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KMB · Kimberly-Clark

50 filings

10-Q

KMB 10-Q Quarterly Reports

Kimberly-Clark - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K112

KMB filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 112 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Sep ’19Sep ’19
  3. Change in control8-K · Sep ’21Sep ’21
  4. Leadership change8-K · Nov ’25Nov ’25
  1. 2026-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2026

    Kimberly-Clark Corporation's second-quarter 2026 10-Q reports net sales of $4.19 billion for the three months ended June 30, 2026, up 0.6% from $4.16 billion, with organic sales growth roughly flat (a 0.1% decline). Operating profit rose to $633 million from $592 million, and diluted EPS from continuing operations was $1.22 versus $1.33 a year earlier. Adjusted diluted EPS was $1.80, up 10.4%, while net income attributable to Kimberly-Clark fell to $345 million from $509 million, reflecting a $60 million loss from discontinued operations driven by separation costs and tax charges tied to the IFP Transaction. For the six months, net sales were $8.35 billion (up 1.6%) and diluted EPS from continuing operations was $2.91 versus $2.72. The quarter was shaped by several items management highlighted: a China diaper social media disruption that significantly hurt sales in China, an estimated $150 million of incremental input costs for the rest of 2026 tied to Middle East conflict, and $109 million of Kenvue Acquisition costs in the quarter. Reported results also benefited from one-time tariff refunds and a $39 million Brazil tax credit benefit. The IFP Transaction with Suzano was completed on July 1, 2026, after the quarter end, with Kimberly-Clark expected to record a pre-tax gain of more than $1.0 billion in the third quarter. The pending Kenvue acquisition, expected to close in the second half of 2026, remains subject to foreign regulatory approvals. Balance sheet activity included $1.3 billion of IFP Term Loan Facility borrowings (non-recourse to Kimberly-Clark after closing), which reduced short-term borrowings, and total continuing-operations debt of $6.5 billion at June 30, 2026, down from $7.2 billion at year-end 2025. Cash provided by operations was $1.65 billion for the six months, helped by an insurance recovery and working capital changes, while capital spending rose to $776 million, and management expects full-year capital spending of about $1.3 billion. No shares were repurchased in the quarter.

    Aug 4, 2026
  2. 2026-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2026

    Kimberly-Clark Corporation's first-quarter 2026 results show net sales of $4.16 billion, up 2.7% from $4.05 billion, with organic sales growth of 2.5% led by volume gains of 2.6%. Operating profit rose to $753 million from $631 million, but this was helped by a $120 million benefit from settling insurance claims tied to a previous acquisition. Adjusted operating profit increased 3.7% to $732 million, and adjusted diluted EPS declined 1.2% to $1.60 from $1.62, mainly because the adjusted effective tax rate rose to 26.2% from 20.7%. Reported diluted EPS from continuing operations was $1.70, up from $1.39. Net income attributable to Kimberly-Clark was $665 million, and total diluted EPS was $2.00 including discontinued operations. The filing describes two pending transactions. The Kenvue Acquisition, under which holders of Kenvue common stock will receive 0.14625 Kimberly-Clark shares plus $3.50 in cash per share, is expected to close in the second half of 2026 and remains subject to foreign regulatory approvals. The IFP Transaction, a joint venture with Suzano in which Suzano will acquire a 51% interest for approximately $1.7 billion, is expected to close in mid-2026. The IFP business is reported as discontinued operations. Management estimates incremental input costs of approximately $200 million for the rest of 2026 from Middle East conflict-related energy price volatility, assuming oil at $100 per barrel, before mitigation. Cash provided by operations rose to $745 million from $327 million, aided by an insurance recovery and working capital changes. Capital spending increased to $424 million from $204 million, and management expects full-year capital spending of approximately $1.3 billion. Short-term debt was $595 million at quarter-end, and total debt from continuing operations was $7.1 billion, compared with $7.2 billion at December 31, 2025. No shares were repurchased during the quarter.

    Apr 28, 2026
  3. 2025-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2025

    Kimberly-Clark Corporation's third-quarter 2025 Form 10-Q shows net sales of $4.15 billion for the three months ended September 30, 2025, essentially flat versus $4.14 billion a year earlier, with organic sales up 2.5% on volume gains of 2.4%. Operating profit fell to $621 million from $1.03 billion, and net income attributable to Kimberly-Clark dropped to $446 million from $907 million. The decline reflects unfavorable pricing net of cost inflation (including tariff impacts), supply chain investments, and a $565 million gain on the 2024 sale of the PPE business that did not recur. Diluted EPS from continuing operations was $1.01 versus $2.42, and adjusted diluted EPS was $1.45 versus $1.56, a 7.1% decrease. The quarter's GAAP earnings were also pressured by a 45.4% effective tax rate, driven by about $130 million of incremental tax charges tied to the One Big Beautiful Bill Act, mainly a valuation allowance on U.S. foreign tax credits. For the nine months, net sales were $12.37 billion, down 2.6%, and diluted EPS from continuing operations was $3.73 versus $5.37. Cash provided by operations was $1.81 billion versus $2.42 billion, and cash balances fell to $617 million from $1.01 billion at year-end 2024. The pending International Family Care and Professional (IFP) transaction with Suzano, under which Buyer will acquire a 51% interest in a joint venture for approximately $1.7 billion while the company retains 49%, is expected to close in mid-2026. The IFP business is reported as discontinued operations, and the 2024 Transformation Initiative carries total expected pre-tax costs of approximately $1.5 billion, with cumulative charges of $718 million through September 30, 2025.

    Oct 30, 2025
  4. 2025-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2025

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended June 30, 2025 shows net sales of $4.16 billion for the three months, down 1.6% from $4.23 billion a year earlier, while organic sales increased 3.9%. Operating profit rose to $592 million from $539 million, but adjusted operating profit fell 2.2% to $713 million, and diluted EPS from continuing operations was $1.33 versus $1.35. Net income attributable to Kimberly-Clark was $509 million, compared with $544 million. For the six months, net sales declined 4.0% to $8.22 billion, organic sales rose 1.2%, and diluted EPS from continuing operations was $2.72 versus $2.96. Adjusted diluted EPS was $3.25 for the six months, down 4.7%. The filing reports that the company will form a joint venture with Suzano comprising substantially all of its former International Family Care and Professional (IFP) business. Suzano will acquire a 51% interest for approximately $1.7 billion, and Kimberly-Clark will retain 49%. The transaction is expected to close in mid-2026, subject to regulatory approvals and other conditions. The IFP business is now reported as discontinued operations for all periods presented. Management estimates incremental 2025 tariff costs of about $170 million, mostly in North America, and the 2024 Transformation Initiative carries expected total costs of about $1.5 billion pre-tax, with cumulative charges through June 30, 2025 of $656 million. Cash provided by operations fell to $1.10 billion for the six months from $1.46 billion, and financing outflows rose to $1.18 billion, driven by $250 million of debt repayments. Total debt from continuing operations was $7.2 billion at June 30, 2025, compared with $7.4 billion at December 31, 2024. Kimberly-Clark also settled a qui tam matter related to its former health care business, with a payment not expected to be material, and continues to cooperate with a related DOJ investigation.

    Aug 1, 2025
  5. 2025-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2025

    Kimberly-Clark Corporation's first-quarter 2025 results show lower sales and profitability compared with the first quarter of 2024. Net sales were $4.84 billion, down 6.0%, driven primarily by unfavorable currency impacts, divestitures and business exits, and lower organic sales, which decreased 1.6% on lower pricing while volume and mix were flat. Operating profit fell 9.8% to $769 million, and net income attributable to Kimberly-Clark declined 12.4% to $567 million. Diluted EPS was $1.70, down 11.0%. Adjusted EPS, which excludes 2024 Transformation Initiative charges, was $1.93, down 4.0%, and adjusted operating profit was $844 million, down 6.0%. The company is pursuing its 2024 Transformation Initiative, expected to be completed by the end of 2026, with total pre-tax costs of approximately $1.5 billion and pre-tax gross productivity savings expected to be $3.0 billion. Cumulative pre-tax charges through March 31, 2025 were $534 million. The filing estimates incremental tariff-related costs of approximately $300 in 2025, most of which will be incurred by the North America segment. Cash provided by operations was $327 million compared with $438 million a year earlier, reflecting lower operating profit and unfavorable working capital changes. Total debt was $7.2 billion at March 31, 2025, versus $7.4 billion at December 31, 2024.

    Apr 22, 2025
  6. 2024-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2024

    Kimberly-Clark Corporation reported third-quarter 2024 net sales of $4,952 million, down 4% from $5,132 million a year earlier, with organic sales up 1%. Operating profit rose to $1,154 million from $774 million, and Net Income Attributable to Kimberly-Clark Corporation increased to $907 million from $587 million, or $2.69 diluted earnings per share versus $1.73. The filing attributes the higher reported profit largely to a $566 million pre-tax gain on the July 1, 2024 sale of the personal protective equipment (PPE) business, partly offset by $124 million of pre-tax 2024 Transformation Initiative charges and a $97 million pre-tax intangible asset impairment. Excluding these items, adjusted operating profit was $810 million, and adjusted diluted earnings per share were $1.83, a 5% increase. For the nine months ended September 30, 2024, net sales were $15,130 million, down 2% from $15,461 million, while organic sales grew 4%. Diluted earnings per share were $6.21 versus $3.70, and adjusted diluted earnings per share were $5.80, a 15% increase. Cash provided by operations was $2.4 billion, compared with $2.3 billion a year earlier. The company repurchased 5.4 million shares for $752 million and paid $1,220 million in cash dividends, while total debt declined to $7.5 billion from $8.0 billion at year-end 2023. The 2024 Transformation Initiative, announced March 27, 2024, is expected to cost approximately $1.5 billion pre-tax, with about half in cash, primarily for workforce reductions of 4% to 5%. The company expects to complete the transition to its new organizational structure by the end of 2024 and the full initiative by the end of 2026. Full-year capital spending is anticipated to be approximately $800 million. The filing also discloses a $97 million impairment of Softex and Thinx intangible assets in the Personal Care segment, citing weaker distributor relationship assumptions and changed consumer shopping behavior.

