DALLAS, April 23, 2018 /PRNewswire/
-- Kimberly-Clark Corporation (NYSE: KMB) today reported first
quarter 2018 results.
Executive Summary
- First quarter 2018 net sales of $4.7
billion increased 5 percent compared to the year-ago period.
Changes in foreign currency exchange rates benefited sales by 3
percent. Organic sales rose 2 percent, including 3 percent growth
in North American consumer products.
- Diluted net income per share for the first quarter of 2018 was
$0.26, including significant charges
related to the company's previously announced 2018 Global
Restructuring Program.
- First quarter adjusted earnings per share were $1.71 in 2018, an increase of 9 percent compared
to diluted net income per share of $1.57 in 2017. Adjusted earnings per share
exclude certain items described later in this news release.
- Diluted net income per share for 2018 is anticipated to be
$3.67 to $4.27.
- The company continues to target full-year 2018 organic sales
growth of approximately 1 percent and adjusted earnings per share
of $6.90 to $7.20, a year-on-year increase of 11 to 16
percent.
Chairman and Chief Executive Officer Thomas J. Falk said, "I'm encouraged by the 2
percent organic sales growth we delivered in the first quarter, led
by improved performance in North
America. We also generated $90
million of cost savings, reduced discretionary spending and
returned approximately $550 million
to shareholders through dividends and share repurchases. While our
margins were impacted by significant commodity inflation, we're
taking actions to increase net realized revenue and reduce costs in
order to improve performance. We are broadly on track with our plan
for the year and we remain optimistic about our opportunities to
create long-term shareholder value through execution of our Global
Business Plan strategies."
First Quarter 2018 Operating Results
Sales of $4.7 billion in the first
quarter of 2018 were up 5 percent compared to the year-ago period.
Changes in foreign currency exchange rates benefited sales by 3
percent. Organic sales improved 2 percent, as volumes increased 3
percent while net selling prices were down 1 percent. In
North America, organic sales
increased 3 percent in consumer products and 2 percent in K-C
Professional. Outside North
America, organic sales rose 2 percent in developed markets
and 1 percent in developing and emerging markets.
First quarter operating profit was $247
million in 2018 and $848
million in 2017. Results in 2018 included $577 million of charges related to the 2018
Global Restructuring Program. First quarter 2018 adjusted operating
profit was $824 million. Results were
impacted by $175 million of higher
input costs, driven by a $105 million
increase in pulp and a $45 million
increase in other raw materials. The operating profit comparison
was also affected by lower net selling prices. On the other hand,
results benefited from $90 million of
cost savings from the company's FORCE (Focused On Reducing Costs
Everywhere) program, volume growth, reduced marketing, research and
general spending and $20 million of
favorable foreign currency translation effects.
The first quarter effective tax rate was 59.8 percent in 2018,
which included an $82 million net
charge associated with U.S. tax reform related matters. The first
quarter adjusted effective tax rate in 2018 was 22.0 percent
compared to the effective tax rate of 27.5 percent in the first
quarter of 2017. The comparison benefited from U.S. tax reform,
along with resolution of certain tax matters. The company continues
to expect a full-year 2018 adjusted effective tax rate of 23 to 26
percent.
Kimberly-Clark's share of net income of equity companies in the
first quarter was $27 million in 2018
and $29 million in 2017. At
Kimberly-Clark de Mexico, results
benefited from organic sales growth, favorable currency effects and
cost savings, but were negatively impacted by higher input
costs.
Cash Flow and Balance Sheet
Cash provided by operations in the first quarter was
$542 million in 2018 and
$436 million in 2017. The increase was driven by lower tax
payments. Capital spending for the first quarter was
$189 million in 2018 and $215 million in 2017. First
quarter 2018 share repurchases were 1.8 million shares at a cost of
$204 million. Total debt was
$7.7 billion at March 31, 2018 and $7.4
billion at the end of 2017.
