DALLAS, April 22,
2022 /PRNewswire/ -- Kimberly-Clark Corporation
(NYSE: KMB) today reported first quarter 2022 results.
Executive Summary
- First quarter 2022 net sales of $5.1
billion increased 7 percent compared to the year-ago period,
including organic sales growth of 10 percent.
- Diluted net income per share for the first quarter was
$1.55 in 2022 and $1.72 in 2021.
- First quarter adjusted earnings per share were $1.35 in 2022, down 25 percent compared to
$1.80 in 2021. Adjusted earnings per
share exclude certain items described later in this news
release.
- The company is now targeting full-year 2022 organic sales
growth of 4 to 6 percent, compared to our prior outlook of 3 to 4
percent.
- The company expects adjusted earnings per share of $5.60 to $6.00, in
line with its initial expectations for diluted net income per
share. The adjusted outlook range excludes the net benefit
associated with the acquisition of the controlling interest of
Thinx Inc.
"I'm pleased with our team's continued excellent execution
during this volatile and highly inflationary environment. We
delivered double-digit organic sales growth with strong increases
across all our segments in the first quarter," said Chairman and
CEO Mike Hsu. "Our growth
strategy is working and we're continuing to invest in our
business. Additionally, we continue to take the necessary
actions to mitigate macro headwinds and remain committed to
improving our margins over time."
Hsu continued, "On March 26th of
this year, Kimberly-Clark marked its 150th anniversary — a
significant milestone for the company. We're proud of our
heritage of category defining innovation and our strong culture of
care that enables our employees and communities to thrive.
Today, we're building on that foundation with conviction in our
purpose of Better Care for a Better World as we continue to provide
essential products to billions of consumers around the world."
First Quarter 2022 Operating Results
Sales of $5.1 billion in the first
quarter of 2022 increased 7 percent compared to the year-ago
period. Changes in foreign currency exchange rates reduced
sales 2 percent. Organic sales increased 10 percent as net
selling prices rose 6 percent, volumes grew 2 percent and product
mix increased sales 2 points. In North America, organic sales
increased 13 percent in consumer products and increased 5 percent
in K-C Professional. Outside North America, organic sales
rose 10 percent in developing and emerging (D&E) markets and 8
percent in developed markets.
First quarter operating profit was $693 million in 2022 and
$770 million in 2021. Results
in 2022 include the net benefit of the acquisition of a controlling
interest of Thinx and 2021 results include charges related to the
2018 Global Restructuring Program.
First quarter adjusted operating profit was $629 million in
2022 and $804 million in 2021.
Results were impacted by $470 million
of higher input costs, driven by pulp and polymer-based materials,
distribution and energy costs. Higher marketing, research and
general expense as well as the impact of unfavorable foreign
currency transaction effects reduced operating profit in the
quarter. Results benefited from organic sales growth,
$50 million of cost savings from the
company's FORCE (Focused On Reducing Costs Everywhere) program and
lower other manufacturing costs.
The first quarter effective tax rate was 18.2 percent in
2022 and 20.9 percent in 2021. The first quarter adjusted
effective tax rate was 21.0 percent in 2022 and 20.9 percent
in 2021. Kimberly-Clark's share of net income of equity
companies in the first quarter was $23 million in 2022 and
$39 million in 2021. Equity
results were negatively impacted by input cost inflation.
Cash Flow and Balance Sheet
Cash provided by operations in the first quarter was
$204 million in 2022 and $321
million in 2021. The decline was driven by lower
operating profit. Capital spending for the first quarter was
$253 million in 2022 and $298 million in 2021. First quarter 2022
share repurchases were 0.2 million shares at a cost of $27 million. Total debt was $9.1 billion at March 31,
2022 and $8.6 billion at the
end of 2021.
First Quarter 2022 Business Segment Results
Personal Care Segment
First quarter sales of $2.7
billion increased 11 percent. Net selling prices
increased 8 percent, volumes grew 3 percent and product mix
improved 3 points. Changes in foreign currency exchange rates
decreased sales by approximately 2 percent. First quarter
operating profit of $475 million
decreased 1 percent. The comparison was impacted by input
cost inflation, higher marketing, research and general spending as
well as unfavorable foreign currency effects. Results
benefited from organic sales growth and cost savings.
Sales in North America
increased 16 percent. Net selling prices increased 8 percent,
product mix improved 3 points and volumes rose 5 percent, in part
due to the weather-related supply chain disruptions in the year-ago
period. Organic sales were up double-digits in baby &
child care, adult care and feminine care.
