Press Releases
Church & Dwight Reports Q4 and Full Year Results
2019 Fourth Quarter Results
- Sales growth +6.5%; Domestic +6.3%, Int’l +10.1%
- Organic sales +4.4%: Domestic +3.5%, Int’l +10.6%
- Gross Margin +170 bps. to 45.8%
- EPS growth +1.8%; Adjusted -3.5%
2019 Full Year Results
- Sales growth +5.1%; Organic +4.4%
- Gross Margin: +110 bps.
-
2019 EPS:
$2.44 (+7.5%), Adjusted$2.47 (+8.8%)2 -
Cash from operations
$864.5 million , +13.2%
Full year net sales grew 5.1% to
Reported Q4 net sales were
“Looking ahead, we have compelling new product launches in 2020, including a new ARM & HAMMER® laundry detergent called CLEAN & SIMPLE™ with only 6 ingredients plus water. We expect this launch to drive volume and organic sales growth. The investments in our International business continue to pay off, particularly in our
Fourth Quarter Review
Consumer Domestic net sales were
Specialty Products net sales were
Gross margin increased 170 basis points to 45.8% due to higher pricing, productivity, and acquisition accounting (40 bps).
Marketing expense was
Selling, general, and administrative expense (SG&A) was
Income from Operations was
Other Expense of
The effective tax rate was 18.7% compared to 18.9% in 2018, a decrease of 20 basis points. The full year rate was 20.4%.
Operating Cash Flow
For the full year 2019, cash from operating activities increased 13.2% to
At
5.5% Dividend Increase
The Company’s Board of Directors declared a 5.5% increase in the regular quarterly dividend from
Mr. Farrell commented, “This action reflects the Company’s desire for stockholders to benefit from our strong cash generation and is an indication of our confidence in the continuation of the Company’s strong performance. The Company expects to continue to generate significant cash flow. Our robust cash flow enables us to return cash to our stockholders while maintaining significant financial flexibility to continue to pursue acquisitions.”
2020 New Products
Mr. Farrell commented, “Innovation continues to be a big driver of our success. In support of our long-term strategy to drive revenue and earnings growth, we are pleased to announce 2020 new product launches in several categories.
“In the household products portfolio, we are launching what we believe is a significant innovation. We are introducing an ARM & HAMMER laundry detergent called CLEAN & SIMPLE which has only 6 ingredients plus water. It is on trend with the consumers’ desire for ’better for me’ products, which are simple, efficient and have fewer ingredients. ARM & HAMMER CLEAN & SIMPLE has 6 ingredients compared to 15 to 30 ingredients for the typical liquid detergent with no compromise on efficacy, and as powerful as our bestselling consumer favorite – ARM & HAMMER with OXICLEAN.
“In the personal care portfolio, BATISTE is launching a line of waterless cleansing foam for normal, dry, and curly hair. The weightless foam dries in 60 seconds and delivers an instant refresh for hair that looks revived, feels soft and smells amazing. We have launched TROJAN G SPOT™ condom featuring a unique shape for targeted stimulation. FLAWLESS launched NU RAZOR™, a waterless whole-body hair removal product for women to use anywhere, anytime. We are introducing WATERPIK WATER FOR WELLNESS™ showerheads across the power pulse product line, incorporating our clinically proven and
Outlook for 2020
Mr. Farrell stated, “We expect 2020 to be another strong year with adjusted EPS of
Mr. Farrell continued, “We expect full year 2020 reported sales growth to be approximately 6.5% and organic sales growth to be approximately 3.5%, reflecting strength in all three of our businesses with exciting new product introductions.3 Our strong 4% second-half 2019 organic sales run rate is expected to improve 50 basis points due to the growth of the FLAWLESS brand, offset by a 100 basis point reduction of organic sales as we continue to reduce promotions on OXICLEAN laundry and begin to exit our low margin private label vitamin business.
“We expect full year reported gross margin to be up 10 basis points, but up 50 basis points when excluding the impact of acquisition accounting. We expect full year marketing spending to increase 10 basis points as we invest in our ARM & HAMMER “More Power to You”™ campaign and our ARM & HAMMER CLEAN & SIMPLE detergent launch. We expect to leverage SG&A 10 basis points. We expect adjusted operating profit margin expansion to be in-line with our Evergreen model of +50 basis points, excluding the impact of acquisition accounting driven by gross margin expansion and SG&A leverage. The 2020 effective tax rate is expected to be approximately 21%, including a one-time international tax benefit. Cash flow from operations is expected to be approximately
“For Q1, we expect reported sales growth of approximately 6.5%, organic sales growth of approximately 3.0%, gross margin expansion, and adjusted EPS to be
¹This press release does not provide a forward-looking reconciliation of adjusted EPS to reported EPS, the most directly comparable GAAP financial measure, expected for 2020 or for the first quarter of 2020, because we are unable to provide such a reconciliation without unreasonable effort. We have excluded the Company’s potential earn-out liability from our acquisition of the FLAWLESS business from our expected adjusted EPS for these periods. We are required to review the fair value of the earn-out liability quarterly based on changes in sales forecasts, discount rates, volatility assumptions, and other inputs. Our inability to provide a reconciliation to GAAP EPS for future periods is due to the uncertainty and inherent difficulty of predicting what these changes will be on a quarter-by-quarter basis. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to our future results.