First Quarter 2018 Business Segment Results
Personal Care Segment
First quarter sales of $2.3
billion were up 3 percent. Changes in currency rates and
last year's acquisition of the company's joint venture in
India benefited sales by 2 percent
and 1 percent, respectively. Volumes and product mix each improved
1 percent, while net selling prices fell 2 percent. First quarter
operating profit of $470 million
decreased 3 percent. The comparison was impacted by input cost
inflation and lower net selling prices. Results benefited from cost
savings, reduced marketing, research and general spending, volume
growth and favorable currency effects.
Sales in North America improved
1 percent. Volumes increased 3 percent, while net selling prices
declined 2 percent, including higher promotion spending in the baby
care and adult care categories. Volumes were up mid-single digits
in child care and low-single digits in both Huggies diapers and
adult care.
Sales in developing and emerging markets increased 3 percent.
The acquisition of the company's joint venture in India benefited sales by 2 percent and
currency rates were favorable by 1 percent. Product mix improved 2
percent and volumes increased 1 percent, while net selling prices
were down 3 percent. Volumes increased in Eastern Europe and Latin America, but fell in China.
Sales in developed markets outside North America (Australia, South
Korea and Western/Central
Europe) increased 6 percent, including an 8 point
benefit from favorable currency rates. Volumes were down 4 percent,
driven by South Korea. The
combined impact of changes in net selling prices and product mix
benefited sales by 2 percent.
Consumer Tissue Segment
First quarter sales of $1.6 billion were up 9 percent. Volumes
increased 7 percent, while product mix was unfavorable by 2
percent. Changes in currency rates benefited sales by more than 3
percent. First quarter operating profit of $249 million
decreased 11 percent. The comparison was impacted by input cost
inflation and unfavorable product mix. Results benefited from
volume growth, cost savings, reduced marketing, research and
general spending and favorable currency effects.
Sales in North America
increased 6 percent. Volumes rose 9 percent compared to soft
performance in the year-ago period when volumes declined 7 percent.
Product mix was unfavorable by 3 percent and net selling prices
were down slightly. The volume comparison reflected increased
promotion support, changes in the timing of promotion activity and
a severe cold and flu season that benefited facial tissue sales.
The decline in product mix was mostly due to the promotion
activity.
Sales in developing and emerging markets increased 7 percent,
including a 3 point benefit from favorable currency rates. Volumes
increased more than 4 percent, driven by Asia-Pacific, while net selling prices
declined 1 percent.
Sales in developed markets outside North America increased 17 percent. Currency
rates were favorable by 11 percent, mostly in Western/Central Europe. Volumes increased 4 percent,
driven by South Korea, and net
selling prices rose 2 percent.
K-C Professional (KCP) Segment
First quarter sales of $0.8
billion increased 5 percent. Changes in currency rates
benefited sales by 3 percent. Volumes increased approximately 2
percent and net selling prices and product mix each improved
slightly. First quarter operating profit of $158 million
increased 6 percent. The comparison benefited from organic
sales growth, cost savings, lower marketing, research and general
spending and favorable currency effects, partially offset by input
cost inflation.
Sales in North America
increased approximately 3 percent. Volumes were up 2 percent, with
growth in all major product categories including a mid-single digit
gain in wipers.
Sales in developing and emerging markets increased
7 percent, including a 3 point benefit from currency rates.
Volumes were up 4 percent, primarily in Asia-Pacific.
Sales in developed markets outside North America were up 10 percent. Currency
rates were favorable by approximately 11 percent, mostly in
Western/Central Europe. Volumes
fell 3 percent, while the combined impact of changes in net selling
prices and product mix increased sales 2 percent.
2018 Global Restructuring Program
In January 2018, Kimberly-Clark
initiated the 2018 Global Restructuring Program in order to reduce
the company's structural cost base and enhance the company's
flexibility to invest in its brands, growth initiatives and
capabilities critical to delivering future growth. The program will
make Kimberly-Clark's overhead organization structure and
manufacturing supply chain less complex and more efficient and is
expected to broadly impact all of the company's business segments
and organizations in each major geography.