    Oct 22, 2024
  7. 2024-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2024

    Kimberly-Clark Corporation reported net sales of $5.0 billion for the second quarter of 2024, a 2 percent decrease from the prior year, while organic sales grew 4 percent. Operating profit rose to $655 million from $113 million, and net income attributable to Kimberly-Clark Corporation increased to $544 million from $102 million. Diluted earnings per share were $1.61 compared with $0.30. Results in 2024 include $190 million of pre-tax charges related to the 2024 Transformation Initiative, while the prior-year period included an $658 million impairment of intangible assets. Excluding these items, adjusted operating profit was $845 million, a 16 percent increase, and adjusted diluted earnings per share were $1.96, a 19 percent increase. By segment, Personal Care operating profit increased 14 percent and Consumer Tissue operating profit increased 23 percent for the quarter, while K-C Professional operating profit decreased 1 percent. The 2024 Transformation Initiative, announced March 27, 2024, is intended to reorganize the company into three new business segments and reduce its structural cost base. The company expects total costs of approximately $1.5 billion pre-tax, with cash costs of about half that amount, and expects to complete the initiative by the end of 2026. Expected total pre-tax savings are $3.0 billion in gross productivity and $200 million in selling, general and administrative expenses. Cash provided by operations was $1.5 billion for the six months ended June 30, 2024, and total debt was $8.0 billion at June 30, 2024. On July 1, 2024, the company completed the sale of its personal protective equipment business within K-C Professional for $640 million, subject to post-closing adjustments, and expects to recognize a gain in the third quarter of 2024.

    Jul 23, 2024
  8. 2024-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2024

    Kimberly-Clark Corporation's first-quarter 2024 Form 10-Q reports net sales of $5.1 billion ($5,149 million), down 1 percent from $5,195 million a year earlier, while organic sales grew 6 percent. Operating profit rose to $853 million from $787 million, and net income attributable to Kimberly-Clark was $647 million, compared with $566 million. Diluted earnings per share were $1.91, versus $1.67 in the prior-year period. Excluding $45 million pre-tax ($34 million after tax) of 2024 Transformation Initiative charges, adjusted operating profit was $898 million and adjusted earnings per share were $2.01, an increase of 20 percent. Results benefited from higher net revenue realization and gross productivity savings of $120 million, partially offset by higher marketing, research and general expenses, unfavorable currency effects and supply chain investments. Cash provided by operations fell to $438 million from $613 million, driven by unfavorable changes in operating working capital. Capital spending was $194 million, and management anticipates full-year capital spending of approximately $900 million. Total debt was $8.0 billion at both March 31, 2024 and December 31, 2023. The company repurchased 459 thousand shares for $56 million during the quarter. The filing describes the 2024 Transformation Initiative, announced March 27, 2024, which reorganizes the company into three new business segments, targets workforce reductions of 4 to 5 percent, and has total expected pre-tax costs of approximately $1.5 billion through 2026. The company also agreed on April 7, 2024 to sell its personal protective equipment business within K-C Professional for $640 million, with closing expected in the third quarter of 2024.

    Apr 23, 2024
  9. 2023-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2023

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended September 30, 2023 reports third-quarter net sales of $5.13 billion, up 2 percent from $5.05 billion a year earlier, with organic sales growth of 5 percent driven by net selling prices, partly offset by a 1 percent volume decline and a 2 percent unfavorable currency effect. Operating profit rose to $774 million from $655 million, and diluted EPS was $1.73 versus $1.38. For the nine months, net income attributable to Kimberly-Clark was $1.26 billion, down from $1.43 billion, and diluted EPS fell to $3.70 from $4.22, reflecting a $658 million pre-tax impairment of intangible assets, mainly related to the Softex Indonesia business, recorded in the second quarter. The company reported adjusted nine-month diluted EPS of $5.06 versus $4.09 a year earlier, excluding certain items as described in the filing's non-GAAP reconciliations. Cash provided by operations was $2.33 billion for the first nine months of 2023, compared with $1.74 billion in the prior year, attributed to higher operating profit excluding non-cash charges and working capital improvements. Cash and cash equivalents rose to $814 million from $427 million at year-end 2022. Total debt was $8.1 billion at September 30, 2023, versus $8.4 billion at December 31, 2022. The company completed the sale of its Brazil tissue and K-C Professional business on June 1, 2023 for $212 million, recognizing a pre-tax gain of $74 million, and it has a $2.0 billion and a $750 million revolving credit facility that remain unused. The filing also discloses that the company continues to cooperate with a U.S. Department of Justice investigation related to its former health care business, Avanos Medical, Inc., concerning surgical gowns, and is working toward a potential resolution. Management also notes ongoing operational adjustments in Russia, where the business represents approximately 1 to 3 percent of net global sales, operating profit and total assets.

    Oct 24, 2023
  10. 2023-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2023

    Kimberly-Clark Corporation reported second-quarter 2023 net sales of $5.1 billion, up 1 percent from the year-ago period, including organic sales growth of 5 percent. Net sales growth was driven by net selling prices, which increased sales by 8 percent, while volume decreased 3 percent and currency decreased sales by approximately 4 percent. Reported operating profit fell to $113 million from $621 million, and diluted earnings per share were $0.30 compared with $1.29 a year earlier. The decline reflects a $658 million pre-tax impairment of intangible assets, mainly related to the Softex Indonesia business, partly offset by a net benefit of $44 million pre-tax from the sale of the Brazil tissue and K-C Professional business. Adjusted operating profit was $727 million, and adjusted diluted earnings per share were $1.65, an increase of 23 percent from $1.34. For the first six months, net sales were $10.3 billion, up 2 percent, and cash provided by operations rose to $1.4 billion from $944 million. Year-to-date adjusted earnings per share were $3.32 versus $2.69 in the prior year. The company cited FORCE cost savings of $185 million and higher input costs of $190 million year to date. Total debt was $8.1 billion at June 30, 2023, compared with $8.4 billion at December 31, 2022, and management targets full-year 2023 share repurchases of approximately $100 to $150 million and capital spending of $800 to $900 million. The filing also notes that the Thinx redemption right, if exercised, could require payments of approximately $98 to $197 million in a second exercise period running from January 1, 2024 through June 30, 2026. Management stated that its Russia business represents approximately 1 to 3 percent of net global sales, operating profit and total assets, and that the company may not be able to sustain limited operations there.

    Jul 25, 2023
  11. 2023-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2023

    Kimberly-Clark Corporation reported first-quarter 2023 net sales of $5.195 billion, up 2 percent from $5.095 billion a year earlier, with organic sales growth of 5 percent driven by higher net selling prices (up 10 percent) partially offset by a 5 percent decline in volume. Currency decreased sales by approximately 4 percent. Operating profit rose to $787 million from $693 million, and net income attributable to Kimberly-Clark was $566 million, or $1.67 per diluted share, compared with $523 million, or $1.55 per diluted share, in the prior-year period. The prior-year figures included a net benefit of $64 million pre-tax from the acquisition of a controlling interest in Thinx, so adjusted operating profit was $629 million in 2022. Results benefited from higher net selling prices and $105 million in FORCE cost savings, partially offset by $160 million of higher input costs, mainly fiber and energy. Cash provided by operations was $613 million, compared with $204 million in the prior year, which management attributed to higher operating profit and working capital improvements. Capital spending was $201 million, and management expects full-year 2023 capital spending of $800 million to $900 million. Total debt was $8.5 billion at March 31, 2023, up from $8.4 billion at year-end 2022, following a $350 million notes offering in February 2023. Cash dividends paid were $391 million, and the company targets full-year 2023 share repurchases of approximately $100 million to $150 million. By segment, Consumer Tissue operating profit rose 40 percent to $240 million and K-C Professional operating profit rose 77 percent to $159 million, while Personal Care operating profit increased 3 percent to $487 million despite a 1 percent decline in net sales. The filing also notes the pending sale of the Neve tissue brand and related assets in Brazil for $175 million, which is expected to close in the second quarter of 2023 following antitrust clearance on April 18, 2023.

    Apr 25, 2023
  12. 2022-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2022

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended September 30, 2022 shows third-quarter net sales of $5.05 billion, up 1 percent from $5.01 billion a year earlier, with organic sales up 5 percent driven by net selling prices up 9 percent, while volumes declined 5 percent and currency reduced sales by 4 percent. Operating profit was flat at $655 million versus $657 million, and diluted EPS was $1.38 versus $1.39. Management's adjusted non-GAAP diluted EPS of $1.40 declined 14 percent from $1.62, with input cost inflation of $360 million cited as a major headwind to operating profit. Year-to-date, net sales rose 5 percent to $15.21 billion and organic sales rose 8 percent, but operating profit fell 3 percent to $1.97 billion and diluted EPS was $4.22 versus $4.31. Year-to-date adjusted EPS was $4.09, down 16 percent from $4.89, reflecting over $1.2 billion of higher input costs and higher marketing, research and general spending. The 2022 results include a net benefit of $64 million pre-tax from the consolidation of Thinx Inc., in which the company acquired a controlling 58 percent interest for total consideration of $181 million. Balance-sheet and cash flow items were steady: cash provided by operations was $1.7 billion for the first nine months, capital spending was $679 million with full-year capital spending now expected at $0.9 billion to $1.0 billion, and total debt was $8.6 billion. The company repurchased 579 thousand shares for $75 million year to date and targets about $100 million of full-year 2022 repurchases. The filing also notes that Russia historically represented about 1 to 2 percent of net sales, operating profit and total assets, and that assets there may be partially or fully impaired.

