

IN MILLIONS , EXCEPT PER SHARE DATA
2023
2022
reported












adjusted*




reported


































    Worldwide net sales increased 9.2%.
    Organic sales increased 5.3%.
    uovv ruoC| l-u]bm bm1u;-v;7        0-vbv robm|v |o              
    7f  v|;7 or;u-   m] ruoC| l-u]bm 7;1u;-v;7 |o                
    ;| 1-v_ =uol or;u-   omv   -v o  ;u      0b    bom     
    Adjusted earnings per shared increased 6.7%.





NET SALES
ADJUSTED EARNINGS PER SHARE (1)
(in millions of dollars)
(in dollars)
2022
2023
$5,376
$5,868
2021
$3.02(2)
2022
$2.97(3)
2023


2023 Key Financial Results
$5,190


 m  -m  -u                     |_;  olr-m   7;1  -u;7 -          bm1u;-v; bm b|v 
t  -u|;u     7b  b7;m7 =uol                r;u v_-u; |o                  r;u v_-u;  
2021
adjusted*
$3.17(4)
ou -77b   om-   bm=oul-   om   v;;  -m-];l;m|  v  bv1  vvbom -m7  m-    vbv o=  bm-m1b-    om7b   om -m7 !;v    |v o=  r;u-   omv bm1    7;7 bm |_;  olr-m    v  mm  -   !;rou| om 
oul         =ou |_;   ;-u ;m7;7  ;1;l0;u                  
    $_bv -mm  -   u;rou| bm1    7;v mom       Cm-m1b-   l;-v  u;v   bm1    7bm] -7f  v|;7 bm1ol; =uol or;u-   omv   -7f  v|;7 or;u-   m] ruoC| l-u]bm   -7f  v|;7 m;| bm1ol;   -7f  v|;7   "   
ou]-mb1 v-  ;v   -m7 =u;; 1-v_ Yo       _b1_ 7b@;u =uol u;rou|;7 u;v    |v   vbm]  ;m;u-        11;r|;7  11o  m   m]  ubm1br  ;v           
        $_bv -mm  -   u;rou| ru;v;m|v -7f  v|;7   "   m-l;       ;-umbm]v r;u v_-u; 1-  1    -|;7 bm -11ou7-m1;   b|_        -v -7f  v|;7 |o ;  1    7; vb]mbC1-m| om;     l; b|;lv |_-| -u; mo|  
  bm7b1-     ; o= |_;  olr-m    v r;ubo7 |o r;ubo7 r;u=oul-m1;   ); 0;  b;  ; |_-| |_bv l;|ub1 ruo  b7;v bm  ;v|ouv -   v;=     r;uvr;1     ; o=   m7;u    bm] 0  vbm;vv |u;m7v -m7 u;v    |v  
  -m7 ruo  b7;v   v;=     v  rr  ;l;m|-   bm=oul-   om u;]-u7bm] o  u   ;-u o  ;u   ;-u ;-umbm]v r;u v_-u; ]uo  |_   
         7f  v|;7            " ;  1    7;v            r;u v_-u; rovb     ; blr-1| =uol |_;    )  "" -1t  bvb   om ;-um  o  | ;v   l-|;  
         7f  v|;7            " ;  1    7;v            blr-1| o= |_;    )  "" bm|-m]b0  ; -vv;| blr-bul;m| -m7            blr-1| o= 1_-u];v u;  -|;7 |o u;v|ub1|;7 v|o1h |_-|   -v bvv  ;7 =ou |_;  
   ;uo -1t  bvb   om     _b1_ bv |u;-|;7 -v 1olr;mv-   om ;  r;mv;  
        7f  v|;7            " ;  1    7;v            blr-1| o= 1_-u];v u;  -|;7 |o u;v|ub1|;7 v|o1h |_-|   -v bvv  ;7 =ou |_;  ;uo -1t  bvb   om     _b1_ bv |u;-|;7 -v 1olr;mv-   om ;  r;mv;  