The company expects the program will generate annual pre-tax
cost savings of $500 to $550 million by the end of 2021, driven by
workforce reductions along with manufacturing supply chain
efficiencies. As part of the program, Kimberly-Clark expects to
exit or divest some low-margin businesses that generate
approximately 1 percent of company net sales. The sales are
concentrated in the consumer tissue business segment. To implement
the program, the company expects to incur restructuring charges of
$1,700 to $1,900 million pre-tax ($1,350 to $1,500
million after tax) by the end of 2020.
First quarter 2018 restructuring charges were $577 million pre-tax ($428
million after tax). First quarter 2018 restructuring savings
were insignificant and the company continues to target full-year
2018 savings of $50 to $70 million, with the vast majority anticipated
to occur in the second half of the year.
2018 Outlook and Key Planning Assumptions
The company updated the following key planning and guidance
assumptions for full-year 2018:
- Net sales increase of 2 to 3 percent (prior assumption was for
an increase of 1 to 2 percent).
-
- Changes in foreign currency exchange rates are anticipated to
have a 1 to 2 percent positive impact on net sales (previous
estimate neutral to 1 percent positive impact).
- Inflation in key cost inputs of $400 to $550
million compared to the previous estimate of $300 to $400
million. The update reflects higher assumptions for pulp
costs in particular, and secondarily other raw materials. In
North America, the company is
assuming market prices of $1,075 to
$1,175 per metric ton for eucalyptus
pulp and low-to-mid-$60's per barrel for oil.
- Benefits from changes in net selling prices are expected to be
slightly higher than previously assumed as a result of the
increased cost inflation estimate.
Non-GAAP Financial Measures
This press release and the accompanying tables include the
following financial measures that have not been calculated in
accordance with accounting principles generally accepted in the
U.S., or GAAP, and are therefore referred to as non-GAAP financial
measures:
- Adjusted earnings and earnings per share
- Adjusted gross and operating profit
- Adjusted effective tax rate
These non-GAAP financial measures exclude the following items
for the relevant time periods as indicated in the accompanying
non-GAAP reconciliations to the comparable GAAP financial
measures:
- 2018 Global Restructuring Program. Mentioned elsewhere in this
release.
- U.S. tax reform. In the fourth quarter of 2017, the company
recognized a net benefit as a result of U.S. tax reform and related
activities. In the first quarter of 2018, the company recognized a
net charge associated with U.S. tax reform related matters.
The company provides these non-GAAP financial measures as
supplemental information to our GAAP financial measures. Management
and the company's Board of Directors use adjusted earnings,
adjusted earnings per share and adjusted gross and operating profit
to (a) evaluate the company's historical and prospective financial
performance and its performance relative to its competitors, (b)
allocate resources and (c) measure the operational performance of
the company's business units and their managers. Management also
believes that the use of an adjusted effective tax rate provides
improved insight into the tax effects of our ongoing business
operations.
Additionally, the Management Development and Compensation
Committee of the company's Board of Directors has used certain of
the non-GAAP financial measures when setting and assessing
achievement of incentive compensation goals. These goals are based,
in part, on the company's adjusted earnings per share and
improvement in the company's adjusted return on invested capital
and adjusted operating profit return on sales determined by
excluding certain of the adjustments that are used in calculating
these non-GAAP financial measures.
This news release includes information regarding organic sales
growth, which describes the impact of changes in volume, net
selling prices and product mix on net sales. Changes in foreign
currency exchange rates and acquisitions and divestitures also
impact the year-over-year change in net sales.
Conference Call
A conference call to discuss this news release and other matters
of interest to investors and analysts will be held at 9 a.m. (CDT) today. The conference call will be
simultaneously broadcast over the World Wide Web. Stockholders and
others are invited to listen to the live broadcast or a playback,
which can be accessed by following the instructions set out in the
Investors section of the company's Web site
(www.kimberly-clark.com).
About Kimberly-Clark
Kimberly-Clark (NYSE: KMB) and its trusted brands are an
indispensable part of life for people in more than 175 countries.