    Oct 25, 2022
  13. 2022-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2022

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended June 30, 2022 reports second-quarter net sales of $5.06 billion, up 7 percent from $4.72 billion a year earlier, with organic sales growth of 9 percent driven by net selling price increases of 9 percent. Net income attributable to Kimberly-Clark was $437 million, or $1.29 diluted earnings per share, compared with $404 million and $1.19 a year earlier. Operating profit rose to $621 million from $613 million. Management's non-GAAP adjusted diluted EPS was $1.34, compared with $1.47 in the prior-year period adjusted for 2018 Global Restructuring Program charges. The filing cites input cost pressures of $405 million in the quarter, offset in part by $45 million of FORCE cost savings. For the six months, net sales were $10.16 billion, up 7 percent, and operating profit was $1.31 billion, down 5 percent from $1.38 billion. Results in 2022 include an $85 million non-cash gain from remeasuring a previously held interest in Thinx Inc. after the company acquired a controlling stake in February 2022, partly offset by transaction and integration costs. Year-to-date diluted EPS was $2.84 versus $2.92, and adjusted EPS was $2.69 versus $3.27. On the balance sheet, total assets were $18.11 billion at June 30, 2022, and total debt was $8.7 billion. Cash provided by operations was $944 million for the first six months, up from $886 million. The company disclosed that it is actively monitoring its Russia business, which historically represented about 1 to 2 percent of net sales, operating profit and total assets, and that its assets there may be partially or fully impaired.

    Jul 26, 2022
  14. 2022-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2022

    Kimberly-Clark Corporation reported first-quarter 2022 net sales of $5.1 billion, up 7 percent from $4.74 billion a year earlier, with organic sales growth of 10 percent driven by net selling prices (up 6 percent) and volume (up 2 percent). Operating profit declined 10 percent to $693 million from $770 million, and net income attributable to Kimberly-Clark fell to $523 million from $584 million. Diluted earnings per share were $1.55 versus $1.72. Results include a net pre-tax benefit of $64 million from the acquisition of a controlling interest in Thinx, which reflects an $85 million non-cash remeasurement gain partly offset by $21 million of transaction and integration costs. On an adjusted non-GAAP basis, operating profit was $629 million versus $804 million and adjusted EPS was $1.35, a 25 percent decline, as the filing cites $470 million of higher input costs, mainly pulp, polymer-based materials, distribution and energy. Cash provided by operations was $204 million compared with $321 million in the prior year, which the company attributed to lower operating profit. Capital spending was $253 million, and management anticipates full-year capital spending of $1.0 billion to $1.1 billion. Total debt rose to $9.1 billion at March 31, 2022 from $8.6 billion at December 31, 2021, and short-term debt was $1.0 billion. The company repurchased 214.8 thousand shares for about $27 million in the quarter and targets approximately $100 million of full-year 2022 repurchases. The filing also discloses that the company significantly adjusted its Russia business in March 2022, suspending non-essential activity and capital investment, and that its Russia business has historically represented approximately 1 to 2 percent of net sales, operating profit and total assets. The assets may be partially or fully impaired as the situation evolves.

    Apr 22, 2022
  15. 2021-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2021

    Kimberly-Clark Corporation's third quarter 2021 Form 10-Q reports net sales of $5.01 billion, up 7 percent from $4.68 billion a year earlier, including organic sales growth of 4 percent. Operating profit was $657 million versus $666 million, and net income attributable to Kimberly-Clark was $469 million, or $1.39 diluted EPS, compared with $472 million and $1.38 a year earlier. Results were pressured by higher input costs of $480 million in the quarter, driven by pulp, polymer-based materials, distribution and energy, which were offset in part by $115 million of FORCE program savings and $35 million of 2018 Global Restructuring Program savings. Adjusted diluted EPS was $1.62, a decrease of 6 percent from $1.72. Year to date, net sales rose 1 percent to $14.48 billion, but organic sales declined 2 percent as volumes fell 5 percent. Diluted EPS was $4.31 versus $5.30, and adjusted EPS was $4.89 versus $6.06. Consumer Tissue was the weakest segment, with third-quarter operating profit down 30 percent to $222 million as demand softened after 2020's COVID-19 stock-up, while Personal Care operating profit rose 2 percent and K-C Professional operating profit rose 10 percent. Cash provided by operations fell to $1.67 billion from $2.84 billion in the first nine months, reflecting lower earnings, working capital build and tax payment timing. Capital spending was $734 million, with full-year guidance narrowed to $1.0 billion to $1.1 billion. Total debt was $8.9 billion, and the company expects full-year share repurchases of about $400 million. The 2018 Global Restructuring Program is expected to finish in 2021 with total pre-tax costs of $2.1 billion to $2.2 billion.

    Oct 25, 2021
  16. 2021-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2021

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended June 30, 2021 shows a sharp decline in profitability on modestly higher sales. Second-quarter net sales were $4.72 billion, up 2 percent from $4.61 billion a year earlier, but organic sales decreased 3 percent, with volumes down 4 percent. Operating profit fell to $613 million from $925 million, and net income attributable to Kimberly-Clark was $404 million versus $681 million. Diluted earnings per share were $1.19 compared with $1.99. The company attributes the results to lower sales volumes, $345 million of higher input costs (driven by pulp, other materials and distribution costs), and elevated other manufacturing costs, partly offset by higher net selling prices and $115 million of FORCE program cost savings. Second-quarter adjusted earnings per share, excluding 2018 Global Restructuring Program charges, were $1.47 compared with $2.20. For the first six months, net sales were $9.47 billion, down 2 percent, with organic sales down 5 percent. Cash provided by operations fell to $886 million from $2,283 million, driven by lower earnings, a working capital build in receivables and inventory, accrued expense payments and tax timing. Total debt rose to $9.1 billion from $8.4 billion at year-end 2020, including $1.2 billion of short-term debt. Management lowered its full-year capital spending estimate to $1.1 billion to $1.2 billion and its expected full-year share repurchases to $400 million to $450 million. Segment results were mixed. Personal Care sales rose 13 percent in the quarter, while Consumer Tissue sales fell 13 percent with operating profit down 54 percent as volumes in North America declined sharply after pandemic-driven stock-up buying. K-C Professional sales rose 6 percent but operating profit fell 29 percent. The company completed its Softex Indonesia acquisition in 2020 and continues to execute the 2018 Global Restructuring Program, now expected to total $2.0 billion to $2.1 billion pre-tax and be completed in 2021.

    Jul 23, 2021
  17. 2021-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2021

    Kimberly-Clark Corporation's first quarter 2021 results showed a sharp decline in sales and profitability. Net sales were $4,743 million, down 5 percent from $5,009 million in the year-ago period, with organic sales declining 8 percent and volumes down 10 percent. Operating profit fell to $770 million from $904 million, and net income attributable to Kimberly-Clark decreased to $584 million from $660 million. Diluted earnings per share were $1.72 compared with $1.92 a year earlier. The filing attributes the volume decline largely to stock-up buying in the prior-year period related to COVID-19, supply chain disruptions from February severe weather in the southern United States, and lower away-from-home demand for K-C Professional products. On an adjusted basis, first quarter diluted EPS was $1.80, compared with $2.13 in 2020. Higher input costs of $135 million and lower volumes outweighed price gains and cost savings. Cash provided by operations was $321 million, compared with $704 million a year earlier, reflecting higher working capital and lower earnings. Total debt rose to $8.8 billion from $8.4 billion at December 31, 2020, and short-term debt increased to $963 million. The company repurchased 1.3 million shares for $175 million during the quarter and expects full-year repurchases of $650 million to $750 million. Full-year capital spending is expected to be $1.2 billion to $1.3 billion. The company's 2018 Global Restructuring Program continues, with total costs expected at $2.0 billion to $2.1 billion pre-tax and completion expected in 2021. Cumulative pre-tax charges through March 31, 2021 were $1.9 billion. The Softex Indonesia acquisition, completed October 1, 2020 for approximately $1.2 billion, contributed 2 percent to net sales growth in the quarter. Management stated it cannot reasonably estimate the duration and severity of the COVID-19 pandemic's impact on its business.

    Apr 23, 2021
  18. 2020-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2020

    Kimberly-Clark Corporation reported third-quarter 2020 net sales of $4.68 billion, up 1 percent from $4.64 billion a year earlier, with organic sales up 3 percent and foreign currency reducing sales by 2 percent. Operating profit fell to $666 million from $915 million, and net income attributable to Kimberly-Clark declined to $472 million from $671 million, with diluted EPS of $1.38 versus $1.94. The filing attributes the results to charges under the 2018 Global Restructuring Program and Softex Indonesia acquisition-related costs; the 2019 quarter also included a gain on a manufacturing facility sale. Adjusted diluted EPS was $1.72, a 7 percent decrease from $1.84 in 2019, per the filing. Year-to-date net sales were $14.3 billion, up 3 percent, and year-to-date diluted EPS was $5.30 versus $4.65. Segment performance was mixed. Consumer Tissue net sales rose 9 percent in the quarter on COVID-19-driven demand, and its operating profit increased 20 percent to $318 million. K-C Professional net sales fell 16 percent, with volumes down 21 percent as away-from-home demand declined, and its operating profit dropped 51 percent to $87 million. Personal Care net sales rose 1 percent and operating profit fell 1 percent to $486 million. Cash provided by operations was $2.8 billion for the first nine months of 2020 compared with $1.8 billion a year earlier, and cash and equivalents rose to $1.52 billion at September 30, 2020. On October 1, 2020, the company acquired Softex Indonesia for approximately $1.2 billion in cash, financed through commercial paper, cash on hand and a $600 million bond. The filing states Softex generated net sales of approximately $420 million in 2019 and will be consolidated beginning in the fourth quarter of 2020. Total debt was $8.4 billion at September 30, 2020, up from $7.7 billion at December 31, 2019. The company also disclosed that the Ninth Circuit vacated a California consumer class action award related to its former health care business, Avanos Medical.

