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Church & Dwight Co Inc CHD

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Economic Moat




Church & Dwight Continues to Benefit From Pantry Stocking, but Shares Look Expensive

Erin Lash, CFA Sector Director

Analyst Note

| Erin Lash, CFA |

No-moat Church & Dwight rode coronavirus essential fare tailwinds through the third quarter, posting 9.9% organic sales growth, with 10.2% attributable to higher volumes slightly offset by a 0.3% contraction in pricing and unfavorable product mix. Consumers’ sustained emphasis on health, wellness, and sanitation disproportionately benefited the vitamin business (about 33% of the quarter’s sales growth) and laundry detergent (10% of sales growth). Along with cat litter, these categories contributed to 10.7% domestic organic sales growth (three quarters of its total). But demand outpaced capacity, leading to more use of expensive contract manufacturers.

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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, which are all sold under the Arm & Hammer brand umbrella. Its mix also includes Xtra, Trojan, OxiClean, First Response, Nair, L’il Critters/Vitafusion, Orajel, and Water Pik, 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. Church & Dwight derives about 85% 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 Sep 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type Classic Growth
Employees 4,800