Morningstar

Morningstar, Inc.

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Church &amp; Dwight boasts a stable of well-known household and personal-care products, such as Arm &amp; Hammer, OxiClean, Trojan, and First Response. Its past growth has partly ensued due to efforts to extract costs to fuel investments in research, development, and marketing. As a result, the firm has chalked up impressive market share gains over a longer horizon and expanded the reach of its brand lineups. For one, Church has grown its share of First Response pregnancy tests from just 12% in 2001 to…

Church &amp; Dwight posted a solid start to the year. Organic sales grew 4.5% (marking the third consecutive quarter of mid-single-digit underlying gains), gross margin edged up 20 basis points to 45.1%, and operating margin improved 120 basis points to 23.1%. However, we’re skeptical this performance will prove sustainable, in light of the intensely competitive landscape, which includes peers that maintain significantly more resources and ultimately are more entrenched in retailer supply chains…

<p>On March 28, Church &amp; Dwight announced the acquisition of Flawless Finishing Touch, a leading player in women’s electric hair removal products (a product that initially came to market just less than two years ago). Beyond the initial $475 million purchase price, the deal (which is expected to close in the second quarter) is structured to include an additional earnout of $425 million based on around 15% compound annual sales growth each of the next three years. Management expects Flawless to be…</p>

United States

Church & Dwight Co., Inc. is a diversified consumer products company. The Company owns various personal products brands, including contraceptive products, vitamins, pregnancy tests, and hair removers. Church & Dwight sells its products to consumers and to industrial customers and distributors.

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