Company: CHD
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000950170-25-019801
Chunk: 76

Company: CHURCH & DWIGHT CO INC /DE/
Filing Date: 2025-02-13
Form: 10-K
Item: Item 1B
Chunk 76
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 Board declared a 4% increase in the regular quarterly dividend from $0.28375 to $ 0.295 per share (equivalent to an annual dividend of $1.18 per share) payable to stockholders of record as of February 14, 2025.  The increase raises the annualized dividend payout from $277.0 to approximately $287.0 on an annualized basis.  

2024 Financial Highlights 

Key 2024 financial results include:

•Net sales for the year ended December 31, 2024 grew 4.1% over 2023, with gains in Consumer Domestic and Consumer International, partially offset by lower sales in SPD.  The gains are primarily due to favorable volumes, and pricing/product mix across all three segments, including the benefit of recent acquisitions in Consumer Domestic and Consumer International, partially offset by the exit of product lines in SPD and unfavorable foreign currency exchange rates in Consumer International.  

•Gross margin increased 160 basis points to 45.7% in 2024 from 44.1% in 2023, which includes an approximate 50 basis point benefit from a favorable tariff ruling. Excluding the tariff ruling gross margin increased due to the positive impact of productivity programs, favorable price/volume/mix, and business acquisition benefits, offset by higher manufacturing costs including labor and higher commodities.

•Operating margin decreased 470 basis points to 13.3% in 2024 from 18.0% in 2023.  The 2024 operating margin includes a non-cash charge of $357.1 or 580 basis points related to the impairment of the VITAFUSION and L'IL CRITTERS indefinite-lived trade name as well as a definite-lived customer relationship intangible asset and PP&E specific to the VMS business.  Excluding the impairment charge, operating margin increased 110 basis points due to favorable gross margins, slightly offset by higher marketing expenses.  

•We reported diluted net earnings per share in 2024 of $2.37, a decrease of approximately 22.3% from 2023 diluted net earnings per share of $3.05.  Earnings per share in 2024 includes the non-cash VMS trade name and other asset impairment charges of $1.10 per share.  Excluding the impairment charges, 2024 diluted net earnings per share was $3.47 compared to 2023 diluted earnings per share of $3.05.  

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