²Fourth quarter excludes a
3For the period May through
For more information, see the
https://churchdwight.com/pdf/Sustainability/2018-Sustainability-Report.pdf.
This press release contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; gross margin changes; trade, marketing, and SG&A spending; sufficiency of cash flows from operations; earnings per share; cost savings programs; consumer demand and spending; the effects of competition; the effect of product mix; volume growth, including the effects of new product launches into new and existing categories; the impact of acquisitions (including earn-outs); and capital expenditures. These statements represent the intentions, plans, expectations and beliefs of the Company, and are based on assumptions that the Company believes are reasonable but may prove to be incorrect. In addition, these statements are subject to risks, uncertainties and other factors, many of which are outside the Company’s control and could cause actual results to differ materially from such forward-looking statements. Factors that could cause such differences include a decline in market growth, retailer distribution and consumer demand (as a result of, among other things, political, economic and marketplace conditions and events); unanticipated increases in raw material and energy prices; delays or other problems in manufacturing or distribution; increases in transportation costs; adverse developments affecting the financial condition of major customers and suppliers; changes in marketing and promotional spending; growth or declines in various product categories and the impact of customer actions in response to changes in consumer demand and the economy, including increasing shelf space of private label products; consumer and competitor reaction to, and customer acceptance of, new product introductions and features; the Company’s ability to maintain product quality and characteristics at a level acceptable to our customers and consumers; disruptions in the banking system and financial markets; foreign currency exchange rate fluctuations; implications of the United Kingdom’s withdrawal from the
For a description of additional factors that could cause actual results to differ materially from the forward-looking statements, please see Item 1A, “Risk Factors” in the Company’s annual report on Form 10-K. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the U.S. federal securities laws. You are advised, however, to consult any further disclosures the Company makes on related subjects in its filings with the
This press release also contains non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of the Company’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP. See the end of this press release for these reconciliations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read in connection with the Company’s financial statements presented in accordance with GAAP.
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (Unaudited) |
|||||||||||||||
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|
Three Months Ended |
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|
Twelve Months Ended |
|
|||||||||
|
|
December 31, |
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|
December 31, |
|
|
December 31, |
|
December 31, |
|
||||
(In millions, except per share data) |
|
2019 |
|
|
2018 |
|
|
2019 |
|
2018 |
|
||||
Net Sales |
|
$ |
1,144.2 |
|
|
$ |
1,074.4 |
|
|
$ |
4,357.7 |
|
$ |
4,145.9 |
|
Cost of sales |
|
|
620.2 |
|
|
|
600.1 |
|
|
|
2,373.7 |
|
|
2,305.1 |
|
Gross Profit |
|
|
