DALLAS, April 22, 2020 /PRNewswire/
-- Kimberly-Clark Corporation (NYSE: KMB) today reported first
quarter 2020 results.
Executive Summary
- First quarter 2020 net sales of $5.0
billion increased 8 percent compared to the year-ago period,
including organic sales growth of 11 percent.
- Diluted net income per share for the first quarter was
$1.92 in 2020 and $1.31 in 2019.
- First quarter adjusted earnings per share were $2.13 in 2020, up 28 percent compared to
$1.66 in 2019. Adjusted earnings per
share exclude certain items described later in this news
release.
- First quarter cash provided by operations was $704 million in 2020 and $317 million in
2019.
- The company is withdrawing its previous full-year 2020
financial outlook due to the uncertainty related to the COVID-19
pandemic.
Chairman and Chief Executive Officer Mike Hsu said, "Since the outbreak of COVID-19,
Kimberly-Clark has taken decisive actions to protect the health and
safety of our people, customers and consumers, proactively managed
our global supply chain to ensure a steady supply of our essential
products, and positioned our brands to help support those in need.
I am incredibly proud of all the ways our employees are responding
to this crisis, all while staying focused on serving consumers who
count on Kimberly-Clark."
Hsu continued, "A combination of increased consumer demand for
our products and strong execution by our teams is reflected in our
first quarter results. We increased investments in our business and
our market positions remain broadly healthy. In addition, we
generated very strong cash flow and further strengthened our
balance sheet by executing two long-term debt transactions in the
quarter. Given the lack of visibility and uncertainty about the
pandemic and its potential effects on the global economy and our
business, we are temporarily suspending our forward-looking
guidance. We expect that we will resume guidance when the
environment stabilizes and we can provide a clear picture of our
expectations. As always, we are prudently managing our business in
the near-term while maintaining focus on the long-term health of
our company."
First Quarter 2020 Operating Results
Sales of $5.0 billion in the first
quarter of 2020 increased 8 percent compared to the year-ago
period. Changes in foreign currency exchange rates reduced sales by
2 percent and business exits in conjunction with the 2018 Global
Restructuring Program reduced sales slightly. Organic sales
increased 11 percent. Volumes increased more than 8 percent, driven
by increased shipments to support consumer stock up related to the
global outbreak of COVID-19. The stock up impacted all business
segments, in particular consumer tissue, and all major geographies.
Net selling prices and product mix each improved 1 percent. In
North America, organic sales
increased 11 percent in consumer products and 6 percent in K-C
Professional. Outside North
America, organic sales rose 9 percent in developing and
emerging markets and 15 percent in developed markets.
First quarter operating profit was $904
million in 2020 and $655
million in 2019. Results in both periods include charges
related to the 2018 Global Restructuring Program. First quarter
adjusted operating profit was $997
million in 2020 and $807
million in 2019. Results benefited from organic sales
growth, $100 million of cost savings
from the company's FORCE (Focused On Reducing Costs Everywhere)
program and $25 million of cost
savings from the 2018 Global Restructuring Program. Input costs
decreased $115 million, driven by
pulp, while other manufacturing costs rose year-on-year.
Advertising spending increased and selling, general and
administrative costs were also higher compared to the prior year.
Foreign currency translation effects reduced operating profit by
$15 million and transaction effects
also negatively impacted the comparison.
The first quarter effective tax rate was 23.6 percent in 2020
and 24.6 percent in 2019. The first quarter adjusted effective tax
rate was 23.2 percent in 2020 and 23.7 percent in 2019.
Kimberly-Clark's share of net income of equity companies in the
first quarter was $38 million in 2020
and $27 million in 2019. The
improvement was driven by volume growth and lower input costs.
Cash Flow and Balance Sheet
Cash provided by operations in the first quarter was
$704 million in 2020 and
$317 million in 2019. The increase was driven by higher
earnings and improved working capital. Capital spending for the
first quarter was $352 million in 2020 and $316 million
in 2019. First quarter 2020 share repurchases were 1.6 million
shares at a cost of $224 million.
Total debt was $8.4 billion at
March 31, 2020 and $7.7 billion at the end of 2019.
First Quarter 2020 Business Segment Results
Personal Care Segment
First quarter sales of $2.4
billion increased 6 percent. Volumes increased approximately
7 percent, product mix improved 2 percent and net selling prices
rose 1 percent. Changes in currency rates reduced sales by 3
percent. First quarter operating profit of $527 million increased 9 percent. The comparison
benefited from organic sales growth, cost savings and lower input
costs. Results were impacted by higher advertising spending,
increased selling, general and administrative costs, other
manufacturing cost increases and unfavorable currency effects.
