WASHINGTON (dpa-AFX) - Church & Dwight Co., Inc. (CHD) Friday released the financial results for the first quarter ended 31 March 2012, stating that net income attributable to the company for the quarter rose to $95.8 million or $0.66 per share, higher than $83.60 million or $0.58 per share reported for the corresponding quarter last year.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.61 per share for the quarter. Analysts' estimates usually exclude special items.
Quarterly sales increased 7.5 percent in the first quarter of 2012 to $690.6 million from $642.3 million reported for the year-ago quarter. Analysts anticipated revenues of $672.96 million for the quarter.
Looking forward to 2012, James Craigie, chairman and chief executive officer, reiterated its outlook for the full year, saying, 'We continue to expect earnings per share to be in the range of $2.41 to $2.43, which is an increase of 14-15% on a reported basis, and 9-10%, excluding a deferred tax valuation allowance charge of $0.09 per share in the fourth quarter of 2011.'
For the second quarter of 2012, he said,' With regard to the second quarter, we expect continued strong organic sales growth, gross margin comparable to the first quarter, higher marketing spending, and earnings per share of approximately $0.54, compared to $0.57 in last year's second quarter, which included a $6 million tax benefit ($0.04 per share) as a result of New Jersey corporate tax reform. This will result in balanced earnings per share results between the first half and second half of 2012.'
Analysts expect the company to earn $2.41 per share for the full year 2012, and $0.60 per share for the second quarter.
Copyright RTT News/dpa-AFX
© 2012 AFX News
