The company said net sales for 2023 grew 9.2% over 2022, while operating margin was 18.0% (2022 11.1%) and diluted earnings per share were $3.05 (2022 $1.68). Operating margin for 2022 included a non-cash Flawless intangible asset impairment charge of $411.0.

1. 01

   The company said net sales for 2023 grew 9.2% over 2022, while operating margin was 18.0% (2022 11.1%) and diluted earnings per share were $3.05 (2022 $1.68). Operating margin for 2022 included a non-cash Flawless intangible asset impairment charge of $411.0.

2. 02

   The company said Consumer Domestic net sales for 2023 were $4,571.2 (+10.7%), Consumer International net sales were $975.7 (+8.9%), and SPD net sales were $321.0 (-7.9%). It cited competitive imports in its domestic dairy business as the main factor behind the decline in SPD net sales.

3. 03

   The company said cash provided by operations for 2023 was $1,030.6, an increase of $145.4 from the prior year. It also said it returned $566.6 to stockholders through cash dividends and share repurchases in 2023.

4. 04

   The company said inflation and recession concerns are driving a decline in spending on its most discretionary brands, Waterpik and Flawless. The company said it will exit the MEGALAC business within Animal Nutrition in Q1 2024.

Key figures

Fiscal year ended December 31, 2023

Revenue

$5.9B

Operating income

$1.1B

Net income

$756M

EPS

$3.05

Gross profit

$2.6B

Operating cash flow

$1.0B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.