524.0 |
|
|
|
474.3 |
|
|
|
1,984.0 |
|
|
1,840.8 |
|
Marketing expenses |
|
|
162.6 |
|
|
|
126.4 |
|
|
|
515.0 |
|
|
483.2 |
|
Selling, general and administrative expenses |
|
|
166.2 |
|
|
|
154.5 |
|
|
|
628.8 |
|
|
565.9 |
|
Income from Operations |
|
|
195.2 |
|
|
|
193.4 |
|
|
|
840.2 |
|
|
791.7 |
|
Equity in earnings of affiliates |
|
|
1.1 |
|
|
|
2.2 |
|
|
|
6.6 |
|
|
9.2 |
|
Other income (expense), net |
|
|
(18.6 |
) |
|
|
(19.5 |
) |
|
|
(73.1 |
) |
|
(81.4 |
) |
Income before Income Taxes |
|
|
177.7 |
|
|
|
176.1 |
|
|
|
773.7 |
|
|
719.5 |
|
Income taxes |
|
|
33.3 |
|
|
|
33.3 |
|
|
|
157.8 |
|
|
150.9 |
|
Net Income |
|
$ |
144.4 |
|
|
$ |
142.8 |
|
|
$ |
615.9 |
|
$ |
568.6 |
|
Net Income per share - Basic |
|
$ |
0.59 |
|
|
$ |
0.58 |
|
|
$ |
2.50 |
|
$ |
2.32 |
|
Net Income per share - Diluted |
|
$ |
0.58 |
|
|
$ |
0.57 |
|
|
$ |
2.44 |
|
$ |
2.27 |
|
Dividends per share |
|
$ |
0.23 |
|
|
$ |
0.22 |
|
|
$ |
0.91 |
|
$ |
0.87 |
|
Weighted average shares outstanding - Basic |
|
|
245.3 |
|
|
|
246.6 |
|
|
|
246.2 |
|
|
245.5 |
|
Weighted average shares outstanding - Diluted |
|
|
250.8 |
|
|
|
252.5 |
|
|
|
252.1 |
|
|
250.7 |
|
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) |
||||||||
(Dollars in millions) |
|
Dec. 31, 2019 |
|
|
Dec. 31, 2018 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
$ |
155.7 |
|
|
$ |
316.7 |
|
Accounts Receivable |
|
|
356.4 |
|
|
|
345.3 |
|
Inventories |
|
|
417.4 |
|
|
|
382.8 |
|
Other Current Assets |
|
|
26.9 |
|
|
|
33.4 |
|
Total Current Assets |
|
|
956.4 |
|
|
|
1,078.2 |
|
Property, Plant and Equipment (Net) |
|
|
573.0 |
|
|
|
598.2 |
|
Equity Investment in Affiliates |
|
|
9.7 |
|
|
|
8.5 |
|
Trade names and Other Intangibles |
|
|
2,750.0 |
|
|
|
2,274.0 |
|
Goodwill |
|
|
2,079.5 |
|
|
|
1,992.9 |
|
Other Long-Term Assets |
|
|
288.8 |
|
|
|
117.4 |
|
Total Assets |
|
$ |
6,657.4 |
|
|
$ |
6,069.2 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Short-Term Debt |
|
$ |
252.9 |
|
|
$ |
1.8 |
|
Current portion of Long-Term debt |
|
|
- |
|
|
|
596.5 |
|
Other Current Liabilities |
|
|
839.4 |
|
|
|
728.0 |
|
Total Current Liabilities |
|
|
1,092.3 |
|
|
|
1,326.3 |
|
Long-Term Debt |
|
|
1,810.2 |
|
|
|
1,508.8 |
|
Other Long-Term Liabilities |
|
|
1,087.1 |
|
|
|
780.3 |
|
Stockholders’ Equity |
|
|
2,667.8 |
|
|
|
2,453.8 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
6,657.4 |
|
|
$ |
6,069.2 |
|
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flow (Unaudited) |
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|
|
Twelve Months Ended |
|
|||||
|
|
December 31, |
|
|
December 31, |
|
||
(Dollars in millions) |
|
2019 |
|
|
2018 |
|
||
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
615.9 |
|
|
$ |
568.6 |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
176.4 |
|
|
|
141.1 |
|
Deferred income taxes |
|
|
5.6 |
|
|
|
11.1 |
|
Non-cash compensation |
|
|
20.8 |
|
|
|
23.3 |
|
Other |
|
|
12.6 |
|
|
|
5.5 |
|
Subtotal |
|
|
831.3 |
|
|
|
749.6 |
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(9.2 |
) |
|
|
(3.4 |
) |
Inventories |
|
|
(33.8 |
) |
|
|
(55.1 |
) |
Other current assets |
|
|
4.9 |
|
|
|
18.9 |
|
Accounts payable and accrued expenses |
|
|
72.8 |
|
|
|
54.9 |
|
Income taxes payable |
|
|
3.4 |
|
|
|
(6.1 |
) |
Other |
|
|
(4.9 |
) |
|
|
4.8 |
|
Net cash from operating activities |
|
|
864.5 |
|
|
|
763.6 |
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(73.7 |
) |
|
|
(60.4 |
) |
Acquisition |
|
|
(475.0 |
) |
|
|
(49.8 |
) |
Other |
|
|
(4.8 |
) |
|
|
(1.9 |
) |