Sales in D&E markets increased 8 percent. Net selling
prices increased sales 9 percent and product mix improved 3 points
while volumes declined 1 percent. Changes in foreign currency
exchange rates decreased sales 3 percent. Organic sales
growth was strong across all regions and categories.
Sales in developed markets outside North America (Australia, South
Korea and Western/Central
Europe) increased 5 percent. Volumes increased 8
percent and net selling prices increased sales 4 percent while
changes in foreign currency exchange rates decreased sales 7
percent.
Consumer Tissue Segment
First quarter sales of $1.6
billion increased 4 percent. Net selling prices
increased sales 5 percent and volumes rose 2 points. Changes
in foreign currency exchange rates reduced sales 2 percent and
exited businesses in conjunction with the 2018 Global Restructuring
Program decreased sales 1 percent. First quarter
operating profit of $171 million
decreased 36 percent. The comparison was impacted by input
cost inflation and higher marketing, research and general
spending. Results benefited from organic sales growth, lower
other manufacturing costs and cost savings.
Sales in North America
increased 9 percent. Volumes grew 6 percent and net selling
prices improved 4 percent, while unfavorable product mix decreased
sales 1 point. The volume growth reflects comparison to the
start of COVID-related consumer and retailer inventory destocking
in the year-ago period.
Sales in D&E markets increased 3 percent. Net selling
prices rose approximately 7 percent and product mix improved 1
percent, while volumes were down 2 percent. Changes in
foreign currency exchange rates decreased sales 2 points.
Sales in developed markets outside North America decreased 5 percent.
Exited businesses related to the 2018 Global Restructuring program
reduced sales 4 percent and changes in foreign currency exchange
rates decreased sales 6 percent. Volumes were down 1 percent
while net selling prices rose approximately 6 percent.
K-C Professional (KCP) Segment
First quarter sales of $0.8
billion increased 4 percent. Net selling prices rose 4
percent and product mix increased sales approximately 1
point. Changes in foreign currency exchange rates decreased
sales 2 percent. First quarter operating profit of $90 million decreased 29 percent. The
comparison was impacted by input cost inflation and higher
marketing, research and general spending. Results benefited
from organic sales growth, lower other manufacturing costs and cost
savings.
Sales in North America
increased 5 percent. Net selling prices rose 4 percent and
product mix increased sales 1 percent. Washroom products
sales were up strong double-digits while sales of wipers and safety
products slowed versus a strong year-ago.
Sales in D&E markets increased 4 percent. Net selling
prices increased 3 percent, volumes grew 2 percent and product mix
increased sales 2 percent. Changes in foreign currency
exchange rates decreased sales 3 percent.
Sales in developed markets outside North America were even with the year-ago
period. Net selling prices increased 5 percent and product
mix improved sales 3 percent while volumes decreased 1
percent. Changes in foreign currency exchange rates reduced
sales 7 percent.
Acquisition of Majority and Controlling Share of Thinx
Inc.
During the first quarter the company completed the acquisition
of a majority and controlling share of Thinx Inc., an industry
leader in the reusable period and incontinence underwear category,
for total consideration of $181
million consisting of cash of $53
million, the fair value of our previously held equity
investment of $127 million, and
certain share-based award costs of $1
million. The initial minority investment in Thinx was
in 2019.
The consolidated results of operations for Thinx are reported in
our Personal Care business segment and is expected to provide a
modest benefit to full year net sales in 2022.
2022 Outlook and Key Planning Assumptions
The company updated key planning and guidance assumptions for
full-year 2022. The outlook reflects a reasonable set of
assumptions subject to change given the high level of volatility in
the macro environment.
- Net sales increase 2 to 4 percent (prior assumption 1 to 2
percent).
-
- Organic sales increase 4 to 6 percent (prior 3 to 4 percent).
Versus the previous assumption, net selling prices are expected to
be higher.
- Foreign currency exchange rates unfavorable approximately 2
percent (no change).
- Thinx acquisition expected to increase sales slightly.
- Adjusted operating profit down low to mid-single digits
percent. Operating profit outlook has been adjusted for the net
benefit from the acquisition of controlling interest in Thinx.
-
- Higher organic sales expected to benefit operating profit.
- Key cost inputs expected to increase $1.1 to $1.3
billion (previous estimate $750 to $900
million). Costs are projected to increase or remain elevated
for most inputs including polymer-based materials and pulp as well
as distribution and energy.
- Adjusted effective tax rate of 22 to 24 percent.
- Adjusted earnings per share of $5.60 to $6.00.
This outlook is in line with previous unadjusted earnings per share
guidance and excludes the net benefit from the acquisition of
controlling interest in Thinx recognized in the first quarter.