Sales in North America
increased 10 percent. Volumes increased 7 percent, product mix
improved 2 percent and net selling prices rose 1 percent. Volumes
increased double-digits in adult care, high-single digits in
feminine care and mid-single digits in baby and child care. The
changes in product mix and net selling prices were driven by baby
and child care.
Sales in developing and emerging markets increased 3 percent
despite a 6 point negative impact from changes in currency rates.
Volumes increased 6 percent, product mix improved 3 percent and net
selling prices rose 1 percent. Volumes increased in Asia-Pacific, Eastern Europe, the Middle East and South Africa.
Sales in developed markets outside North America (Australia, South
Korea and Western/Central
Europe) increased 5 percent despite a 5 point negative
impact from changes in currency rates. Volumes increased 8 percent,
driven by Australia and
Western/Central Europe, and net
selling prices and product mix each improved 1 percent.
Consumer Tissue Segment
First quarter sales of $1.7 billion increased 13 percent. Volumes
increased 14 percent and net selling prices rose 1 percent, while
changes in currency rates reduced sales 2 percent. The volume
increase was driven by increased shipments in all major geographies
to support consumer stock up related to the global outbreak of
COVID-19. First quarter operating profit of $365 million
increased 51 percent. Results benefited from organic sales
growth, lower input costs and cost savings. The comparison was
impacted by other manufacturing cost increases, higher selling,
general and administrative costs, increased advertising spending
and unfavorable currency effects.
Sales in North America
increased 12 percent. Volumes rose 10 percent and net selling
prices improved 3 percent, while product mix was down 1 percent.
The volume increase included double-digit gains on bathroom tissue
and facial tissue.
Sales in developing and emerging markets increased 10 percent
despite a 3 point negative impact from changes in currency rates.
Volumes increased 12 percent and product mix improved 2 percent,
while net selling prices were down 1 percent. Volumes increased in
all major geographies.
Sales in developed markets outside North America increased 17 percent. Volumes
rose 21 percent, with significant increases in all markets, and
product mix improved 1 percent. Changes in currency rates reduced
sales 4 percent and net selling prices fell 1 percent.
K-C Professional (KCP) Segment
First quarter sales of $0.8
billion increased 4 percent. Volumes increased 4 percent,
net selling prices rose 2 percent and product mix improved 1
percent. Changes in currency rates and business exits in
conjunction with the 2018 Global Restructuring Program reduced
sales by 2 percent and 1 percent, respectively. First quarter
operating profit of $181 million increased 21 percent.
Results benefited from organic sales growth, cost savings and lower
input costs. The comparison was impacted by higher selling, general
and administrative costs and other manufacturing cost
increases.
Sales in North America
increased 5 percent. Volumes increased 4 percent and net selling
prices and product mix each improved 1 percent. Business exits in
conjunction with the 2018 Global Restructuring Program reduced
sales 1 percent.
Sales in developing and emerging markets increased
2 percent despite a 4 point negative impact from changes in
currency rates. Volumes and net selling prices each increased 3
percent, while product mix was down 1 percent.
Sales in developed markets outside North America were up 5 percent. Product mix
improved 4 percent and volumes and net selling prices each
increased 3 percent, while currency rates were unfavorable by 4
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. 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.
As a result of the outbreak of COVID-19 and the related
uncertainty and complexity of the environment, the company now
expects that some restructuring activity and the related charges
will extend into 2021 rather than being completed at the end of
2020 as previously planned. Total restructuring charges to
implement the program are expected to be toward the high end of the
previously estimated range of $1,700
to $1,900 million pre-tax
($1,300 to $1,400 million after tax). The company continues
to expect the program will generate annual pre-tax cost savings of
$500 to $550
million. The company continues to target to achieve those
savings by the end of 2021, although it is possible the full
realization could occur in 2022 because of the uncertainties
related to COVID-19. Through the first quarter of 2020, the
company has incurred cumulative restructuring charges of
$1,495 million pre-tax ($1,105 million after tax) and generated
cumulative savings of $325
million.
2020 Outlook
The company previously issued its full-year 2020 outlook on
January 23, 2020. Due to the rapidly
evolving situation and the high degree of uncertainty related to
the duration and potential impacts of COVID-19 and the overall
environment, including global business and economic activity,
consumer and end-market demand, global supply chain operations, and
volatility in foreign currency exchange rates and commodity costs,
the company is withdrawing its previous 2020 guidance and not
providing any additional outlook at this time.
