Church & Dwight's Mixed 3Q Results

Oppenheimer published its quarterly update today on Church & Dwight (NYSE: CHD) following their 3Q results.

Church & Dwight reported organic sales growth of 2.8%, derived from 5% volume growth being offset by -2.2% price/mix., which was higher than Oppenheimer's estimate of 2%. Church & Dwight management also believe that negative price/mix peaked in 2Q.

CHD also reported adjusted EPS of $0.96 which was higher than Oppenheimer's estimate of $0.92 and the consensus estimate of $0.93. In their defense Oppenheimer writes, "there were three unexpected factors not in our estimate that positively impacted EPS by a net $0.03, representing the majority of the beat vs. our estimate."

Oppenheimer maintains an outperform rating for CHD.