Fueled by ingenuity, creativity, and an understanding of people's
most essential needs, we create products that help individuals
experience more of what's important to them. Our portfolio of
brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle,
Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Neve,
Plenitud, Viva and WypAll, hold No. 1 or No. 2 share positions in
80 countries. We use sustainable practices that support a healthy
planet, build strong communities, and ensure our business thrives
for decades to come. To keep up with the latest news and to learn
more about the company's 146-year history of innovation, visit
kimberly-clark.com or follow us on Facebook or Twitter.
Copies of Kimberly-Clark's Annual Report to Stockholders and its
proxy statements and other SEC filings, including Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, are made available free of charge on the company's Web
site on the same day they are filed with the SEC. To view these
filings, visit the Investors section of the company's Web site.
Certain matters contained in this news release concerning the
outlook, anticipated financial and operating results, raw material,
energy and other input costs, anticipated currency rates and
exchange risks, net income from equity companies, sources and uses
of cash, the effective tax rate, the anticipated cost savings from
the company's FORCE program, charges and savings from the 2018
Global Restructuring Program, growth initiatives, contingencies and
anticipated transactions of the company constitute forward-looking
statements and are based upon management's expectations and beliefs
concerning future events impacting the company. There can be no
assurance that these future events will occur as anticipated or
that the company's results will be as estimated. Forward-looking
statements speak only as of the date they were made, and we
undertake no obligation to publicly update them. For a description
of certain factors that could cause the company's future results to
differ from those expressed in any such forward-looking statements,
see Item 1A of the company's Annual Report on Form 10-K for the
year ended December 31, 2017
entitled "Risk Factors."
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED INCOME STATEMENT
(Millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31
|
|
|
|
2018
|
|
2017
|
|
Change
|
Net
Sales
|
$
|
4,731
|
|
|
$
|
4,504
|
|
|
+5
|
%
|
Cost of products
sold
|
3,407
|
|
|
2,844
|
|
|
+20
|
%
|
Gross
Profit
|
1,324
|
|
|
1,660
|
|
|
-20
|
%
|
Marketing, research
and general expenses
|
1,079
|
|
|
807
|
|
|
+34
|
%
|
Other (income) and
expense, net
|
(2)
|
|
|
5
|
|
|
N.M.
|
|
Operating
Profit
|
247
|
|
|
848
|
|
|
-71
|
%
|
Nonoperating
expense
|
(9)
|
|
|
(14)
|
|
|
-36
|
%
|
Interest
income
|
2
|
|
|
2
|
|
|
—
|
|
Interest
expense
|
(66)
|
|
|
(83)
|
|
|
-20
|
%
|
Income Before
Income Taxes and Equity Interests
|
174
|
|
|
753
|
|
|
-77
|
%
|
Provision for income
taxes
|
(104)
|
|
|
(207)
|
|
|
-50
|
%
|
Income Before
Equity Interests
|
70
|
|
|
546
|
|
|
-87
|
%
|
Share of net income
of equity companies
|
27
|
|
|
29
|
|
|
-7
|
%
|
Net
