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Kimberly-Clark
reported upbeat earnings for the third quarter announced its plans to lower up to 1,300 jobs.
The company also lowered its earnings forecast for the year to $5.93 to $6.03 per share, versus its earlier forecast of $6.00 to $6.15 per share.
The Dallas, Texas-based company posted a quarterly profit of $562 million, or $1.50 per share, versus a year-ago profit of $546 million, or $1.42 per share. Excluding certain items, its earnings climbed to $1.61 per share from $1.44 per share.
Its sales rose 3.4% to $5.4 billion, while organic sales gained 4%. However, analysts were projecting earnings of $1.54 per share on revenue of $5.36 billion.
Kimberly-Clark's product costs increased 2.4% in the quarter. Sales from outside North America and western Europe climbed 10% in the period.
Kimberly-Clark's sales in its personal-care segment rose 4% to $2.5 billion, while sales in consumer-tissue segment climbed 4% to $1.7 billion. Sales at the K-C Professional segment surged 4% to $900 million in the quarter, while health-care segment sales slipped 3% to $0.4 billion.
Cash provided by operations in the quarter was $976 million, versus $912 million in 2013. The company repurchased 1.8 million shares at a cost of $191 million during the quarter.
The company reported the initiation of restructuring program and expected related costs in $130 to $160 million range after-tax.
Chairman and Chief Executive Officer Thomas J. Falk said, "We delivered another very good quarter of results, with solid organic sales growth, significant cost savings and margin improvement, and double-digit growth in adjusted earnings per share. We also made further progress with targeted growth initiatives, launched product innovations and supported our brands with increased advertising spending.”
Kimberly-Clark shares rose 2.85% to $111.12 at 1:45 p.m. ET.
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