    Oct 22, 2020
  19. 2020-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2020

    Kimberly-Clark Corporation reported second-quarter 2020 net sales of $4,612 million, roughly flat compared with $4,594 million a year earlier, as foreign currency reduced sales by about 4 percent while organic sales increased 4 percent. Operating profit rose to $925 million from $670 million, and net income attributable to Kimberly-Clark was $681 million, or $1.99 per diluted share, versus $485 million and $1.40 a year earlier. Adjusted diluted earnings per share, which exclude 2018 Global Restructuring Program charges, were $2.20 compared with $1.67, an increase of 32 percent. For the six months, net sales were $9,621 million, up 4 percent, and diluted earnings per share were $3.92 versus $2.71. The filing attributes much of the performance to COVID-19-related demand. Consumer Tissue net sales grew 12 percent in the quarter, with operating profit up 94 percent, as consumers increased home inventories and spent more time at home. K-C Professional net sales fell 12 percent and its operating profit declined 4 percent, reflecting reduced away-from-home demand. Management said it expects periods of demand softness as home inventories are used, and it cannot reasonably estimate the duration and severity of the pandemic. Cash provided by operations for the six months was $2,283 million, compared with $926 million in the prior year, driven by working capital improvements, higher earnings and the timing of tax payments. Cash and cash equivalents rose to $1,448 million from $442 million, and total debt was $8.1 billion versus $7.7 billion at year-end 2019. The company temporarily suspended its share repurchase program on April 24, 2020, and plans to restart it on July 24, 2020, with full-year repurchases anticipated in the range of $700 million to $900 million.

    Jul 23, 2020
  20. 2020-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2020

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended March 31, 2020 reports net sales of $5.0 billion, up 8 percent from $4.6 billion a year earlier, including organic sales growth of 11 percent. Changes in foreign currency exchange rates reduced sales by 2 percent. Operating profit rose to $904 million from $655 million, and adjusted operating profit (a non-GAAP measure excluding 2018 Global Restructuring Program charges) was $997 million versus $807 million. Net income attributable to Kimberly-Clark was $660 million, or $1.92 per diluted share, compared with $454 million, or $1.31, in the prior-year quarter. Adjusted diluted EPS was $2.13, an increase of 28 percent from $1.66. The company attributed much of the strength to COVID-19-driven consumer stock-up demand, particularly in Consumer Tissue, where net sales rose 13 percent and operating profit rose 51 percent. Management cautioned that demand may soften and become more volatile as consumers draw down home inventories, and it expects volume declines in K-C Professional given reduced business activity. It also said COVID-19 has delayed parts of the 2018 Global Restructuring Program into 2021 and that it cannot reasonably estimate the duration or ultimate impact of the pandemic. On liquidity, cash provided by operations rose to $704 million from $317 million. Total debt was $8.4 billion at March 31, 2020, up from $7.7 billion at year-end 2019, following a $500 million notes offering due 2050 and a $750 million notes offering due 2030. The company is temporarily suspending its share repurchase program effective April 24, 2020 for at least the remainder of the second quarter, while it does not expect changes to its quarterly dividend, which was increased 3.9 percent in January 2020.

    Apr 22, 2020
  21. 2019-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2019

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended September 30, 2019 reports third-quarter net sales of $4,640 million, up from $4,582 million a year earlier, and net income attributable to Kimberly-Clark of $671 million compared with $451 million. Operating profit rose to $915 million from $669 million, and diluted EPS was $1.94 versus $1.29. The filing states that results in both periods include charges under the 2018 Global Restructuring Program, and that 2019 results include a pre-tax gain of approximately $182 million on the sale of a manufacturing facility and associated real estate. Adjusted (non-GAAP) third-quarter EPS was $1.84 versus $1.71. Nine-month net sales were $13,867 million versus $13,917 million, with nine-month diluted EPS of $4.65 versus $2.85 and adjusted EPS of $5.18 versus $5.01. Management raised its full-year 2019 EPS outlook to $5.75 to $6.00 from $5.50 to $5.90, and adjusted EPS guidance to $6.75 to $6.90 from $6.65 to $6.80. It expects organic sales growth of 3 to 4 percent, driven by net selling prices of at least 3 percent, and adjusted operating profit growth of 4 to 5 percent. Foreign currency is expected to reduce sales by 4 percent. Cash provided by operations was $1.8 billion for the first nine months, down from $2.0 billion, mainly due to working capital and higher tax payments. Full-year share repurchases are expected to be $800 million. The restructuring program's total pre-tax costs are expected at $1.7 billion to $1.9 billion, with workforce reductions of 5,000 to 5,500 and completion by the end of 2020. Cumulative pre-tax charges through September 30, 2019 were $1.3 billion. Annual pre-tax savings are expected to reach $500 million to $550 million by 2021, with $125 million realized in the first nine months of 2019.

    Oct 22, 2019
  22. 2019-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2019

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended June 30, 2019 shows second-quarter net sales of $4.59 billion, essentially flat versus $4.60 billion a year earlier, as organic sales rose 5 percent and currency reduced sales by 5 percent. GAAP operating profit was $670 million versus $674 million, while net income attributable to Kimberly-Clark was $485 million, or $1.40 diluted EPS, compared with $455 million and $1.30 a year earlier. The filing reports adjusted diluted EPS of $1.67 for the quarter, excluding 2018 Global Restructuring Program charges, up 5 percent from $1.59. For the six months, net sales were $9.23 billion versus $9.34 billion, and diluted EPS was $2.71 versus $1.56. Cash provided by operations fell to $926 million from $1.329 billion, driven by increased working capital and higher tax payments. Capital spending rose to $569 million from $347 million, and the company repurchased 2.7 million shares for $334 million in the first half. Total debt was $8 billion at June 30, 2019, up from $7.5 billion at year-end 2018, following a $700 million 3.20% notes offering due 2029. The company raised its 2019 GAAP EPS guidance to $5.50 to $5.90 from $4.85 to $5.35, and adjusted EPS guidance to $6.65 to $6.80 from $6.50 to $6.70. Management expects organic sales growth of about 3 percent, net sales even to down 1 percent, and an adjusted effective tax rate of 23 to 25 percent. The 2018 Global Restructuring Program, expected to be completed by the end of 2020, carries total pre-tax costs of $1.7 billion to $1.9 billion, and the filing notes a Brazilian tax dispute with a proposed adjustment of approximately $90 million plus interest.

    Jul 23, 2019
  23. 2019-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2019

    Kimberly-Clark Corporation reported first-quarter 2019 net sales of $4.63 billion, down 2 percent from $4.73 billion a year earlier. Changes in foreign currency exchange rates reduced sales by 5 percent, while organic sales increased 3 percent, including higher net selling prices of 4 percent. Operating profit rose to $655 million from $247 million, and net income attributable to Kimberly-Clark was $454 million, or $1.31 per diluted share, versus $93 million, or $0.26, in the prior-year period. Both periods include charges related to the 2018 Global Restructuring Program, and the 2018 period also included a net charge tied to U.S. tax reform. The company reported adjusted earnings per share of $1.66, down 3 percent from $1.71. Adjusted operating profit was $807 million versus $824 million, reflecting $135 million of higher input costs, unfavorable foreign currency translation of $25 million, and increased advertising spending, partly offset by higher net selling prices and $115 million of combined cost savings from the FORCE program and the restructuring program. Cash provided by operations fell to $317 million from $542 million, driven by higher working capital and restructuring payments. Capital spending rose to $316 million from $189 million. Short-term debt was $1.3 billion and total debt was $7.9 billion at March 31, 2019. The company reaffirmed its 2019 outlook, expecting GAAP earnings per share of $4.85 to $5.35 and adjusted earnings per share of $6.50 to $6.70. The restructuring program, announced in January 2018, is expected to be completed by the end of 2020 with total pre-tax costs of $1.7 billion to $1.9 billion, and cumulative pre-tax charges through March 31, 2019 were $1.2 billion. Management targets full-year 2019 share repurchases of $600 million to $900 million, subject to market conditions.

    Apr 22, 2019
  24. 2018-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2018

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended September 30, 2018 shows third-quarter net sales of $4.58 billion, down 2 percent from $4.67 billion a year earlier, with organic sales up 1 percent and currency reducing sales by 3 percent. Operating profit fell 23 percent to $669 million, and net income attributable to Kimberly-Clark declined to $451 million from $567 million, with diluted earnings per share of $1.29 versus $1.60. The filing attributes the decline to charges under the 2018 Global Restructuring Program and higher input costs. Excluding restructuring charges and U.S. tax reform adjustments, third-quarter adjusted earnings per share were $1.71, up 7 percent from $1.60 a year earlier, and the company reiterated 2018 adjusted EPS guidance of $6.60 to $6.80. For the nine months, net sales were $13.92 billion, up 1 percent, while operating profit fell 37 percent to $1.59 billion and diluted EPS was $2.85 versus $4.66. Cash provided by operations was $2.02 billion, compared with $2.07 billion a year earlier, and the company repurchased 5.5 million shares for $601 million year to date. Total debt was $7.5 billion at September 30, 2018, and the balance sheet shows total stockholders' equity of $112 million, reflecting a deficit attributable to Kimberly-Clark of $133 million. The filing also discloses legal exposure tied to its former healthcare business, Avanos Medical, Inc. (formerly Halyard Health, Inc.). The company received an additional Department of Justice subpoena in the third quarter regarding surgical gown investigations and is in litigation with Avanos over indemnification obligations. The company says it cannot predict the outcome of the DOJ matter.

