Despite Volume Gains, Church & Dwight Lacks Sure Defense Against Intense Competition; Shares Rich
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...
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