 ourou-|;  m=oul-   om
Church & Dwight Co., Inc., founded in 1846, is the
( $  &"        $ "$    ) $ !      $  !  !  $  -m7 
leading U.S. producer of sodium bicarbonate, popularly
  !     0o  |        o= |_;  olr-m    v 7ol;v   1 1omv  l;u 
known as baking soda, a natural product that cleans,
ruo7  1|v -u; vo  7   m7;u |_;  !          ! 0u-m7 m-l; 
7;o7oub  ;v     ;-  ;mv -m7 0  @;uv   $_;  olr-m    v  !  
-m7 7;ub  -     ; |u-7;l-uhv   v  1_ -v  !          !   bt  b7 
        ! 0u-m7 bv om; o= |_; m-   om  v lov| |u  v|;7 
-m7 ro  7;u   -  m7u   7;|;u];m|    !          ! 1-|   b  ;u   
trademarks for a broad range of consumer and specialty
 !          ! 7;m|-   1-u; -m7  !          ! 0-hbm] 
products developed from the base of sodium bicarbonate
vo7-   $_; u;l-bmbm]    ro  ;u 0u-m7v _-  ; 0;;m -77;7 |o 
and related technologies.
|_;  olr-m    v rou o  bo vbm1;          |_uo  ]_ - v;ub;v o= 
-1t  bvb   omv  
 _  u1_       b]_|  v 1omv  l;u ruo7  1|v 0  vbm;vv bv 
ou]-mb  ;7 bm|o |  o v;]l;m|v    omv  l;u  ol;v   1     _b1_ 
$_; 1ol0bm-   om o= |_; 1ou;  !          ! 0u-m7v 
encompasses both household and personal care products,
and the other 6 power brands make Church & Dwight one
-m7  omv  l;u  m|;um-   om-       _b1_ rubl-ub     1omvbv|v o= 
of the leading consumer packaged goods companies in the
r;uvom-   1-u; ruo7  1|v   $_;  olr-m   _-v v;  ;m h;     ro  ;u 
&mb|;7 "|-|;v    _  u1_       b]_|  v |_bu7 0  vbm;vv v;]l;m| 
0u-m7v   u;ru;v;m   m] -rruo  bl-|;            o= b|v u;  ;m  ;v   
bv "r;1b-  |    uo7  1|v   $_bv 0  vbm;vv bv -   ;-7;u bm vr;1b-  |   
$_;v;   ro  ;u 0u-m7v   -u;  !          !    *         
bmou]-mb1 1_;lb1-  v   -mbl-   m  |ub   om   -m7 vr;1b-  |   1  ;-m;uv  
Growth Driven by 7 Power Brands
ARM & HAMMER
 ou; -bv  ;v bm |_; ]uo1;u   v|ou; |_-m -m   o|_;u 0u-m7   
     ruo7  1|v -u; bm        o= &  "   _o  v;_o  7v
VITAFUSION
#2 Branded
Gummy Vitamin
OXICLEAN
#1 Stain Fighter
WATERPIK
#1 Power
Water Flosser
BATISTE
#1 Dry Shampoo
THERABREATH
        1o_o     u;; 
 o  |_  -v_
HERO
      1m;  -|1_ -m7 
 1m; $u;-|l;m|
 -v;7 om  m=oul-   om !;vo  u1;v    m1         !    $o|-   &"     &   =ou |_; r;ubo7 ;m7bm]                   
A N N U A L R E P O R T 2 02 3 | 1