Income
|
97
|
|
|
575
|
|
|
-83
|
%
|
Net income
attributable to noncontrolling interests
|
(4)
|
|
|
(12)
|
|
|
-67
|
%
|
Net Income
Attributable to Kimberly-Clark Corporation
|
$
|
93
|
|
|
$
|
563
|
|
|
-83
|
%
|
|
|
|
|
|
|
Per Share
Basis
|
|
|
|
|
|
Net Income
Attributable to Kimberly-Clark Corporation
|
|
|
|
|
|
Basic
|
$
|
0.27
|
|
|
$
|
1.58
|
|
|
-83
|
%
|
Diluted
|
$
|
0.26
|
|
|
$
|
1.57
|
|
|
-83
|
%
|
|
|
|
|
|
|
Cash Dividends
Declared
|
$
|
1.00
|
|
|
$
|
0.97
|
|
|
+3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding
|
March
31
|
|
|
|
2018
|
|
2017
|
|
|
Outstanding shares as
of
|
349.6
|
|
|
355.2
|
|
|
|
Average diluted
shares for three months ended
|
352.6
|
|
|
358.6
|
|
|
|
|
|
|
|
|
|
N.M. - Not
Meaningful
|
Unaudited
|
KIMBERLY-CLARK
CORPORATION
NON-GAAP RECONCILIATIONS
(Millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2018
|
|
|
As Reported
|
|
2018 Global
Restructuring
Program
|
|
U.S. Tax
Reform Related
Matters
|
|
As Adjusted Non-GAAP
|
Cost of products
sold
|
|
$
|
3,407
|
|
|
$
|
277
|
|
|
$
|
—
|
|
|
$
|
3,130
|
|
Gross
Profit
|
|
1,324
|
|
|
(277)
|
|
|
—
|
|
|
1,601
|
|
Marketing, research
and general expenses
|
|
1,079
|
|
|
300
|
|
|
—
|
|
|
779
|
|
Operating
Profit
|
|
247
|
|
|
(577)
|
|
|
—
|
|
|
824
|
|
Provision for income
taxes
|
|
(104)
|
|
|
143
|
|
|
(82)
|
|
|
(165)
|
|
Effective tax
rate
|
|
59.8
|
%
|
|
—
|
|
|
—
|
|
|
22.0
|
%
|
Share of net income
of equity companies
|
|
27
|
|
|
(3)
|
|
|
—
|
|
|
30
|
|
Net income
attributable to noncontrolling interests
|
|
(4)
|
|
|
9
|
|
|
—
|
|
|
(13)
|
|
Net Income
Attributable to Kimberly-Clark Corporation
|
|
93
|
|
|
(428)
|
|
|
(82)
|
|
|
603
|
|
Diluted Earnings per
Share(a)
|
|
0.26
|
|
|
(1.21)
|
|
|
(0.23)
|
|
|
1.71
|
|
|
(a) "As Adjusted
Non-GAAP" does not equal "As Reported" plus "Adjustments" as a
result of rounding.
|
|
Non-GAAP financial
measures are not meant to be considered in isolation or as a
substitute for the comparable GAAP measures, and they should be
read only in conjunction with the company's consolidated financial
statements prepared in accordance with GAAP. There are
limitations to these non-GAAP financial measures because they are
not prepared in accordance with GAAP and may not be comparable to
similarly titled measures of other companies due to potential
differences in methods of calculation and items being
excluded. The company compensates for these limitations by
using these non-GAAP financial measures as a supplement to the GAAP
measures and by providing reconciliations of the non-GAAP and
comparable GAAP financial measures.
|
|
Unaudited
|
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED BALANCE SHEET
(Millions)
|
|
|
|
|
|
|
|
|
|
March 31,
2018
|
|
December 31,
2017
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
626
|
|
|
$
|
616
|
|
Accounts receivable,
net
|
2,470
|
|
|
2,315
|
|
Inventories
|
1,778
|
|
|
1,790
|
|
Other current
assets
|
498
|
|
|
490
|
|
Total Current
Assets
|
5,372
|
|
|
5,211
|
|
Property, Plant
and Equipment, Net
|
7,328
|
|
|
7,436
|
|
Investments in
Equity Companies
|
260
|
|
|
233
|
|
Goodwill
|
1,576
|
|
|
