Church & Dwight's penchant to promote to drive volumes evidences its lack of a sustainable edge.
In light of competitive pressures, no-moat Church & Dwight’s 4.3% fourth-quarter volume gains (prompted by a nearly 1% reduction in price) and expanding margins (with 50 and 90 basis points of increase at the adjusted gross and operating margin lines to 46.6% and 20.8%, respectively) were heralded as solid results, as illustrated by the mid-single-digit uptick in the share price after the announcement. However, we see little in these results to suggest the firm has amassed a competitive edge...Church & Dwight develops, manufactures and markets a range of consumer products. The company's consumer products include: ARM & HAMMER? baking soda, cat litter, laundry detergent, carpet deodorizer and other baking soda based products; TROJAN? condoms, lubricants and vibrators; OXICLEAN? stain removers, cleaning solutions, laundry detergents and bleach alternatives; SPINBRUSH? battery-operated toothbrushes; FIRST RESPONSE? home pregnancy and ovulation test kits; NAIR? depilatories; ORAJEL? oral analgesic; XTRA? laundry detergent; L'IL CRITTERS? and VITAFUSION? gummy dietary supplements; BATISTE? dry shampoo; WATERPIK? water flossers and showerheads, and FLAWLESS? hair removal products.
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