MATTHEW T. FARRELL
RICHARD A. DIERKER
PATRICK D. DE MAYNADIER, ESQ.
Chairman, President
-m7  _b;=    ;1       ;  L1;u
  ;1       ; (b1;  u;vb7;m|  
 _b;=  bm-m1b-    L1;u -m7 
 ;-7 o=    vbm;vv  r;u-   omv
  ;1       ; (b1;  u;vb7;m|  
General Counsel and Secretary
Dear Fellow Stockholder,
I am pleased to report that we delivered a year of strong
revenue and earnings growth:
   !;rou|;7 m;| v-  ;v   ;u;              lb    bom   -          bm1u;-v;  
     u]-mb1 v-  ;v bm1u;-v;7          7ub  ;m 0            ]uo  |_ bm 
o  u  omv  l;u  ol;v   1 0  vbm;vv            ]uo  |_ bm o  u 
 omv  l;u  m|;um-   om-   0  vbm;vv   -m7 -          7;1  bm; bm 
our Specialty Products business.
     uovv l-u]bm bm1u;-v;7        0-vbv robm|v |o            -v 
ruo7  1     b|     rub1bm]     o    l;   -m7 v|uom] 1om|ub0     omv =uol 
_b]_;u l-u]bm -1t  bvb   omv lou; |_-m o@v;| bmY-   om  
]uo  |_   ru;  bo  v                   |o      0-vbv robm|v o= ]uovv l-u]bm 
;  r-mvbom   ru;  bo  v          0rv     l-uh;   m] -v - r;u1;m|-]; 
o= v-  ;v 1om   m  ;v |o -rruo  bl-|;          mo 1_-m];     -m7 
"       ;  ;u-]; o=          0rv   ru;  bo  v          0rv   u;Y;1   m] 
investments which will help sustain accelerated growth for
  ;-uv |o 1ol;   ); -u; l-bm|-bmbm] o  u      bm7  v|u     ;-7bm] 
-mm  -     " ]uo  |_ |-u];|    1_b;  ;l;m| o= |_;    ;u]u;;m 
lo7;   bmY  ;m1;v 0o|_ o  u v_ou|  |;ul -m7   om]  |;ul 7;1bvbom 
l-hbm] -m7 ruolo|;v Cm-m1b-     b|;u-1   bmvb7; o  u  olr-m     
 | bv -m blrou|-m| r-u| o= o  u v  11;vv      u             |  ooh 
1-    v =ou          ou]-mb1 u;  ;m  ; ]uo  |_ -m7            " ]uo  |_ 
  lb7  robm|                
    7f  v|;7   "   -v            r;u v_-u;   -          bm1u;-v;  
    ); ];m;u-|;7 o  ;u      0b    bom o= 1-v_ =uol or;u-   m] 
-1     b   ;v -m7 bm  ;v|;7          lb    bom bm 1-rb|-   ;  r;m7b|  u;v 
u;v       m] bm =u;; 1-v_ Yo   o=          lb    bom    m            
  ; u;|  um;7          lb    bom o= 1-v_ |o v|o1h_o  7;uv |_uo  ]_ 
7b  b7;m7v            lb    bom   -m7 v_-u; 0    0-1hv            lb    bom     
Evergreen Model
   u   om]  |;ul r  -m =ou 7;  b  ;ubm] v  r;ubou u;|  umv bv 0-v;7 
om   _-|   ; 1-     o  u      ;u]u;;m 0  vbm;vv lo7;       ); -u; 
;  o    bm] o  u   om]  |;ul    ;u]u;;m 0  vbm;vv lo7;   bm            
$_;   -v| u;  bvbom   -v bm               u m;   -mm  -      ;u]u;;m 
lo7;   u;Y;1|v o  u ;  r;1|-   om o= =-v|;u |or  bm; ]uo  |_   
]u;-|;u l-u]bm ;  r-mvbom   -m7 - _b]_;u 1-7;m1; o= ]uo  |_ 
bm  ;v|l;m|   vr;1bC1-       bm ;1oll;u1; -m7 bm|;um-   om-      
$_; u;  bv;7 ;  ;u]u;;m lo7;   1-    v =ou      ou]-mb1 m;| v-  ;v 
2 | CHURCH & DWIGHT CO., INC.
Total Shareholder Return (TSR)
 m              ; -1_b;  ;7 - $"! o=              $o|-   "_-u;_o  7;u 
!;|  um u;ru;v;m|v |_; 1ol0bm-   om o= v|o1h rub1; 
-rru;1b-   om -m7 7b  b7;m7v   ); l-m-];  _  u1_       b]_| 
  b|_ |_; r;u;mmb-   ]o-   o= 7;  b  ;ubm] v|uom] $"! |o   o     o  u 
v|o1h_o  7;uv      ;u |_; r-v| 7;1-7;     ; 7;  b  ;u;7 -m -mm  -   
$"! o= -rruo  bl-|;                    _b1_   -v 0;  ;u |_-m |_;          
$"! o= |_; "           v|o1h bm7;   7  ubm] |_; v-l; r;ubo7   
Key Drivers of TSR
); 1omvbv|;m|     7;  b  ;u v|uom] $"! 7  ; |o o  u 7;  o   om 
|o ;  ;1     om   ); 7o   _-|   ; v-     ; -u; ]obm] |o 7o   $_; 
following are the key drivers of our success:

          b  ;uvbC;7  uo7  1|  ou o  bo 
 _  u1_       b]_|  v 7b  ;uv; 1omv  l;u ruo7  1| rou o  bo   
1omvbv   m] o= 0o|_ ru;lb  l            -m7   -    ;            0u-m7v   
enables us to succeed in various economic environments.
); 0;  b;  ; mo o|_;u 1omv  l;u r-1h-];7 ]oo7v         
1olr-m   _-v v  1_ -   ;      0-  -m1;7 rou o  bo o= 0o|_ ru;lb  l 
and value brands.
        o1  v om  o  ;u  u-m7v
In past years, we have highlighted and discussed 14
ro  ;u 0u-m7v   b|_bm o  u rou o  bo    ;]bmmbm] bm          
  ;   b     =o1  v o  u 1oll  mb1-   om om v;  ;m 0u-m7v |_-|   ; 
;  r;1| |o 0; |_; h;   7ub  ;uv o= =  |  u; ]uo  |_   $_;v; 0u-m7v   
  _b1_ |o7-   u;ru;v;m|        o= o  u v-  ;v -m7 ruoC|v   rubl-ub     
1olr;|; bm   -u];u 1-|;]oub;v -m7 _-  ; |_; ro|;m   -   =ou 
]  o0-   ;  r-mvbom   $_; v;  ;m 0u-m7v -u;  !          !     
$  !  !  $    -m7   !         u     o  ;u  u-m7v -u; 
   u-m7v  omv  l;uv  o  ;   -m7   1omv;t  ;m|       -u; l-uh;| 
leaders in most categories. We connect with consumers
|_uo  ]_ bmmo  -     ; m;   ruo7  1|v   1u;-     ; l-uh;   m] 
1-lr-b]mv -m7 v  v|-bm;7 l-uh;   m] vr;m7bm] u;v       m] 
in high market shares for our brands.
        b]_  m|;um-   om-    uo  |_
   u    ;u]u;;m lo7;   1-    v =ou o  u  omv  l;u  m|;um-   om-   
0  vbm;vv |o ]uo   u;  ;m  ;v      -mm  -         $o7-            o= 
o  u v-  ;v -u; o  |vb7; |_; &  "   ); _-  ; =         or;u-   om-   
v  0vb7b-ub;v bm vb   1o  m|ub;v   &         u-m1;    ;ul-m      -m-7-   
 ;  b1o   -m7    v|u-  b-   -m7 ;  rou| o  u ruo7  1|v |o o  ;u        
1o  m|ub;v |_uo  ]_ o  u    o0-    -uh;|v  uo  r                m 
           o  u bm|;um-   om-   0  vbm;vv rov|;7 ou]-mb1 ]uo  |_ 
o=              _b1_ bv -0o  ; o  u         ;u]u;;m lo7;      m            
o  u bm|;um-   om-   v  0vb7b-ub;v |o];|_;u ]u;            -m7 
-11o  m|;7 =ou        o= o  u bm|;um-   om-   0  vbm;vv       
]u;              -m7 1om   m  ;v |o 0; |_;   -u];v| bm|;um-   om-   
0  vbm;vv   u;ru;v;m   m]        o= o  u bm|;um-   om-   u;  ;m  ;v   
 m              ;   b     1om   m  ; l-hbm] bm  ;v|l;m| bm o  u 0-1h  
oL1; bm=u-v|u  1|  u;   ;vr;1b-       u;]    -|ou     m;   ruo7  1| 
7;  ;  orl;m| -m7 bm=oul-   om v  v|;lv   |o v  rrou| |_; 
  om]  |;ul ]uo  |_   ; ;  r;1| =uol       
        mbl-      |ub   om  uo  |_  rrou|  mb|   
); ;  r;1| o  u "r;1b-  |    uo7  1|v 7b  bvbom     "       |o 
]uo   u;  ;m  ;v      -mm  -          m            "   ou]-mb1 u;  ;m  ;v 
7;1  bm;7            -u];     7  ; |o 7;1  bmbm] v-  ;v o= o  u         
7-bu   v  rr  ;l;m|   b|_bm o  u  mbl-      |ub   om 0  vbm;vv   
  1    7bm]           "   ]u;   u;  ;m  ;          bm            