1,576
|
|
Other
Assets
|
767
|
|
|
695
|
|
TOTAL
ASSETS
|
$
|
15,303
|
|
|
$
|
15,151
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
Liabilities
|
|
|
|
Debt payable within
one year
|
$
|
1,599
|
|
|
$
|
953
|
|
Trade accounts
payable
|
2,826
|
|
|
2,834
|
|
Accrued
expenses
|
1,899
|
|
|
1,730
|
|
Dividends
payable
|
350
|
|
|
341
|
|
Total Current
Liabilities
|
6,674
|
|
|
5,858
|
|
Long-Term
Debt
|
6,081
|
|
|
6,472
|
|
Noncurrent
Employee Benefits
|
1,152
|
|
|
1,184
|
|
Deferred Income
Taxes
|
421
|
|
|
395
|
|
Other
Liabilities
|
359
|
|
|
299
|
|
Redeemable
Preferred Securities of Subsidiaries
|
61
|
|
|
61
|
|
Stockholders'
Equity
|
|
|
|
Kimberly-Clark
Corporation
|
317
|
|
|
629
|
|
Noncontrolling
Interests
|
238
|
|
|
253
|
|
Total
Stockholders' Equity
|
555
|
|
|
882
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
|
15,303
|
|
|
$
|
15,151
|
|
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED CASH FLOW STATEMENT
(Millions)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31
|
|
2018
|
|
2017
|
Operating
Activities
|
|
|
|
Net income
|
$
|
97
|
|
|
$
|
575
|
|
Depreciation and
amortization
|
211
|
|
|
178
|
|
Asset
impairments
|
74
|
|
|
—
|
|
Stock-based
compensation
|
18
|
|
|
20
|
|
Deferred income
taxes
|
(27)
|
|
|
(25)
|
|
Net losses on asset
dispositions
|
36
|
|
|
5
|
|
Equity companies'
earnings in excess of dividends paid
|
(27)
|
|
|
(26)
|
|
Operating working
capital
|
103
|
|
|
(264)
|
|
Postretirement
benefits
|
(41)
|
|
|
(21)
|
|
Other
|
98
|
|
|
(6)
|
|
Cash Provided by
Operations
|
542
|
|
|
436
|
|
Investing
Activities
|
|
|
|
Capital
spending
|
(189)
|
|
|
(215)
|
|
Investments in time
deposits
|
(83)
|
|
|
(37)
|
|
Maturities of time
deposits
|
19
|
|
|
70
|
|
Other
|
(3)
|
|
|
4
|
|
Cash Used for
Investing
|
(256)
|
|
|
(178)
|
|
Financing
Activities
|
|
|
|
Cash dividends
paid
|
(341)
|
|
|
(329)
|
|
Change in short-term
debt
|
249
|
|
|
196
|
|
Debt
repayments
|
(2)
|
|
|
(8)
|
|
Proceeds from
exercise of stock options
|
14
|
|
|
78
|
|
Acquisitions of
common stock for the treasury
|
(197)
|
|
|
(295)
|
|
Other
|
(6)
|
|
|
(9)
|
|
Cash Used for
Financing
|
(283)
|
|
|
(367)
|
|
Effect of Exchange
Rate Changes on Cash and Cash Equivalents
|
7
|
|
|
21
|
|
Change in Cash and
Cash Equivalents
|
10
|
|
|
(88)
|
|
Cash and Cash
Equivalents - Beginning of Period
|
616
|
|
|
923
|
|
Cash and Cash
Equivalents - End of Period
|
$
|
626
|
|
|
$
|
835
|
|
KIMBERLY-CLARK
CORPORATION
SELECTED BUSINESS SEGMENT DATA
(Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31
|
|
|
|
|
2018
|
|
2017
|
|
Change
|
NET
SALES
|
|
|
|
|
|
|
Personal
Care
|
|
$
|
2,307
|
|
|
$
|
2,250
|
|
|
+3
|
%
|
Consumer
Tissue
|
|
1,579
|
|
|
1,455
|
|
|
+9
|
%
|
K-C
Professional
|
|
832
|
|
|
789
|
|
|
+5
|
%
|
Corporate &
Other
|
|
13
|
|
|
10
|
|
|
N.M.
|
|
TOTAL NET
SALES
|
|
$
|
4,731
|
|
|
$
|
4,504
|
|
|
+5
|
%
|
|
|
|
|
|
|
|
OPERATING
PROFIT
|
|
|
|
|
|
|
Personal
Care
|
|
$
|
470
|
|
|
$
|
487
|
|
|
-3
|
%
|
Consumer
Tissue
|
|
249
|
|
|
280
|
|
|
-11
|
%
|
K-C
Professional
|
|
158
|
|
|
149
|
|
|
+6
|
%
|
Corporate &
Other(a)
|
|
(632)
|
|
|
(63)
|
|
|
N.M.
