Church & Dwight Shares Plummet 5.8% After Q2 Profit Beat, Revenue Miss

Church & Dwight Co. shares slid 5.8% in premarket trade Thursday after the company reported a second-quarter profit beat and revenue miss, noting discounting was affecting growth. Earnings for the latest quarter declined to $72.9 million, or 29 cents per share, from $111.6 million, or 43 cents per share in the year-earlier period. The latest results included a 12 cent charge for a previously announced U.K. pension settlement that exceeded outlook. Adjusted earnings-per-share were 41 cents, above the FactSet consensus of 39 cents. Revenue rose to $898 million from $877 million, below the FactSet consensus of $904 million. Church & Dwight manufactures household and personal care products such as detergents, cat litter and condoms. Categories are growing slower than expected because of discounting, Church & Dwight Chief Executive Matthew Farrell said, with couponing and promotional investments affecting consumer domestic sales and gross margins. The company expects 2017 EPS of $1.79 per share, above guidance of $1.75 to $1.77 per share that was given in May. Church & Dwight affirmed 2017 adjusted EPS guidance of $1.92 per share. Church & Dwight shares have risen 8.2% over the last three months, compared with a 3.8% rise in the S&P 500 .