Prepared Management Remarks and Live Question and Answer
Webcast
At approximately 7:00 a.m. (CDT)
on April 22, 2022, the company will
post management remarks (in PDF format) regarding its first quarter
2022 results at www.kimberly-clark.com. At 9:00 a.m. (CDT) on April
22, 2022, the company will host a live question and answer
session with investors and analysts. Stockholders and others
are invited to listen to the live broadcast or a playback, which
will be accessible on the company's website at
www.kimberly-clark.com.
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:
- Acquisition of controlling interest in Thinx. In the first
quarter of 2022, the company completed the acquisition of a
majority and controlling share of Thinx. As a result of this
transaction, a net benefit was recognized primarily due to the
nonrecurring, non-cash gain recognized related to the remeasurement
of the carrying value of previously held equity investment to fair
value partially offset by transaction and integration costs.
- 2018 Global Restructuring Program. In 2018, the company
initiated a restructuring program to reduce our structural cost
base by streamlining and simplifying our manufacturing supply chain
and overhead organization. Restructuring charges were incurred in
2018, 2019, 2020 and 2021. The restructuring actions were completed
by the end of 2021.
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, acquisitions and exited businesses
also impact the year-over-year change in net sales.
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, Sweety, Softex, Viva and
WypAll, hold No. 1 or No. 2 share positions in approximately 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 150-year history of
innovation, visit kimberly-clark.com.
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
website on the same day they are filed with the SEC. To view
these filings, visit the Investors section of the company's
website.
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, 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 the war in Ukraine (including the related responses of
consumers, customers and suppliers as well as sanctions issued by
the U.S., the European Union, Russia or other countries), pandemics
(including the ongoing COVID-19 outbreak and the related responses
of governments, consumers, customers, suppliers and employees),
epidemics, the prices and availability of our raw materials, supply
chain disruptions, changes in customer preferences, severe weather
conditions, government trade or similar regulatory actions,
potential competitive pressures on selling prices for our products,
energy costs, fluctuations in foreign currency exchange rates, 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 the company's Annual Report on Form 10-K for the year
ended December 31, 2021.
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED INCOME
STATEMENTS
(Millions, except per
share amounts)
|
|
|
Three Months Ended March 31
|
|
|
|
2022
|
|
2021
|
|
Change
|
Net Sales
|
$
5,095
|
|
$
4,743
|
|
+7%
|
Cost
of products sold
|
3,575
|
|
3,154
|
|
+13%
|
Gross Profit
|
1,520
|
|
1,589
|
|
-4%
|
Marketing, research and general expenses
|
886
|
|
815
|
|
+9%
|
Other (income) and expense, net
|
(59)
|
|
4
|
|
N.M.
|
Operating Profit
|
693
|
|
770
|
|
-10%
|
Nonoperating expense
|
(4)
|
|
(6)
|
|
-33%
|
Interest income
|
2
|
|
1
|
|
+100%
|
Interest expense
|
(65)
|
|
(63)
|
|
+3%
|
Income Before Income Taxes and Equity
Interests
|
626
|
|
702
|
|
-11%
|
Provision for income taxes
|
(114)
|
|
(147)
|
|
-22%
|