The company is temporarily suspending its share repurchase
program effective April 24, 2020 for
at least the remainder of the second quarter to enhance flexibility
in the current environment. The company will continue to monitor
the environment and further assess its share repurchase program
later in the year.
Non-GAAP Financial Measures
This news 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.
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
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 exited businesses 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 148-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.
As more fully described in Kimberly-Clark's Quarterly Report
on Form 10-Q for the quarter ended March 31,
2020, the company has been actively monitoring the COVID-19
situation and its impact globally. The impact of COVID-19 and
measures to prevent its spread are affecting our business in a
number of ways. We have experienced a short-term increase in demand
for some of our products as consumers increase their in-home
inventory levels. We have also experienced incidents of supply
chain disruption and increased currency and commodity volatility.
We expect the ultimate significance of the impact on our financial
and operational results will be dictated by the length of time that
such circumstances continue, which will depend on the currently
unknowable extent and duration of the COVID-19 pandemic and any
governmental and public actions taken in response. COVID-19 also
makes it more challenging for management to estimate future
performance of our businesses, particularly over the near
term.
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, including in Argentina, 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,
product innovations, 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. In addition, many factors outside our
control, including pandemics (including the ongoing COVID-19
outbreak), epidemics, fluctuations in foreign currency exchange
rates, the prices and availability of our raw materials, potential
competitive pressures on selling prices for our products, energy
costs, our ability to maintain key customer relationships, as well
as general economic and political conditions globally and in the
markets in which we do business, could affect the realization of
these estimates.
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 entitled "Risk Factors" in
each of the company's Quarterly Report on Form 10-Q for the quarter
ended March 31, 2020 and the
company's Annual Report on Form 10-K for the year ended
December 31, 2019.
KIMBERLY-CLARK
CORPORATION
|
CONSOLIDATED INCOME
STATEMENTS
|
(Millions, except per
share amounts)
|
|
|
Three Months Ended
March 31
|
|
|
|
2020
|
|
2019
|
|
Change
|
Net
Sales
|
$
|
5,009
|
|
$
|
4,633
|
|
+8 %
|
Cost of products
sold
|
3,218
|
|
3,205
|
|
—
|
Gross
Profit
|
1,791
|
|
1,428
|
|
+25 %
|
Marketing, research
and general expenses
|
873
|
|
769
|
|
+14 %
|
Other (income) and
expense, net
|
14
|
|
4
|
|
+250 %
|
Operating
Profit
|
904
|
|
655
|
|
+38 %
|
Nonoperating
expense
|
(11)
|
|
(11)
|
|
—
|
Interest
income
|
2
|
|
3
|
|
-33 %
|
Interest
expense
|
(61)
|
|
(65)
|
|
-6 %
|
Income Before
Income Taxes and Equity Interests
|
834
|
|
582
|
|
+43 %
|
Provision for income
taxes
|
(197)
|
|
(143)
|
|
+38 %
|
Income Before
Equity Interests
|
637
|
|
439
|
|
