Kimberly-Clark Announces Third Quarter 2020 Results

Executive Summary:
*Third quarter 2020 net sales of $4.7 billion increased 1 percent compared to the year-ago period, including organic sales growth of 3 percent.
*Diluted net income per share for the third quarter was $1.38 in 2020 and $1.94 in 2019.
*Third quarter adjusted earnings per share were $1.72 in 2020 compared to $1.84 in 2019. Adjusted earnings per share exclude certain items described later in this news release.
*Diluted net income per share for 2020 is expected to be $6.41 to $6.72.
*The company is now targeting full-year 2020 organic net sales growth of 5 percent and adjusted earnings per share of $7.50 to $7.65. The prior outlook was for organic sales growth of 4 to 5 percent and adjusted earnings per share of $7.40 to $7.60.

Chairman and Chief Executive Officer Mike Hsu said, “Kimberly-Clark teams around the world are managing our near-term operating priorities extremely well, with strong focus on employee health and safety and supply chain excellence during this unprecedented time period. At the same time, we are significantly increasing our growth investments for future success, our market share positions are healthy overall and we are on track to achieve excellent financial results this year.”

Hsu continued, “We delivered solid organic sales growth in the third quarter, with good underlying performance and increased demand because of COVID-19. We also achieved $140 million of cost savings and returned approximately $560 million to shareholders through dividends and share repurchases. While earnings in the quarter were down as expected, we’re raising our full-year outlook and now expect adjusted earnings per share will grow 9 to 11 percent this year. We continue to execute our strategies well and remain very optimistic about our opportunities to deliver balanced and sustainable growth and create long-term shareholder value.”

Third Quarter 2020 Operating Results
Sales of $4.7 billion in the third quarter of 2020 increased 1 percent compared to the year-ago period. Organic sales increased 3 percent, while changes in foreign currency exchange rates reduced sales 2 percent. Volumes rose 2 percent and the combined impact of changes in net selling prices and product mix increased sales 1 percent. In North America, organic sales increased 8 percent in consumer products but fell 15 percent in K-C Professional. Outside North America, organic sales rose 2 percent in developing and emerging markets and 3 percent in developed markets.

Third quarter operating profit was $666 million in 2020 and $915 million in 2019. Results in both periods include charges related to the 2018 Global Restructuring Program. Results in 2019 also include a gain on the sale of a manufacturing facility as part of the restructuring.
details at: https://investor.kimberly-clark.com/news-releases/news-release-details/kimberly-clark-announces-third-quarter-2020-results

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