Income Before Equity Interests
|
512
|
|
555
|
|
-8%
|
Share of net income of equity companies
|
23
|
|
39
|
|
-41%
|
Net Income
|
535
|
|
594
|
|
-10%
|
Net
income attributable to noncontrolling interests
|
(12)
|
|
(10)
|
|
+20%
|
Net Income Attributable to Kimberly-Clark
Corporation
|
$
523
|
|
$
584
|
|
-10%
|
|
|
|
|
|
|
Per Share Basis
|
|
|
|
|
|
Net Income Attributable to
Kimberly-Clark Corporation
|
|
|
|
|
|
Basic
|
$
1.55
|
|
$
1.73
|
|
-10%
|
Diluted
|
$
1.55
|
|
$
1.72
|
|
-10%
|
|
|
|
|
|
|
Cash Dividends
Declared
|
$
1.16
|
|
$
1.14
|
|
+2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding
|
March 31
|
|
|
|
2022
|
|
2021
|
|
|
Outstanding shares as of
|
337.0
|
|
337.6
|
|
|
Average diluted shares for three months ended
|
338.2
|
|
339.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
N.M. - Not
Meaningful
|
|
|
|
|
|
KIMBERLY-CLARK
CORPORATION
NON-GAAP
RECONCILIATIONS
(Millions, except per
share amounts)
|
|
|
|
Three Months Ended March 31,
2022
|
|
|
As
Reported
|
|
Acquisition of
Controlling
Interest in Thinx
|
|
As
Adjusted
Non-GAAP
|
Marketing, research and
general expenses
|
|
$
886
|
|
$
21
|
|
$
865
|
Other (income) and
expense, net
|
|
(59)
|
|
(85)
|
|
26
|
Operating
Profit
|
|
693
|
|
64
|
|
629
|
Provision for income
taxes
|
|
(114)
|
|
4
|
|
(118)
|
Effective tax
rate
|
|
18.2%
|
|
—
|
|
21.0%
|
Net Income Attributable
to Kimberly-Clark Corporation
|
|
523
|
|
68
|
|
455
|
Diluted Earnings per
Share(a)
|
|
1.55
|
|
0.20
|
|
1.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
2021
|
|
|
As
Reported
|
|
2018 Global
Restructuring
Program
|
|
As
Adjusted
Non-GAAP
|
Cost of products
sold
|
|
$
3,154
|
|
$
25
|
|
$
3,129
|
Gross Profit
|
|
1,589
|
|
(25)
|
|
1,614
|
Marketing, research and
general expenses
|
|
815
|
|
9
|
|
806
|
Operating
Profit
|
|
770
|
|
(34)
|
|
804
|
Provision for income
taxes
|
|
(147)
|
|
7
|
|
(154)
|
Effective tax
rate
|
|
20.9%
|
|
—
|
|
20.9%
|
Net income attributable
to noncontrolling interests
|
|
(10)
|
|
1
|
|
(11)
|
Net Income Attributable
to Kimberly-Clark Corporation
|
|
584
|
|
(26)
|
|
610
|
Diluted Earnings per
Share(a)
|
|
1.72
|
|
(0.08)
|
|
1.80
|
|
(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, 2022
|
|
December 31, 2021
|
ASSETS
|
|
|
|
Current Assets
|
|
|
|
Cash
and cash equivalents
|
$
493
|
|
$
270
|
Accounts receivable, net
|
2,516
|
|
2,207
|
Inventories
|
2,265
|
|
2,239
|
Other current assets
|
629
|
|
849
|
Total Current
Assets
|
5,903
|
|
5,565
|
Property, Plant and Equipment,
Net
|
8,114
|
|
8,097
|
Investments in Equity Companies
|
266
|
|
290
|
Goodwill
|
2,177
|
|
1,840
|
Other Intangible Assets, Net
|
926
|
|
810
|
Other Assets
|
1,286
|
|
1,235
|
TOTAL
ASSETS
|
$
18,672
|
|
$
17,837
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
Current Liabilities
|
|
|
|
Debt
payable within one year
|
$
969
|
|
$
433
|
Trade accounts payable
|
3,846
|
|
3,840
|
Accrued expenses and other current liabilities
|
2,054
|
|
2,096
|
Dividends payable
|
388
|
|
380
|
Total Current
Liabilities
|
7,257
|
|
6,749
|
Long-Term Debt
|
8,101
|
|
8,141
|
Noncurrent Employee Benefits
|
797
|
|
809
|
Deferred Income Taxes
|
687
|
|
694
|
Other Liabilities
|
716
|
|
681
|
Redeemable Common and Preferred Securities of
Subsidiaries
|
260
|
|
26
|
Stockholders' Equity
|
|
|
|
Kimberly-Clark Corporation
|
705
|
|
514
|
Noncontrolling Interests
|
149
|
|
223
|
Total Stockholders'
Equity
|
854
|
|
737
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
18,672
|
|
$
17,837
|
|
|
2022 Data is
Unaudited
|
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED CASH FLOW
