Church & Dwight 3Q profit falls but tops estimate

PRINCETON, N.J. - Church & Dwight Co., which makes Arm & Hammer baking soda and other consumer items, said Tuesday charges and higher marketing expenses drove third-quarter earnings down 5 percent, but adjusted results beat Wall Street expectations.

Profit declined 5 percent to $49 million, or 69 cents per share, from $51.7 million, or 75 cents per share, last year. Excluding a restructuring charge to close a plant next year, profit totaled 73 cents per share in the latest period.

Sales rose 9 percent to $630.7 million from $580.4 million a year ago, helped by higher prices and demand for new products.

"Our organic revenue growth was driven by price increases, new products and increased distribution on key brands," Chairman and Chief Executive James R. Craigie said in a statement.

Analysts polled by Thomson Reuters, who usually exclude one-time items from their estimates, expected earnings of 69 cents per share on slightly higher revenue of $643.1 million.

Marketing expenses rose $10 million from a year ago.

Shares rose $1.84, or 3.1 percent, to $61.27 in midday trading.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.