    Oct 22, 2018
  25. 2018-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2018

    Kimberly-Clark Corporation's second-quarter 2018 Form 10-Q shows net sales of $4.60 billion for the three months ended June 30, 2018, up 1 percent from $4.58 billion a year earlier, with organic sales even year-on-year. Operating profit fell 17 percent to $674 million, and net income attributable to Kimberly-Clark declined 14 percent to $455 million, with diluted EPS of $1.30 versus $1.49. Results include charges under the 2018 Global Restructuring Program. Adjusted diluted EPS was $1.59, an increase of 7 percent from $1.49 in 2017 on the adjusted basis the filing presents. For the six months, net sales rose 3 percent to $9.34 billion, while operating profit fell 45 percent to $921 million, reflecting $707 million of total restructuring-related charges in the period. Management cited higher input costs, notably pulp, of $375 million year-to-date. Cash provided by operations rose to $1.33 billion from $1.26 billion, mainly due to lower tax payments. Total debt was $7.5 billion, and the company repurchased 3.9 million shares for $427 million in the first half. Management lowered its 2018 adjusted EPS guidance to $6.60 to $6.80 from $6.90 to $7.20, citing higher input cost inflation of $675 to $775 million, and now expects adjusted operating profit to decline 2 to 5 percent. The restructuring program targets total pre-tax costs of $1.7 billion to $1.9 billion through 2020, with workforce reductions of 5,000 to 5,500 and roughly 10 manufacturing facility closures or sales.

    Jul 24, 2018
  26. 2018-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2018

    Kimberly-Clark Corporation reported first-quarter 2018 net sales of $4.73 billion, up 5 percent from $4.50 billion a year earlier, with organic sales rising 2 percent and foreign currency benefiting sales by 3 percent. Operating profit fell to $247 million from $848 million, driven by $577 million of pre-tax charges under the 2018 Global Restructuring Program. Net income attributable to Kimberly-Clark was $93 million, or $0.26 per diluted share, compared with $563 million, or $1.57, a year earlier. The company reported adjusted diluted EPS of $1.71 for the quarter, a 9 percent increase over the prior year's $1.57 GAAP figure, and the effective tax rate was 59.8 percent including an $82 million net charge tied to U.S. tax reform. The restructuring program is a multi-year plan, expected to be completed by the end of 2020, to close or sell about 10 manufacturing facilities and reduce the workforce by 5,000 to 5,500. Total pre-tax costs are estimated at $1.7 billion to $1.9 billion, with 2018 charges expected at $1.2 billion to $1.35 billion. Cash flow from operations improved to $542 million from $436 million, mainly due to lower tax payments. Total debt rose to $7.7 billion from $7.4 billion, and the company repurchased 1.8 million shares for $204 million during the quarter. Management's 2018 outlook calls for adjusted EPS of $6.90 to $7.20, net sales growth of 2 to 3 percent, and organic sales growth of approximately 1 percent. Input cost inflation estimates were raised to $400 million to $550 million, reflecting higher pulp costs. The company also disclosed that a punitive damages award in the Bahamas Surgery Center class action was reduced from $350 million to approximately $19 million, and that it is in litigation with its former healthcare business Halyard Health over indemnification obligations.

    Apr 23, 2018
  27. 2017-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2017

    Kimberly-Clark Corporation's third-quarter 2017 Form 10-Q shows net sales of $4.64 billion for the three months ended September 30, 2017, up from $4.59 billion a year earlier, while operating profit rose to $854 million from $836 million. Diluted earnings per share were $1.60 versus $1.52 in 2016. For the nine months, net sales were $13.68 billion, essentially flat with the prior year, and operating profit was $2.49 billion compared with $2.48 billion. Management cited cost savings from its FORCE program and reduced marketing, research and general spending as offsets to lower net selling prices and $220 million of higher input costs year-to-date. By segment, Personal Care operating profit rose to $476 million in the quarter, while Consumer Tissue fell to $260 million on input cost inflation and lower pricing. K-C Professional operating profit increased to $173 million. Cash provided by operations was $2.1 billion for the first nine months, down from $2.4 billion, mainly due to higher tax payments. Capital spending was $595 million, and the company repurchased 6.3 million shares for $800 million year-to-date, with a full-year target of $900 million. Full-year 2017 EPS is expected at the low end of the $6.20 to $6.35 target range. Balance sheet activity included a €500 million notes offering in September 2017 and a $350 million notes issue in May 2017, with proceeds used to repay commercial paper. Total debt was $7.6 billion at both September 30, 2017 and December 31, 2016. Short-term debt was $282 million at quarter end, and the $2.0 billion revolving credit facility remained unused.

    Oct 23, 2017
  28. 2017-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2017

    Kimberly-Clark Corporation's second-quarter 2017 Form 10-Q reports net sales of $4.55 billion for the three months ended June 30, 2017, down 1 percent from $4.59 billion a year earlier, with organic sales also down 1 percent due to lower net selling prices. Operating profit fell to $799 million from $838 million (down 5 percent), and net income attributable to Kimberly-Clark was $531 million versus $566 million. Diluted earnings per share were $1.49 compared with $1.56 in the prior year. Input cost inflation of $75 million, driven mainly by pulp and other raw materials, weighed on results, partly offset by $120 million of FORCE cost savings. For the six months ended June 30, 2017, net sales were $9.04 billion, roughly flat with the prior year, and operating profit was $1,633 million versus $1,642 million. Diluted EPS was $3.06, unchanged from 2016. Cash provided by operations declined to $1,261 million from $1,413 million, mainly due to higher tax payments. Capital spending was $386 million, and the company repurchased 4.7 million shares for $600 million during the first half. Total debt rose to $8.0 billion from $7.6 billion at December 31, 2016. Management expects 2017 earnings per share at the low end of its $6.20 to $6.35 target range, citing commodity cost inflation of $200 to $300 million, cost savings of $425 to $450 million, and a weaker Mexican peso affecting K-C de Mexico. Kimberly-Clark also disclosed ongoing litigation with its former healthcare business, Halyard Health, Inc., over the scope of indemnification obligations, which management does not expect to have a material adverse effect.

    Jul 25, 2017
  29. 2017-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2017

    Kimberly-Clark Corporation reported first-quarter 2017 net sales of $4.483 billion, even with the prior year's $4.476 billion, as favorable currency rates (up 1 percent) offset an organic sales decline of 1 percent. Operating profit rose to $834 million from $804 million, helped by $110 million in cost savings from the FORCE program, while lower net selling prices and $35 million of higher input costs weighed on results. Net income attributable to Kimberly-Clark was $563 million, or $1.57 diluted EPS, compared with $545 million and $1.50 a year earlier. Quarterly cash provided by operations fell to $436 million from $553 million, mainly due to higher tax payments. By segment, Personal Care was the standout, with operating profit up 7 percent to $481 million on volume growth and cost savings, while Consumer Tissue operating profit declined 2 percent and North American consumer products organic sales fell 3 percent. The company reaffirmed its 2017 outlook, expecting EPS of $6.20 to $6.35, organic sales growth of 1 to 2 percent, and at least $400 million in FORCE cost savings. Total debt stood at $7.8 billion at March 31, 2017, and the company repurchased 2.4 million shares for $300 million during the quarter. A key risk disclosed is a April 7, 2017 jury verdict in the Bahamas Surgery Center class action, which awarded $3.9 in compensatory damages and $350 in punitive damages against Kimberly-Clark. The company intends to challenge the verdict and notes that Halyard Health is obligated to indemnify it for claims related to the former healthcare business. Management believes the ultimate outcome of these legal matters will not have a material adverse effect.

    Apr 24, 2017
  30. 2016-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2016

    Kimberly-Clark Corporation reported third-quarter 2016 net sales of $4.6 billion (4,594 million), down 2.6 percent from $4,718 million in the prior-year quarter, with changes in foreign currency exchange rates reducing net sales by more than 2 percent. Organic sales were essentially even with the prior year. Operating profit rose to $836 million from $779 million, and net income attributable to Kimberly-Clark was $550 million, or $1.52 per diluted share, compared with $517 million, or $1.41 per diluted share, a year earlier. Adjusted operating profit increased 1 percent to $836 million, supported by $105 million of FORCE cost savings and $15 million of savings from the 2014 Organization Restructuring. For the nine months, net sales were $13.66 billion, down about 3 percent, while diluted EPS was $4.58 versus $1.85, a comparison distorted by 2015 pension settlement charges of $1.35 billion in other (income) and expense. Cash provided by operations for the nine months was $2.36 billion, up from $1.64 billion, aided by working capital improvements and lower pension contributions of $35 million versus $437 million. Total debt was $7.6 billion at September 30, 2016, versus $7.8 billion at year-end 2015. During the nine months the company repurchased 4.0 million shares for $525 million, and management targets full-year 2016 repurchases of $750 million. The company narrowed its 2016 diluted EPS outlook to $5.92 to $6.05 and adjusted EPS to $5.95 to $6.05, and it expects organic sales growth of 2 percent for the year.