STATEMENTS
(Millions)
|
|
|
Three Months Ended March 31
|
|
2022
|
|
2021
|
Operating Activities
|
|
|
|
Net
income
|
$
535
|
|
$
594
|
Depreciation and amortization
|
188
|
|
189
|
Asset impairments
|
—
|
|
3
|
Gain
on previously held equity investment in Thinx
|
(85)
|
|
—
|
Stock-based compensation
|
16
|
|
22
|
Deferred income taxes
|
(52)
|
|
(35)
|
Net
(gains) losses on asset dispositions
|
6
|
|
4
|
Equity companies' earnings (in excess of) less than dividends
paid
|
(23)
|
|
(39)
|
Operating working capital
|
(369)
|
|
(400)
|
Postretirement benefits
|
(14)
|
|
(15)
|
Other
|
2
|
|
(2)
|
Cash Provided by
Operations
|
204
|
|
321
|
Investing Activities
|
|
|
|
Capital spending
|
(253)
|
|
(298)
|
Acquisition of business, net of cash acquired
|
(34)
|
|
—
|
Investments in time deposits
|
(83)
|
|
(159)
|
Maturities of time deposits
|
255
|
|
207
|
Other
|
(1)
|
|
5
|
Cash Used for
Investing
|
(116)
|
|
(245)
|
Financing Activities
|
|
|
|
Cash
dividends paid
|
(384)
|
|
(359)
|
Change in short-term debt
|
834
|
|
744
|
Debt
proceeds
|
—
|
|
5
|
Debt
repayments
|
(300)
|
|
(253)
|
Proceeds from exercise of stock options
|
23
|
|
10
|
Acquisitions of common stock for the treasury
|
(25)
|
|
(169)
|
Other
|
(15)
|
|
(30)
|
Cash Used for
Financing
|
133
|
|
(52)
|
Effect of Exchange Rate Changes on Cash and Cash
Equivalents
|
2
|
|
(7)
|
Change in Cash and Cash
Equivalents
|
223
|
|
17
|
Cash and Cash Equivalents - Beginning of
Period
|
270
|
|
303
|
Cash and Cash Equivalents - End of
Period
|
$
493
|
|
$
320
|
|
|
|
Unaudited
|
KIMBERLY-CLARK
CORPORATION
SELECTED BUSINESS
SEGMENT DATA
(Millions)
|
|
|
|
Three Months Ended March 31
|
|
|
|
|
2022
|
|
2021
|
|
Change
|
NET SALES
|
|
|
|
|
|
|
Personal
Care
|
|
$
2,729
|
|
$
2,462
|
|
+11%
|
Consumer
Tissue
|
|
1,568
|
|
1,510
|
|
+4%
|
K-C
Professional
|
|
780
|
|
752
|
|
+4%
|
Corporate &
Other
|
|
18
|
|
19
|
|
N.M.
|
TOTAL NET
SALES
|
|
$
5,095
|
|
$
4,743
|
|
+7%
|
|
|
|
|
|
|
|
OPERATING PROFIT
|
|
|
|
|
|
|
Personal
Care
|
|
$
475
|
|
$
481
|
|
-1%
|
Consumer
Tissue
|
|
171
|
|
269
|
|
-36%
|
K-C
Professional
|
|
90
|
|
126
|
|
-29%
|
Corporate &
Other(a)
|
|
(102)
|
|
(102)
|
|
N.M.
|
Other (income) and
expense, net(a)
|
|
(59)
|
|
4
|
|
N.M.
|
TOTAL
OPERATING PROFIT
|
|
$
693
|
|
$
770
|
|
-10%
|
|
(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, 2022
|
|
|
Total(a)
|
|
Volume
|
|
Net
Price
|
|
Mix/
Other
|
|
Exited
Businesses(b)
|
|
Currency
|
|
Organic(c)
|
Personal
Care
|
|
11
|
|
3
|
|
8
|
|
3
|
|
—
|
|
(2)
|
|
13
|
Consumer
Tissue
|
|
4
|
|
2
|
|
5
|
|
—
|
|
(1)
|
|
(2)
|
|
7
|
K-C
Professional
|
|
4
|
|
—
|
|
4
|
|
1
|
|
—
|
|
(2)
|
|
6
|
TOTAL
CONSOLIDATED
|
|
7
|
|
2
|
|
6
|
|
2
|
|
—
|
|
(2)
|
|
10
|
|
|
(a)
|
Total may not equal the
sum of volume, net price, mix/other, exited businesses and currency
due to rounding.
|
(b)
|
Impact of 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
|
KIMBERLY-CLARK
CORPORATION
NON-GAAP
RECONCILIATIONS
OUTLOOK FOR
2022
|
|
|
|
Estimated
Range
|
ESTIMATED FULL YEAR
2022 DILUTED EARNINGS PER SHARE
|
|
|
|
|
|
|
Adjusted earnings per
share
|
|
$ 5.60
|
|
-
|
|
$ 6.00
|
Acquisition of
controlling interest in Thinx
|
|
0.20
|
|
-
|
|
0.20
|
Per share basis –
diluted net income attributable to Kimberly-Clark
Corporation
|
|
$ 5.80
|
|
-
|
|
$ 6.20
|
[KMB-F]
Logo -
https://mma.prnewswire.com/media/648588/Kimberly_Clark_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/kimberly-clark-announces-first-quarter-2022-results-301530674.html
SOURCE Kimberly-Clark Corporation