+45 %
|
Share of net income of
equity companies
|
38
|
|
27
|
|
+41 %
|
Net
Income
|
675
|
|
466
|
|
+45 %
|
Net income
attributable to noncontrolling interests
|
(15)
|
|
(12)
|
|
+25 %
|
Net Income
Attributable to Kimberly-Clark Corporation
|
$
|
660
|
|
$
|
454
|
|
+45 %
|
|
|
|
|
|
|
Per Share
Basis
|
|
|
|
|
|
Net Income
Attributable to Kimberly-Clark Corporation
|
|
|
|
|
|
Basic
|
$
|
1.93
|
|
$
|
1.32
|
|
+46 %
|
Diluted
|
$
|
1.92
|
|
$
|
1.31
|
|
+47 %
|
|
|
|
|
|
|
Cash Dividends
Declared
|
$
|
1.07
|
|
$
|
1.03
|
|
+4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding
|
March
31
|
|
|
|
2020
|
|
2019
|
|
|
Outstanding shares as
of
|
340.8
|
|
343.9
|
|
|
Average diluted shares
for three months ended
|
344.1
|
|
346.0
|
|
|
KIMBERLY-CLARK
CORPORATION
|
NON-GAAP
RECONCILIATIONS
|
(Millions, except per
share amounts)
|
|
|
Three Months Ended
March 31, 2020
|
|
As
Reported
|
|
2018
Global
Restructuring
Program
|
|
As
Adjusted
Non-GAAP
|
Cost of products
sold
|
$
|
3,218
|
|
$
|
70
|
|
$
|
3,148
|
Gross
Profit
|
1,791
|
|
(70)
|
|
1,861
|
Marketing, research
and general expenses
|
873
|
|
23
|
|
850
|
Operating
Profit
|
904
|
|
(93)
|
|
997
|
Provision for income
taxes
|
(197)
|
|
18
|
|
(215)
|
Effective tax
rate
|
23.6
%
|
|
—
|
|
23.2
%
|
Net income
attributable to noncontrolling interests
|
(15)
|
|
1
|
|
(16)
|
Net Income
Attributable to Kimberly-Clark Corporation
|
660
|
|
(74)
|
|
734
|
Diluted Earnings per
Share(a)
|
1.92
|
|
(0.22)
|
|
2.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2019
|
|
As
Reported
|
|
2018
Global
Restructuring
Program
|
|
As
Adjusted
Non-GAAP
|
Cost of products
sold
|
$
|
3,205
|
|
$
|
125
|
|
$
|
3,080
|
Gross
Profit
|
1,428
|
|
(125)
|
|
1,553
|
Marketing, research
and general expenses
|
769
|
|
28
|
|
741
|
Other (income) and
expense, net
|
4
|
|
(1)
|
|
5
|
Operating
Profit
|
655
|
|
(152)
|
|
807
|
Provision for income
taxes
|
(143)
|
|
31
|
|
(174)
|
Effective tax
rate
|
24.6 %
|
|
—
|
|
23.7 %
|
Share of net income
of equity companies
|
27
|
|
(2)
|
|
29
|
Net income
attributable to noncontrolling interests
|
(12)
|
|
1
|
|
(13)
|
Net Income
Attributable to Kimberly-Clark Corporation
|
454
|
|
(122)
|
|
576
|
Diluted Earnings per
Share(a)
|
1.31
|
|
(0.35)
|
|
1.66
|
|
|
(a)
"As Adjusted Non-GAAP" may 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
SHEETS
|
(Millions)
|
|
|
March 31,
2020
|
|
December 31,
2019
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
979
|
|
$
|
442
|
Accounts receivable,
net
|
2,519
|
|
2,263
|
Inventories
|
1,539
|
|
1,790
|
Other current
assets
|
609
|
|
562
|
Total Current
Assets
|
5,646
|
|
5,057
|
Property, Plant
and Equipment, Net
|
7,226
|
|
7,450
|
Investments in
Equity Companies
|
314
|
|
268
|
Goodwill
|
1,361
|
|
1,467
|
Other
Assets
|
1,130
|
|
1,041
|
TOTAL
ASSETS
|
$
|
15,677
|
|
$
|
15,283
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
Liabilities
|
|
|
|
Debt payable within one
year
|
$
|
1,238
|
|
$
|
1,534
|
Trade accounts
payable
|
2,876
|
|
3,055
|
Accrued expenses and
other current liabilities
|
2,008
|
|
1,978
|
Dividends
payable
|
361
|
|
352
|
Total Current
Liabilities
|
6,483
|
|
6,919
|
Long-Term
Debt
|
7,210
|
|
6,213
|
Noncurrent
Employee Benefits
|
859
|
|
897
|
Deferred Income
Taxes
|
512
|
|
511
|
Other
Liabilities
|
538
|
|
520
|
Redeemable
Preferred Securities of Subsidiaries
|
29
|
|
29
|
Stockholders'