    Oct 24, 2016
  31. 2016-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2016

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended June 30, 2016 shows second-quarter net sales of $4,588 million, down 1.2 percent from $4,643 million a year earlier, with foreign currency reducing net sales by 4 percent and organic sales increasing 3 percent. Operating profit was $838 million versus an operating loss of $544 million in the prior-year quarter, which included $1,322 million of pension settlement-related charges. Net income attributable to Kimberly-Clark was $566 million, or $1.56 diluted earnings per share, compared with a loss of $305 million, or $(0.83) per share, in 2015. On an adjusted basis, operating profit rose 5 percent to $828 million and adjusted diluted earnings per share were $1.53 versus $1.41. For the six months, net sales were $9,064 million, down 2.9 percent, and cash provided by operations rose to $1,413 million from $792 million, supported by higher cash earnings, improved working capital and lower pension contributions of $30 million versus $435 million. Total debt was $7.7 billion at June 30, 2016 compared with $7.8 billion at December 31, 2015, and the company repurchased 2.3 million shares for $300 million in the first half. Management reaffirmed a 2016 diluted EPS range of $5.92 to $6.15 and an adjusted EPS range of $5.95 to $6.15, and it is targeting full-year share repurchases of $700 million to $800 million. Segment results were mixed: Personal Care operating profit fell 3.8 percent in the quarter, while Consumer Tissue rose 5.8 percent and K-C Professional rose 3.4 percent. Stockholders' equity was $424 million at quarter end, up from $40 million at year end, reflecting the 2016 earnings.

    Jul 25, 2016
  32. 2016-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Apr 22, 2016

    Kimberly-Clark Corporation reported first-quarter 2016 net sales of $4,476 million, down 4.6% from $4,691 million a year earlier, as currency translation reduced net sales by 7 percent. Organic net sales rose 2 percent, including a 5 percent increase in developing and emerging markets. Operating profit increased 7.5% to $804 million, and net income attributable to Kimberly-Clark rose 16.5% to $545 million. Diluted earnings per share were $1.50, compared with $1.27 in the prior year. The filing states that the increases were driven by lower other (income) and expense, net, and a lower effective tax rate. Adjusted diluted earnings per share were $1.53, compared with $1.42 in the prior year, per the non-GAAP reconciliation. Cash provided by operations was $553 million, compared with $20 million in the first quarter of 2015, driven by lower pension contributions and tax payments. Pension contributions were $30 million versus $435 million a year earlier. Capital spending was $220 million, and the company repurchased 1.1 million shares for $150 million. Total debt was $7.9 billion at March 31, 2016, compared with $7.8 billion at December 31, 2015, following a $400 million issuance of 1.40% notes due 2019 and a $400 million issuance of 2.75% notes due 2026 in February 2016. For 2016, the company expects adjusted earnings per share in a range of $5.95 to $6.15, organic net sales growth of 3 to 5 percent combined, cost savings of at least $350 million from its FORCE program, capital spending of $950 million to $1,050 million, and share repurchases of $600 million to $900 million, subject to market conditions.

    Apr 22, 2016
  33. 2015-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2015

    Kimberly-Clark Corporation reported third-quarter 2015 net sales of $4.7 billion, down 7 percent from the year-ago period, as changes in foreign currency exchange rates reduced net sales 12 percent. Sales volumes increased approximately 5 percent. Operating profit fell to $779 million from $877 million, and net income attributable to Kimberly-Clark declined to $517 million from $562 million, with diluted earnings per share of $1.41 versus $1.50. For the first nine months, net sales were $14.1 billion, down 6 percent, and operating profit was $983 million versus $2.36 billion, primarily because of $1.35 billion of pension settlement charges recorded in other (income) and expense, net. Segment results were mixed. Personal Care operating profit was essentially flat at $484 million on net sales of $2.4 billion, Consumer Tissue operating profit fell 8.8 percent to $260 million, and K-C Professional operating profit fell 6.7 percent to $154 million. Cash provided by operations for the nine months was $1.64 billion versus $2.26 billion, reflecting higher pension contributions and increased operating working capital. Total debt rose to $7.6 billion from $7.0 billion at December 31, 2014. The company repurchased 4.1 million shares for $450 million year to date and is targeting $800 million of full-year 2015 repurchases. Management's outlook for 2015 calls for combined volume, net selling price and mix growth of 4 to 5 percent, net sales reduced by unfavorable currency of 10 to 11 percent, and FORCE cost savings of at least $350 million. Capital spending is expected toward the high end of the $950 million to $1.05 billion target range, and pension contributions of $440 million to $500 million are planned for the full year.

    Oct 21, 2015
  34. 2015-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2015

    Kimberly-Clark Corporation's second-quarter 2015 results were heavily affected by a non-cash pension settlement charge. Net sales for the three months ended June 30, 2015 were $4.64 billion, down 6.3 percent from $4.95 billion a year earlier, with currency reducing net sales by 10 percent while volumes rose 3 percent. Operating profit was a loss of $544 million compared with a profit of $775 million in 2014, and the company reported a net loss attributable to Kimberly-Clark of $305 million, or $(0.83) per diluted share. The filing states that the results include $1,322 million of pension settlement charges ($813 million after tax) tied to the purchase of group annuity contracts that transferred about $2.5 billion of U.S. pension obligations to two insurance companies. Excluding these charges, diluted earnings per share for the quarter were $1.39, and operating profit and net income were essentially even with the prior year. For the six months ended June 30, 2015, net sales were $9.33 billion, down 5.1 percent, and diluted earnings per share were $0.44. Cash provided by operations fell to $792 million from $1,279 million, reflecting higher pension contributions and increased working capital. Total debt rose to $7.6 billion from $7.0 billion at December 31, 2014, and the company repurchased 2.8 million shares for $300 million in the first half. Management's 2015 outlook calls for currency to reduce net sales at the high end of a 9 to 10 percent range and for share repurchases of $700 to $900 million, with capital spending of $950 to $1,050 million. The filing also details the 2014 Organization Restructuring, which carries expected total after-tax costs of $130 to $160 million, and the Venezuelan balance sheet remeasurement, which produced a $45 million charge in the first quarter of 2015. Net sales of K-C Venezuela were less than 1 percent of consolidated net sales for the six months ended June 30, 2015.

    Jul 23, 2015
  35. 2015-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2015

    Kimberly-Clark Corporation's first quarter 2015 results show net sales of $4.69 billion, down 4 percent from $4.89 billion a year earlier, with currency changes reducing net sales 9 percent. Volumes rose 3 percent and net selling prices and mix/other each added 1 percent. Operating profit rose to $748 million from $711 million, up 5 percent, helped by volume growth, pricing, and $90 million in FORCE cost savings, while absorbing a $45 million Venezuela balance sheet remeasurement charge. Diluted EPS was $1.27 versus $1.26 from continuing operations a year earlier. Net income attributable to Kimberly-Clark was $468 million versus $538 million, reflecting the prior-year discontinued health care operations. Cash flow weakened sharply. Cash provided by operations was only $20 million versus $437 million, driven by a $410 million U.S. pension contribution, higher pension contributions overall, and increased operating working capital. Cash and equivalents fell to $587 million, while total debt rose to $7.7 billion from $7.0 billion at year-end 2014. Total stockholders' equity fell to $412 million from $999 million, largely due to currency translation losses of $440 million in other comprehensive loss. Management's 2015 outlook calls for volume, net price and mix growth of 3 to 5 percent, net sales hit of 9 to 10 percent from currency, and capital spending of $950 to $1,050 million. The company expects pension settlement charges of $0.8 billion after tax ($1.3 billion pre-tax), mostly in the second quarter, tied to transferring obligations for about 21,000 U.S. retirees to insurers. Share repurchase targets were trimmed to $700 to $900 million from $800 to $1,000 million.

    Apr 21, 2015
  36. 2014-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2014

    Kimberly-Clark Corporation reported third-quarter 2014 net sales of $5.44 billion, up from $5.26 billion a year earlier, with organic sales volumes and net selling prices each rising 2 percent. Operating profit increased to $907 million from $807 million, and net income attributable to Kimberly-Clark rose to $562 million from $546 million. Diluted earnings per share were $1.50 versus $1.42 in the prior year. Results include $40 million of pre-tax charges related to the planned spin-off of the health care business, which will be named Halyard Health, Inc., and the company expects the spin-off to be completed at the end of October 31, 2014. The third-quarter effective tax rate rose to 34.5 percent from 30.3 percent, driven by various tax matters, most notably costs in preparation for the spin-off. For the first nine months of 2014, net sales were $16.06 billion, up 1.4 percent, and cash provided by operations was $2.26 billion, compared with $2.10 billion a year earlier. The company repurchased 10.3 million shares for $1.1 billion during the period and plans approximately $2.0 billion of share repurchases in 2014, including repurchases funded by the spin-off distribution. In October 2014 the company also initiated a 2014 organization restructuring plan with total pre-tax costs of $190 to $230 million, of which $125 to $150 million is expected in the fourth quarter of 2014. The company also disclosed continuing operating challenges in Venezuela, where it continues to measure results at 6.3 bolivars per U.S. dollar and may be forced to curtail some local manufacturing if additional raw material import approvals are not obtained. Cash and cash equivalents were $1.43 billion at September 30, 2014, against total debt and redeemable securities of $7.0 billion.

    Oct 21, 2014
  37. 2014-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2014

    Kimberly-Clark Corporation's second-quarter 2014 Form 10-Q reports net sales of $5.34 billion for the three months ended June 30, 2014, up from $5.27 billion a year earlier, and operating profit of $790 million versus $796 million. Net income attributable to Kimberly-Clark was $509 million, compared with $526 million in the prior-year quarter, and diluted earnings per share were $1.35 versus $1.36. For the six months, net sales were $10.62 billion (versus $10.59 billion) and operating profit was $1.59 billion (versus $1.58 billion). The filing attributes the sales increase to higher organic volumes and net selling prices, partly offset by unfavorable currency effects and lower sales from European strategic changes and pulp and tissue restructuring. Operating profit benefited from $75 million of FORCE cost savings in the quarter, offset by $68 million of charges tied to the potential spin-off of the health care business and by input cost increases of $60 million. The company generated $1.28 billion of cash from operations in the first six months of 2014 and repurchased 8.6 million shares for $940 million during that period. Total debt and redeemable securities rose to $7.1 billion at June 30, 2014, from $6.3 billion at December 31, 2013, following $600 million of new notes issued in May 2014. Management plans to repurchase $1.3 to $1.5 billion of shares in 2014 and expects capital spending of $1.0 to $1.2 billion. The filing states that the potential tax-free spin-off of the health care business, which would have about $1.7 billion in annual net sales, is expected to be completed at the end of October 2014, subject to Board approval and other conditions.

