* 2nd-qtr earnings 56 cents/share vs Street view 55 cents
* Revenue $696.4 million, misses Street view $702.7 million
* 3rd-quarter profit forecast below Street expectations
* Shares fall 6.6 percent
Aug 7 Church & Dwight Co Inc's quarterly
sales fell short of Wall Street expectations and the maker of
Arm & Hammer baking soda forecast a third-quarter profit below
analysts' estimates, pushing its shares down 6.6 percent.
The company expects a "difficult and challenging economic
environment" for the rest of 2012 as consumer spending and
growth in many categories are likely to remain weak, said Chief
Executive James Craigie.
During the second quarter, sales of higher-margin personal
care items such as Arm & Hammer Spinbrush battery-powered
toothbrushes and Answer pregnancy test kits fell, while sales of
lower-margin household goods such as Arm & Hammer and XTRA
liquid laundry detergents rose.
"While (Church & Dwight) continues to execute well in a
difficult environment, we are concerned about the pressure it is
facing in its personal care business as the segment has declined
for three consecutive quarters," said BMO Capital Markets
analyst Connie Maneaty, who has a "market perform" rating on the
Church & Dwight said it expects to earn about 58 cents per
share in the current quarter. Analysts' average estimate is 61
cents, according to Thomson Reuters I/B/E/S.
Church & Dwight stood by its full-year profit forecast of
$2.41 to $2.43 per share. Analysts were looking for $2.43 per.
Second-quarter profit fell to $79.3 million, or 56 cents per
share, from $82.6 million, or 57 cents per share, a year
earlier. Analysts had expected 55 cents per share.
Revenue rose 3.2 percent to $696.4 million, missing
analysts' average estimate of $702.7 million.
In the laundry aisle, Church & Dwight has faced stepped-up
pressure from Procter & Gamble Co, which is promoting its
new Tide Pods single-dose laundry detergent.
Shares of Princeton, New Jersey-based Church & Dwight were
down $3.66, or 6.6 percent, at $52.04 in midday trading after
falling as low as $50.65.