);   b     0; ;  b   m] |_bv r-u| o= |_;  mbl-      |ub   om 0  vbm;vv 
7  ubm]                   u   om]  |;ul ]uo  |_ ;  r;1|-   om bv 7ub  ;m 
0   o  u -mbl-   -m7 =oo7 ruo7  1   om 0  vbm;vv   _b1_ u;ru;v;m|v 
-0o  | |  o  |_bu7v o= "   v-  ;v -[;u ;  b   m] |_;         
0  vbm;vv     b|_ |_; u;l-bm7;u   -u];     0    h vo7b  l 0b1-u0om-|;     
$_; ]  o0-   ror    -   om bv ;  r;1|;7 |o ubv; =uol    0b    bom |o7-   
|o        0b    bom bm            $_; 7;l-m7 =ou ruo|;bm   b     bm1u;-v; 
  b|_ ror    -   om ]uo  |_    | |_; v-l;    l;   |_;u; bv - |u;m7 
-  -   =uol |_;   v; o= -m   0bo   1v   _oulom;v   -m7 1_;lb1-  v 
bm -mbl-   m  |ub   om      u rou o  bo o= m-|  u-   v  rr  ;l;m|v   
ru;0bo   1v   -m7 1  v|ol ruo0bo   1v =ou 7-bu   1o  v   ro    |u     
1-    ;   -m7 v  bm; -u;   ;      rovb   om;7 =ou |_bv ]  o0-   ]uo  |_   
 omvb7;ubm] |_; ror    -   om |-b    bm7 -m7 |_; v|u;m]|_ o= o  u 
ruo7  1|v     ; _-  ; v|uom] 1omC7;m1; bm   om]  |;ul ]uo  |_  
(5) Winning Online
   u   om]  |;ul v  11;vv u;t  bu;v   v |o 0;   7b]b|-       v-           
); -u; ru;r-ubm] o  uv;    ;v =ou -   ou  7   _;u;        o= o  u 
m;| v-  ;v -u; ou7;u;7 om  bm;    m            om          o= o  u v-  ;v 
  ;u; om  bm;    m            -rruo  bl-|;            o= o  u ]  o0-   
v-  ;v   ;u; om  bm;    b]b|-   -7  ;u   vbm] bmY  ;m1;v 1omv  l;u 
r  u1_-v;v bm -     1  -vv;v o= |u-7; -m7 mo   -11o  m|v =ou        
o= o  u -mm  -   vr;m7   $_; om  bm; 1_-mm;   1om   m  ;v |o 0; |_; 
fastest growing class of trade in our company, both in the U.S.
-m7 o  u  m|;um-   om-   l-uh;|v      u ruo]u;vv bv -m b      v|u-   om 
of the digital skills we have developed and the adaptability
of our Company to be ready for the future.
        o1  v om  uovv  -u]bm
 uovv l-u]bm ;  r-mvbom =  ;  v o  u ou]-mb1 ]uo  |_ 0;1-  v; 
b| ;m-0  ;v   v |o bm1u;-v; bm  ;v|l;m|v bm l-uh;   m]   !      
-m7 |;1_mo  o]      m            o  u ]uovv l-u]bm bm1u;-v;7        
0-vbv robm|v |o            -v ruo7  1     b|     rub1bm]     o    l;   -m7 
v|uom] 1om|ub0     omv =uol _b]_;u l-u]bm -1t  bvb   omv lou; 
|_-m o@v;| bmY-   om   
 m              ; ;  r;1| ]uovv l-u]bm |o ;  r-m7      |o      0-vbv 
robm|v   ); ;  r;1| -m bm1u;-v; bm l-m  =-1|  ubm] 1ov|v 
rubl-ub     7  ; |o 1-r-1b|    u;  -|;7 bm  ;v|l;m|v   |_bu7 r-u|   
manufacturing cost increases, and moderate commodity
bmY-   om   ); ;  r;1| |o lou; |_-m o@v;| o  u 1ov| bm1u;-v;v 
|_uo  ]_ 1-uu  o  ;u ruo7  1| rub1bm]   lb     _b]_;u   o    l; -m7 
ruo7  1     b|    
A N N U A L R E P O R T 2 02 3 | 3

3/22/2024 Letter Continued (Full PDF)

 

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.