|
|
Other (income) and
expense, net(a)
|
|
(2)
|
|
|
5
|
|
|
N.M.
|
|
TOTAL OPERATING
PROFIT
|
|
$
|
247
|
|
|
$
|
848
|
|
|
-71
|
%
|
|
|
(a)
|
Corporate & Other
and Other (income) and expense, net include income and expense not
associated with the business segments, including adjustments as
indicated in the Non-GAAP Reconciliations.
|
PERCENTAGE CHANGE
IN NET SALES VERSUS PRIOR YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2018
|
|
|
Total(a)
|
|
Volume
|
|
Net Price
|
|
Mix/ Other
|
|
Acquisition
|
|
Currency
|
|
|
Organic(b)
|
Personal
Care
|
|
3
|
|
1
|
|
(2)
|
|
|
1
|
|
|
1
|
|
2
|
|
|
—
|
Consumer
Tissue
|
|
9
|
|
7
|
|
—
|
|
|
(2)
|
|
|
—
|
|
3
|
|
|
5
|
K-C
Professional
|
|
5
|
|
2
|
|
—
|
|
|
—
|
|
|
—
|
|
3
|
|
|
2
|
TOTAL
CONSOLIDATED
|
|
5
|
|
3
|
|
(1)
|
|
|
—
|
|
|
—
|
|
3
|
|
|
2
|
|
|
|
(a)
|
Total may not equal
the sum of volume, net price, mix/other, acquisition and currency
due to rounding.
|
(b)
|
Combined impact of
changes in volume, net price and mix/other.
|
|
N.M. - Not
Meaningful
|
Unaudited
|
KIMBERLY-CLARK
CORPORATION
NON-GAAP RECONCILIATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated
Range
|
ESTIMATED FULL
YEAR 2018 DILUTED EARNINGS PER SHARE
|
|
|
|
|
|
|
Adjusted earnings per
share
|
|
$
|
6.90
|
|
|
-
|
|
$
|
7.20
|
|
Adjustment for
charges related to the 2018 Global Restructuring Program
|
|
(3.00)
|
|
|
-
|
|
(2.70)
|
|
Adjustment for net
charge associated with U.S. Tax Reform Related Matters
|
|
(0.23)
|
|
|
-
|
|
(0.23)
|
|
Per share basis –
diluted net income attributable to Kimberly-Clark
Corporation
|
|
$
|
3.67
|
|
|
-
|
|
$
|
4.27
|
|
|
|
|
|
|
|
|
|
|
|
ESTIMATED FULL
YEAR 2018 EFFECTIVE TAX RATE
|
|
|
|
|
|
|
Adjusted effective
tax rate
|
|
23
|
%
|
|
-
|
|
26
|
%
|
Adjustment for
charges related to the 2018 Global Restructuring Program
|
|
1
|
|
|
-
|
|
1
|
|
Adjustment for net
charge associated with U.S. Tax Reform Related Matters
|
|
4
|
|
|
-
|
|
4
|
|
Effective tax
rate
|
|
28
|
%
|
|
-
|
|
31
|
%
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
December 31, 2017
|
FULL YEAR 2017
DILUTED EARNINGS PER SHARE
|
|
|
Adjusted earnings per
share
|
|
$
|
6.23
|
|
Adjustment for net
benefit associated with U.S. Tax Reform Related Matters
|
|
0.17
|
|
Per share basis –
diluted net income attributable to Kimberly-Clark
Corporation
|
|
$
|
6.40
|
|
[KMB-F]
Logo -
http://photos.prnewswire.com/prnh/20110928/DA76879LOGO
View original
content:http://www.prnewswire.com/news-releases/kimberly-clark-announces-first-quarter-2018-results-300634047.html
SOURCE Kimberly-Clark Corporation