    Jul 22, 2014
  38. 2014-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2014

    Kimberly-Clark Corporation's first-quarter 2014 Form 10-Q reports net sales of $5,278 million, down 0.8% from $5,318 million a year earlier, as organic volume growth of 3% and net selling price increases of 1% were offset by unfavorable currency effects and lower sales tied to European strategic changes and pulp and tissue restructuring. Operating profit rose to $797 million from $783 million, and diluted earnings per share increased to $1.41 from $1.36. Results include a $39 million charge in other (income) and expense, net related to an adverse court ruling on a Middle East affiliate, which the company is appealing, and $7 million of transaction costs for the potential spin-off of its health care business. Cash provided by operations fell to $437 million from $607 million, driven by higher pension contributions ($180 million versus $55 million) and increased working capital. Total debt and redeemable securities rose to $6.9 billion from $6.3 billion at year-end 2013, with short-term debt of $715 million. The company repurchased 4.3 million shares for $464 million in the quarter and plans to repurchase $1.3 to $1.5 billion of shares in 2014. Management expects 2014 organic volume, net selling price and mix growth in a combined 3 to 5 percent range and at least $300 million of cost savings. The potential spin-off of the health care business, which has approximately $1.6 billion in annual net sales, is targeted for the end of the third quarter or potentially the fourth quarter of 2014, subject to board approval and market and regulatory conditions. Investors should also note the ongoing Venezuela accounting exposure, with a net monetary asset position of $357 million and a net investment of $499 million, both valued at 6.3 bolivars per U.S. dollar.

    Apr 21, 2014
  39. 2013-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2013

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended September 30, 2013 shows third-quarter net sales of $5.262 billion, essentially even with $5.246 billion a year earlier, as organic volume growth of 3 percent and net selling prices of 1 percent were offset by unfavorable currency effects. Operating profit rose to $807 million from $783 million, and net income attributable to Kimberly-Clark increased to $546 million from $517 million. Diluted earnings per share were $1.42 versus $1.30 in the prior year, helped by higher volumes and prices, cost savings from the FORCE program, a lower effective tax rate and a lower share count. For the first nine months, net sales were $15.847 billion, up from $15.756 billion, and diluted EPS was $4.13 compared with $3.73. The company continues restructuring its European consumer and professional businesses, with cumulative pre-tax charges of $366 million through September 30, 2013, and expects total charges at the high end of the $350 to $400 million range. Cash provided by operations was $2.095 billion, down from $2.169 billion, and the company repurchased 10.0 million shares for $950 million in the nine months. Management reaffirmed its 2013 outlook for 3 to 5 percent organic volume, price and mix growth, led by K-C International.

    Nov 1, 2013
  40. 2013-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2013

    Kimberly-Clark Corporation's second-quarter 2013 Form 10-Q shows net sales of $5.27 billion, essentially flat with the prior-year quarter at $5.269 billion, as higher net selling prices and 2 percent organic volume growth were offset by lost sales from European strategic changes and unfavorable currency. Operating profit rose 5.6 percent to $796 million, and net income attributable to Kimberly-Clark increased to $526 million from $498 million, with diluted EPS of $1.36 versus $1.26. For the first six months, net sales were $10.59 billion, up 0.7 percent, and operating profit was $1.58 billion, up 8.6 percent, supported by $165 million of FORCE cost savings. Balance sheet and cash flow items were mixed. Cash provided by operations fell to $1.18 billion from $1.33 billion, driven by higher tax payments and pension contributions. Total debt and redeemable securities rose to $7.2 billion from $6.7 billion at year-end 2012, following a May 2013 note offering used in part to repay $500 million of 5.0% notes due August 2013. The company repurchased 8.5 million shares for $800 million in the first half and plans $1.2 billion of repurchases in 2013. Management reiterated its full-year organic volume, price and mix growth target of 3 to 5 percent, led by KCI, and noted that the Venezuelan devaluation produced a $36 million pre-tax charge in the first quarter.

    Aug 2, 2013
  41. 2013-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended May 2, 2013

    Kimberly-Clark Corporation reported first-quarter 2013 net sales of $5.32 billion, up from $5.24 billion a year earlier, with operating profit of $783 million versus $700 million. Net income attributable to Kimberly-Clark Corporation rose to $531 million from $468 million, and diluted earnings per share were $1.36 compared with $1.18. The filing attributes the sales increase primarily to higher sales volumes and net selling prices, partly offset by unfavorable currency effects, and cites $85 million in cost savings from the FORCE program as a contributor to operating profit growth. Results were affected by two discrete charges. The company recorded $31 million of pre-tax restructuring costs for its European strategic changes, which include exiting most of the diaper category in Western and Central Europe, and a $36 million pre-tax charge ($26 million after tax) from remeasuring its Venezuelan balance sheet after the February 2013 devaluation. Cash flow from operations was $607 million, compared with $585 million a year earlier, and cash dividends declared were $0.81 per share versus $0.74. The balance sheet shows total debt and redeemable securities of $7.0 billion at March 31, 2013, up from $6.7 billion at year-end 2012, with short-term debt rising to $692 million. The company repurchased 5.5 million shares for $500 million in the quarter and plans to repurchase $1.0 billion to $1.2 billion of shares in 2013, and it expects 2013 capital spending of $1.0 billion to $1.1 billion. Management stated it expects cost savings to help offset moderate commodity cost inflation.

    May 2, 2013
  42. 2012-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2012

    Kimberly-Clark Corporation's third quarter 2012 Form 10-Q reports net sales of $5.25 billion, down from $5.38 billion a year earlier, with net sales decreasing 2.5 percent primarily due to unfavorable currency effects partially offset by higher net selling prices and sales volumes. Operating profit rose to $783 million from $662 million, and net income attributable to Kimberly-Clark increased to $517 million from $432 million, with the filing stating operating profit and net income attributable to the company increased 18.3 percent and 19.7 percent, respectively. For the nine months, net sales were $15.76 billion and net income attributable to the company was $1.48 billion, up from $1.19 billion. Cash provided by operations for the nine months was $2.17 billion versus $1.77 billion, and the company repurchased 12.7 million shares for $980 million in the period, with plans to repurchase $1.3 billion in 2012. The filing discloses two subsequent events that will weigh on future results. On October 23, 2012, the company approved strategic changes in Western and Central Europe, including exiting the diaper category there (except Italy) and divesting or exiting lower-margin businesses, with cumulative pre-tax charges of approximately $300 to $400 million expected through December 2014. Separately, a U.S. pension lump sum offering to about 10,000 former employees could produce a non-cash settlement charge in the fourth quarter if more than approximately 45 percent of eligible participants elect it. Management expects fourth quarter 2012 results to be affected by these items, along with full-year capital spending of $1.0 to $1.1 billion.

    Nov 5, 2012
  43. 2012-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2012

    Kimberly-Clark Corporation reported second-quarter 2012 net sales of $5.27 billion, essentially flat versus $5.26 billion a year earlier, with the filing stating a 0.2 percent increase driven by higher net selling prices and sales volumes, largely offset by unfavorable currency effects. Operating profit rose to $754 million from $625 million, and net income attributable to Kimberly-Clark Corporation increased to $498 million, or $1.26 per diluted share, from $408 million, or $1.03 per diluted share. The filing attributes the profit improvement to higher net selling prices, $85 million in cost savings and $30 million of input cost deflation, partly offset by higher marketing, research and general expenses, including a $35 million increase in strategic marketing. Pulp and tissue restructuring charges were $19 million pre-tax in the quarter, compared with $90 million a year earlier. For the first six months, net sales were $10.51 billion and net income attributable to Kimberly-Clark Corporation was $966 million, or $2.43 per diluted share. Cash provided by operations rose to $1.33 billion from $1.02 billion, reflecting lower defined benefit pension contributions of $45 million versus $415 million a year earlier. The company repurchased 8.9 million shares for $660 million in the first half and now plans to repurchase $1.3 billion of shares in 2012, up from its prior estimate of $900 million to $1.1 billion. Management expects full-year 2012 capital spending of $1.0 to $1.1 billion and anticipates lower commodity costs and higher unfavorable currency impacts than previously estimated. Balance sheet total debt and redeemable securities stood at $6.8 billion at June 30, 2012, compared with $6.7 billion at December 31, 2011. Total Kimberly-Clark stockholders' equity was $5.44 billion. The filing notes ongoing exposure to Venezuela, where K-C Venezuela's net monetary asset position was $156 million, and states that Venezuelan price controls effective April 1, 2012 are not expected to have a material impact on consolidated results.

    Aug 3, 2012
  44. 2012-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2012

    Kimberly-Clark Corporation's first-quarter 2012 Form 10-Q reports net sales of $5.24 billion, up from $5.03 billion a year earlier, with operating profit of $700 million versus $544 million and net income attributable to Kimberly-Clark Corporation of $468 million compared with $350 million. Diluted earnings per share were $1.18 versus $0.86. The MD&A attributes the sales increase primarily to higher net selling prices and sales volumes, and the profit improvement to higher net sales, cost savings of $60 million, and lower restructuring charges ($35 million in 2012 versus $82 million in 2011), partly offset by higher marketing, research and general expenses. Cash provided by operations was $585 million, compared with $250 million in the prior year, driven by lower defined benefit pension contributions ($45 million versus $265 million) and higher cash earnings. The company repurchased about 6.3 million shares for approximately $460 million in the quarter and plans to repurchase $900 million to $1.1 billion of shares in 2012. Total debt and redeemable securities were $6.9 billion at March 31, 2012, versus $6.7 billion at year-end 2011. Management expects emerging-market economic conditions to remain positive, expects Europe to remain challenging, and anticipates that foreign currency weakness against the U.S. dollar will negatively affect results. The pulp and tissue restructuring program, with cumulative pre-tax charges expected of $550 million to $600 million over 2011 and 2012, is expected to be substantially completed by the end of 2012. Full-year 2012 capital spending is expected to be between $1.0 billion and $1.1 billion.

