Church & Dwight 3Q profit up on legal settlement

Church & Dwight 3rd-quarter profit rises on legal settlement, strong sales of some brands

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PRINCETON, N.J. (AP) -- Church & Dwight Co., which makes OxiClean and other consumer poroducts, said Tuesday that its profit surged in the third quarter, helped by a favorable legal settlement and strong sales of some of its brands.

The company boosted its full-year earnings guidance, citing its solid year-to-date performance.

Chairman and CEO James Craigie said in a statement that shoppers were attracted to its value-oriented products and new products, with results also benefiting from higher prices implemented last year.

Some brands that recorded increased sales during the quarter included Arm & Hammer liquid laundry detergent, Oxiclean laundry additive, Trojan and Spinbrush.

Church & Dwight earned $70 million, or 98 cents per share, for the three months ended Sept. 25. That's up 43 percent from $49 million, or 69 cents per share, a year ago.

Excluding a favorable legal settlement of 17 cents per share and a plant restructuring charge, profit was 86 cents per share.

Analysts surveyed by Thomson Reuters, whose estimates normally exclude one-time items, predicted earnings of 83 cents per share.

Revenue climbed 3 percent to $646.2 million from $630.7 million, which topped Wall Street's estimate of $642.3 million.

Church & Dwight raised its 2009 profit forecast to a range of $3.40 to $3.43 per share, up from a prior outlook of $3.35 to $3.40 per share. The guidance excludes plant restructuring charges and the legal settlement.

Analysts expect full-year earnings of $3.43 per share.