Net cash (used in) investing activities |
|
|
(553.5 |
) |
|
|
(112.1 |
) |
|
|
|
|
|
|
|
|
|
Net change in long-term debt |
|
|
(300.0 |
) |
|
|
- |
|
Net change in short-term debt |
|
|
251.0 |
|
|
|
(268.8 |
) |
Payment of cash dividends |
|
|
(224.1 |
) |
|
|
(213.3 |
) |
Proceeds from stock option exercises |
|
|
52.8 |
|
|
|
76.6 |
|
Purchase of treasury stock |
|
|
(250.0 |
) |
|
|
(200.0 |
) |
Deferred financing and other |
|
|
(2.6 |
) |
|
|
(3.5 |
) |
Net cash (used in) financing activities |
|
|
(472.9 |
) |
|
|
(609.0 |
) |
|
|
|
|
|
|
|
|
|
F/X impact on cash |
|
|
0.9 |
|
|
|
(4.7 |
) |
Net change in cash and cash equivalents |
$ |
(161.0 |
) |
$ |
37.8 |
|
2019 and 2018 Product Line Net Sales |
|||||||||||
|
Three Months Ended |
|
|
Percent |
|
||||||
|
12/31/2019 |
|
|
12/31/2018 |
|
|
Change |
|
|||
Household Products |
$ |
450.6 |
|
|
$ |
433.7 |
|
|
|
3.9 |
% |
Personal Care Products |
|
420.2 |
|
|
|
385.8 |
|
|
|
8.9 |
% |
Consumer Domestic |
$ |
870.8 |
|
|
$ |
819.5 |
|
|
|
6.3 |
% |
Consumer International |
|
196.6 |
|
|
|
178.6 |
|
|
|
10.1 |
% |
Total Consumer Net Sales |
$ |
1,067.4 |
|
|
$ |
998.1 |
|
|
|
6.9 |
% |
Specialty Products Division |
|
76.8 |
|
|
|
76.3 |
|
|
|
0.7 |
% |
Total Net Sales |
$ |
1,144.2 |
|
|
$ |
1,074.4 |
|
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
Percent |
|
||||||
|
12/31/2019 |
|
|
12/31/2018 |
|
|
Change |
|
|||
Household Products |
$ |
1,821.7 |
|
|
$ |
1,725.5 |
|
|
|
5.6 |
% |
Personal Care Products |
|
1,480.9 |
|
|
|
1,404.4 |
|
|
|
5.4 |
% |
Consumer Domestic |
$ |
3,302.6 |
|
|
$ |
3,129.9 |
|
|
|
5.5 |
% |
Consumer International |
|
756.3 |
|
|
|
709.5 |
|
|
|
6.6 |
% |
Total Consumer Net Sales |
$ |
4,058.9 |
|
|
$ |
3,839.4 |
|
|
|
5.7 |
% |
Specialty Products Division |
|
298.8 |
|
|
|
306.5 |
|
|
|
-2.5 |
% |
Total Net Sales |
$ |
4,357.7 |
|
|
$ |
4,145.9 |
|
|
|
5.1 |
% |
Non-GAAP Measures:
The following discussion addresses the non-GAAP measures used in this press release and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the comparable GAAP measures. The following non-GAAP measures may not be the same as similar measures provided by other companies due to differences in methods of calculation and items and events being excluded.
Organic Sales Growth:
This press release provides information regarding organic sales growth, namely net sales growth excluding the effect of acquisitions, divestitures and foreign exchange rate changes. Management believes that the presentation of organic sales growth is useful to investors because it enables them to assess, on a consistent basis, sales trends related to products that were marketed by the Company during the entirety of relevant periods, excluding the impact of acquisitions, divestitures, and foreign exchange rate changes that are out of the control of, and do not reflect the performance of the Company and management.
Adjusted Gross Margin:
This press release provides information regarding adjusted gross margin, namely gross margin excluding the effect of FLAWLESS acquisition. We believe that excluding these charges from gross margin provides a useful measure of the Company’s ongoing operating performance and a more effective comparison to prior periods by excluding significant one-time events.
Adjusted SG&A Expense:
This press release presents information regarding adjusted SG&A excluding the adjustment to the FLAWLESS acquisition earn-out estimate. We believe that this metric enhances investors’ understanding of the Company’s year over year expenses by excluding certain significant one-time items.