    May 4, 2012
  45. 2011-Q3-A

    Kimberly-Clark Quarterly Report (Amendment) for Q3 Ended Sep 30, 2011

    Kimberly-Clark Corporation's third-quarter 2011 Form 10-Q reports net sales of $5,382 million, up 8.1 percent from $4,979 million a year earlier, driven mainly by favorable currency rates and higher net selling prices. Operating profit fell to $662 million from $698 million, and net income attributable to Kimberly-Clark decreased to $432 million, or $1.09 per diluted share, from $469 million, or $1.14. The filing attributes the earnings decline to $95 million in pre-tax pulp and tissue restructuring charges ($66 million after tax), along with input cost inflation of $150 million and a 29.1 percent effective tax rate compared with 30.3 percent a year earlier. For the first nine months of 2011, net sales rose to $15,670 million from $14,671 million, while operating profit declined to $1,831 million from $2,074 million, reflecting $267 million of pulp and tissue restructuring charges and a $32 million Colombian business tax charge. Cash provided by operations was $1,771 million, compared with $1,796 million in the prior year. Cash dividends declared were $.70 per share in the quarter and $2.10 for the nine months, and the company repurchased 19 million shares for $1.24 billion year to date. Management raised its 2011 pension contribution plan to $680 to $760 million from $420 to $500 million, and lowered its share repurchase target to approximately $1.24 billion from $1.5 billion. The company also expects full-year 2011 capital spending of $950 million to $1,050 million and renegotiated its revolving credit facility in October 2011 into a $1.5 billion five-year facility plus a $500 million facility, both unused at October 31, 2011.

    Nov 7, 2011
  46. 2011-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2011

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended September 30, 2011 shows third-quarter net sales of $5.382 billion, up from $4.979 billion a year earlier, while operating profit fell to $662 million from $698 million and net income attributable to Kimberly-Clark declined to $432 million from $469 million. The filing attributes the margin pressure to inflation in input costs of $150 million and $95 million of pre-tax pulp and tissue restructuring charges. For the first nine months, net sales rose to $15.670 billion from $14.671 billion, but operating profit declined to $1.831 billion from $2.074 billion, and diluted EPS was $2.98 versus $3.25. The balance sheet and cash flow picture is mixed. Cash provided by operations for the nine months was $1.771 billion, roughly flat with the prior year, while the company repurchased 19 million shares for $1.24 billion and paid $824 million in dividends. Total debt and redeemable securities rose to $7.2 billion at September 30, 2011 from $6.5 billion at December 31, 2010. Management also increased its 2011 pension contribution plan to $680 to $760 million from $420 to $500 million, and reduced its 2011 share repurchase target to approximately $1.24 billion from $1.5 billion. The filing describes a pulp and tissue restructuring, begun January 21, 2011 and expected to finish by December 31, 2012, with cumulative pre-tax charges of $400 million to $600 million. The company expects annual net sales to fall by $250 million to $300 million by 2013, while operating profit should rise by at least $75 million. Management also noted that its revolving credit facilities were renegotiated in October 2011 into a $1.5 billion five-year facility and a $500 million facility, both unused at October 31, 2011.

    Nov 4, 2011
  47. 2011-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2011

    Kimberly-Clark Corporation's second-quarter 2011 Form 10-Q reports net sales of $5,259 million for the three months ended June 30, 2011, up 8.3 percent from $4,857 million a year earlier, driven by higher sales volumes, increases in net selling prices and currency. Operating profit fell to $625 million from $711 million, a decrease of 12.1 percent, and net income attributable to Kimberly-Clark declined to $408 million from $498 million, or $1.03 diluted EPS versus $1.20. The company cites $90 million in pre-tax charges ($59 million after tax) for the pulp and tissue restructuring, along with $180 million of input cost inflation in the quarter. The effective tax rate rose to 31.0 percent from 27.5 percent. For the first six months of 2011, net sales rose to $10,288 million from $9,692 million, while operating profit fell 15 percent to $1,169 million and diluted EPS was $1.89 versus $2.11. Cash provided by operations was $1,021 million, down 3 percent. The company repurchased 18.4 million shares for $1.2 billion year to date and expects to repurchase $1.5 billion of stock in 2011. Total debt and redeemable securities rose to $7.5 billion from $6.5 billion at December 31, 2010, and the restructuring plan, initiated January 21, 2011, is expected to bring cumulative pre-tax charges of $400 million to $600 million through 2012. Management expects commodity costs to have worsened over the prior three months, which it plans to offset with cost savings and overhead reductions, and expects favorable currency effects in the second half of 2011. Capital spending for 2011 is anticipated at $950 million to $1,050 million.

    Aug 5, 2011
  48. 2011-Q1

    Kimberly-Clark Quarterly Report for Q1 Ended Mar 31, 2011

    Kimberly-Clark Corporation's first quarter 2011 Form 10-Q shows net sales of $5.03 billion, up from $4.84 billion a year earlier, while operating profit fell to $544 million from $665 million. The filing attributes the profit decline mainly to inflation in input costs of about $195 million, a $25 million production curtailment impact, pulp and tissue restructuring charges of $82 million, and a non-deductible Colombian business tax charge of $32 million. Net income attributable to Kimberly-Clark was $350 million, versus $384 million in the prior-year quarter, and diluted EPS was $.86 versus $.92. Cash flow weakened, with cash provided by operations of $250 million compared with $464 million a year earlier, mainly due to lower cash earnings and higher pension contributions of about $265 million versus $175 million. The company repurchased 13.1 million shares for $850 million in the quarter and expects to repurchase $1.5 billion of stock in 2011. It also issued $700 million of long-term notes in February 2011, and total debt and redeemable securities rose to $7.2 billion from $6.5 billion at year-end 2010. The pulp and tissue restructuring, which is expected to run through December 31, 2012, carries cumulative pre-tax charges of approximately $400 million to $600 million. Management expects annual net sales to fall by $250 million to $300 million by 2013, while operating profit should rise by at least $75 million. The filing also states that the company is raising selling prices and pursuing cost savings to offset rising input costs.

    May 9, 2011
  49. 2010-Q3

    Kimberly-Clark Quarterly Report for Q3 Ended Sep 30, 2010

    Kimberly-Clark Corporation's Form 10-Q for the quarter ended September 30, 2010 shows a third-quarter decline in profitability on modestly higher sales. Net sales rose to $4,979 million from $4,913 million, but operating profit fell to $698 million from $871 million, and net income attributable to Kimberly-Clark Corporation dropped to $469 million from $582 million, or $1.14 per diluted share versus $1.40. The filing attributes the margin pressure mainly to inflation in input costs of about $265 million in the quarter, partly offset by cost savings of $95 million. Consumer Tissue operating profit fell 32.8 percent and Health Care fell 37.2 percent, while Personal Care declined 8.4 percent. For the first nine months, net sales were $14,671 million, up from $14,133 million, while operating profit was $2,074 million versus $2,108 million and net income attributable to the company was $1,351 million versus $1,392 million. Cash provided by operations fell to $1,796 million from $2,480 million, largely due to a working capital increase. The company also repurchased 11.2 million shares for $700 million year to date and expects to repurchase $800 million of common stock in 2010. Venezuela's adoption of highly inflationary accounting produced a $96 million after-tax charge in the first quarter, and the filing notes that currency restrictions there have sharply reduced K-C Venezuela's sales volumes. For investors, the key points are the margin compression from input costs and higher marketing spending, the reduced operating cash flow, and the company's continued use of cash for dividends and share repurchases. The company's full-year 2010 capital spending outlook is $900 million to $1.0 billion, and management states that its cash generation and debt capacity are adequate to fund operations, capital spending, and dividends in the foreseeable future.

    Nov 8, 2010
  50. 2010-Q2

    Kimberly-Clark Quarterly Report for Q2 Ended Jun 30, 2010

    Kimberly-Clark Corporation's second-quarter 2010 Form 10-Q reports net sales of $4,857 million for the three months ended June 30, 2010, up from $4,727 million a year earlier, and net income attributable to Kimberly-Clark Corporation of $498 million versus $403 million, with diluted earnings per share of $1.20 compared with $0.97. Operating profit rose to $711 million from $609 million. For the six months, net sales were $9,692 million and net income attributable to the Corporation was $882 million, or $2.11 per diluted share. Results were supported by cost savings, higher net selling prices and lower pension expense, partially offset by inflation in key cost inputs and higher strategic marketing spending. Cash provided by operations fell to $1,051 million for the six months from $1,689 million, reflecting a modest increase in working capital compared with a significant decline a year earlier, and the company repurchased 8.2 million shares for $500 million year to date. The filing also discloses the first-quarter 2010 adoption of highly inflationary accounting for its Venezuelan subsidiary, K-C Venezuela, which produced a $96 million after-tax charge. Currency controls in Venezuela have limited the subsidiary's access to U.S. dollars, and second-quarter sales volumes there were significantly lower than in 2009. Management expects strategic marketing spending to grow faster than sales in 2010 and plans for higher input cost inflation than previously estimated, although pulp prices are expected to decline sequentially in the second half. The company expects to repurchase $700 million to $800 million of its common stock in 2010 and anticipates capital spending at the low end, or potentially slightly below, its target range of $1.0 to $1.1 billion.

    Aug 9, 2010