Equity
|
|
|
|
Kimberly-Clark
Corporation
|
(167)
|
|
(33)
|
Noncontrolling
Interests
|
213
|
|
227
|
Total
Stockholders' Equity
|
46
|
|
194
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
|
15,677
|
|
$
|
15,283
|
KIMBERLY-CLARK
CORPORATION
|
CONSOLIDATED CASH
FLOW STATEMENTS
|
(Millions)
|
|
|
Three Months Ended
March 31
|
|
2020
|
|
2019
|
Operating
Activities
|
|
|
|
Net income
|
$
|
675
|
|
$
|
466
|
Depreciation and
amortization
|
213
|
|
234
|
Stock-based
compensation
|
15
|
|
16
|
Deferred income
taxes
|
(9)
|
|
11
|
Net (gains) losses on
asset dispositions
|
7
|
|
6
|
Equity companies'
earnings (in excess of) less than dividends paid
|
(38)
|
|
(27)
|
Operating working
capital
|
(144)
|
|
(375)
|
Postretirement
benefits
|
(14)
|
|
(12)
|
Other
|
(1)
|
|
(2)
|
Cash Provided by
Operations
|
704
|
|
317
|
Investing
Activities
|
|
|
|
Capital
spending
|
(352)
|
|
(316)
|
Investments in time
deposits
|
(105)
|
|
(80)
|
Maturities of time
deposits
|
96
|
|
72
|
Other
|
2
|
|
—
|
Cash Used for
Investing
|
(359)
|
|
(324)
|
Financing
Activities
|
|
|
|
Cash dividends
paid
|
(357)
|
|
(345)
|
Change in short-term
debt
|
(282)
|
|
851
|
Debt
proceeds
|
1,241
|
|
—
|
Debt
repayments
|
(252)
|
|
(402)
|
Proceeds from exercise
of stock options
|
108
|
|
26
|
Acquisitions of common
stock for the treasury
|
(214)
|
|
(164)
|
Other
|
(24)
|
|
(8)
|
Cash Used for
Financing
|
220
|
|
(42)
|
Effect of Exchange
Rate Changes on Cash and Cash Equivalents
|
(28)
|
|
1
|
Change in Cash and
Cash Equivalents
|
537
|
|
(48)
|
Cash and Cash
Equivalents - Beginning of Period
|
442
|
|
539
|
Cash and Cash
Equivalents - End of Period
|
$
|
979
|
|
$
|
491
|
KIMBERLY-CLARK
CORPORATION
|
SELECTED BUSINESS
SEGMENT DATA
|
(Millions)
|
|
|
Three Months Ended
March 31
|
|
|
|
2020
|
|
2019
|
|
Change
|
NET
SALES
|
|
|
|
|
|
Personal
Care
|
$
|
2,422
|
|
$
|
2,275
|
|
+6 %
|
Consumer
Tissue
|
1,723
|
|
1,526
|
|
+13 %
|
K-C
Professional
|
848
|
|
817
|
|
+4 %
|
Corporate &
Other
|
16
|
|
15
|
|
N.M.
|
TOTAL NET
SALES
|
$
|
5,009
|
|
$
|
4,633
|
|
+8 %
|
|
|
|
|
|
|
OPERATING
PROFIT
|
|
|
|
|
|
Personal
Care
|
$
|
527
|
|
$
|
484
|
|
+9 %
|
Consumer
Tissue
|
365
|
|
241
|
|
+51 %
|
K-C
Professional
|
181
|
|
150
|
|
+21 %
|
Corporate &
Other(a)
|
(155)
|
|
(216)
|
|
N.M.
|
Other (income) and
expense, net(a)
|
14
|
|
4
|
|
+250 %
|
TOTAL OPERATING
PROFIT
|
$
|
904
|
|
$
|
655
|
|
+38 %
|
|
|
(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, 2020
|
|
Total(a)
|
|
Volume
|
|
Net
Price
|
|
Mix/
Other
|
|
Exited
Businesses(b)
|
|
Currency
|
|
|
Organic(c)
|
Personal
Care
|
6
|
|
7
|
|
1
|
|
2
|
|
—
|
|
(3)
|
|
|
9
|
Consumer
Tissue
|
13
|
|
14
|
|
1
|
|
—
|
|
—
|
|
(2)
|
|
|
14
|
K-C
Professional
|
4
|
|
4
|
|
2
|
|
1
|
|
(1)
|
|
(2)
|
|
|
7
|
TOTAL
CONSOLIDATED
|
8
|
|
8
|
|
1
|
|
1
|
|
—
|
|
(2)
|
|
|
11
|
|
(a)
|
Total may not equal
the sum of volume, net price, mix/other, exited businesses and
currency due to rounding.
|
(b)
|
Exited businesses in
conjunction with the 2018 Global Restructuring Program.
|
(c)
|
Combined impact of
changes in volume, net price and mix/other.
|
|
N.M. - Not
Meaningful
|
Unaudited
|
[KMB-F]
Logo -
https://mma.prnewswire.com/media/648588/Kimberly_Clark_RGB_Blue_Logo.jpg
View original
content:http://www.prnewswire.com/news-releases/kimberly-clark-announces-first-quarter-2020-results-301044817.html
SOURCE Kimberly-Clark Corporation