Adjusted EPS:
This press release also presents adjusted earnings per share, namely, EPS calculated in accordance with GAAP, as adjusted to exclude significant one-time items that are not indicative of the Company’s period-to-period performance. We believe that this metric provides investors a useful perspective of underlying business trends and results and provides useful supplemental information regarding our year over year EPS growth. Adjusted 2019 EPS excludes the earn-out reversal from the PASSPORT® acquisition, the FLAWLESS acquisition earn-out adjustments, and the loss on the sale of the consumer
CHURCH & DWIGHT CO., INC. Organic Sales |
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|
Three Months Ended 12/31/2019 |
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Worldwide |
|
|
Consumer |
|
|
Consumer |
|
|
Specialty |
|||||
|
Company |
|
|
Consumer |
|
|
Domestic |
|
|
International |
|
|
Products |
|||||
Reported Sales Growth |
6.5% |
|
|
6.9% |
|
|
6.3% |
|
|
10.1% |
|
|
0.7% |
|||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
2.5% |
|
|
2.6% |
|
|
2.8% |
|
|
1.4% |
|
|
0.0% |
|||||
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX / Other |
0.1% |
|
|
0.1% |
|
|
0.0% |
|
|
0.3% |
|
|
0.0% |
|||||
Divestitures |
0.3% |
|
|
0.3% |
|
|
0.0% |
|
|
1.6% |
|
|
0.0% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Sales Growth |
4.4% |
|
|
4.7% |
|
|
3.5% |
|
|
10.6% |
|
|
0.7% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended 12/31/2019 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Worldwide |
|
|
Consumer |
|
|
Consumer |
|
|
Specialty |
|||||
|
Company |
|
|
Consumer |
|
|
Domestic |
|
|
International |
|
|
Products |
|||||
Reported Sales Growth |
5.1% |
|
|
5.7% |
|
|
5.5% |
|
|
6.6% |
|
|
-2.5% |
|||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
1.2% |
|
|
1.4% |
|
|
1.5% |
|
|
1.0% |
|
|
0.8% |
|||||
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX / Other |
0.5% |
|
|
0.6% |
|
|
0.0% |
|
|
3.2% |
|
|
0.0% |
|||||
Divestitures |
0.0% |
|
|
0.1% |
|
|
0.0% |
|
|
0.4% |
|
|
0.0% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Sales Growth |
4.4% |
5.0% |
4.0% |
9.2% |
-3.3% |
CHURCH & DWIGHT CO., INC. Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited) |
||||||||||||||||||||||
(Dollars in millions, except per share data) |
||||||||||||||||||||||
|
For the quarter ended December 31, 2019 |
|
|
For the quarter ended December 31, 2018 |
|
|
Change |
|||||||||||||||
|
|
|
|
|
% of NS |
|
|
|
|
|
|
% of NS |
|
|
|
|
|
|
||||
Adjusted SG&A Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
SG&A - Reported |
$ |
166.2 |
|
|
|
14.5 |
% |
|
$ |
154.5 |
|
|
|
14.4 |
% |
|
|
10 |
|
bps |
||
Flawless Earn-Out Adjustment |
$ |
7.0 |
|
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
60 |
|
bps |
||
SG&A - Adjusted (non-GAAP) |
$ |
173.2 |
|
|
|
15.1 |
% |
|
$ |
154.5 |
|
|
|
14.4 |
% |
|
|
70 |
|
bps |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
For the quarter ended December 31, 2019 |
|
|
For the quarter ended December 31, 2018 |
|
|
Change |
|||||||||||||||
Adjusted Diluted Earnings Per Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Diluted Earnings Per Share - Reported |
$ |
0.58 |
|
|
|
|
|
|
$ |
0.57 |
|
|
|
|
|
|
|
1.8 |
% |
|
||
Flawless Earn-Out Adjustment |
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-5.3 |
% |
|
||
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
0.55 |
|
|
|
|
|
|
$ |
0.57 |
|
|
|
|
|
|
|
-3.5 |
% |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
For the year ended December 31, 2019 |
|
|
For the year ended December 31, 2018 |
|
|
Change |
|||||||||||||||
Adjusted Diluted Earnings Per Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Diluted Earnings Per Share - Reported |
$ |
2.44 |
|
|
|
|
|
|
$ |
2.27 |
|
|
|
|
|
|
|
7.5 |
% |
|
||
Passport Earn-Out Reversal |
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Brazil Loss on Sale |
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Flawless Earn-Out Adjustment |
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Diluted Earnings Per Share - Adjusted (non-GAAP) |
$ |
2.47 |
|
|
|
|
|
|
$ |
2.27 |
|
|
|
|
|
|
|
8.8 |
% |
|
Reported and Organic Forecasted Sales Reconciliation |
||||||
|
|
|
|
|
|
|
|
For the Quarter |
|
|
For the Year |
||
|
Ended |
|
|
Ended |
||
|
March 31, 2020 |
|
|
December 31, 2020 |
||
Reported Sales Growth |
6.5% |
|
|
6.0% |
||
Less: Acquisition |
-3.9% |
|
|
-2.8% |
||
Add: FX / Other |
0.4% |
|
|
0.3% |
||
|
|
|
|
|
|
|
Organic Sales Growth |
3.0% |
|
|
3.5% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200131005143/en/
Source:
Rick Dierker
Chief Financial Officer
609-806-1200