Baking soda seller
Church & Dwight
said its third-quarter earnings rose 11.8% from the year-ago period, helped by recent acquisitions, which lifted revenue.
The Princeton, N.J.-based consumer products company earned $38.7 million, or 57 cents a share, in the quarter, compared with $34.6 million, or 51 cents a share, a year ago. Third-quarter results include a tax benefit of 3 cents a share and 3 cents a share charge for stock option expenses. Analysts polled by Thomson First Call were expecting earnings of 49 cents a share.
Third-quarter revenue rose 17.1% from a year ago to $518.6 million as against analysts' expectations of $503.1 million. Third-quarter revenues include revenue of $62.8 million of three businesses acquired late last year, the SpinBrush battery-powered toothbrush business, a skin care brand in Brazil, and the recently acquired Orange Glo laundry additive and household cleaners business.
The company raised its earnings forecast to $1.98 to $2.00 a share, compared with $1.95 a share forecast earlier. Adjusted for stock option expenses of 9 cents a share, earnings are expected to be $2.07 to $2.09 a share. Analysts expect the company to earn $2 a share for the full year.
The company said that the acquisition of Orange Glo International, acquired on Aug. 7, may have a slightly negative effect on 2006 earnings, though it is expected to be moderately accerative in 2007.
The company also said that it expects to record a small charge in the fourth quarter related with the sale of a small manufacturing plant in the U.S.
Shares rose $1.35 to $42.48.
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