Le Lézard
Classified in: Business
Subjects: ERN, CCA, ERP

Kimberly-Clark Announces Year-End 2019 Results And 2020 Outlook


DALLAS, Jan. 23, 2020 /PRNewswire/ -- Kimberly-Clark Corporation (NYSE: KMB) today reported year-end 2019 results and provided its 2020 outlook.

Executive Summary

Chairman and Chief Executive Officer Mike Hsu said, "Our fourth quarter results capped off a year of excellent progress at Kimberly-Clark. For the full year of 2019, we delivered 4 percent growth in organic sales and in adjusted earnings per share, both ahead of our original outlook for the year. We also achieved strong margin improvements, generated $425 million of cost savings and returned $2.2 billion to shareholders through dividends and share repurchases. At the same time, we launched innovations, pursued our growth priorities and increased our investments behind our brands and in capabilities to position us for longer-term success. Overall, I'm encouraged by our progress in the first year of executing K-C Strategy 2022."

Hsu continued, "Looking ahead, our plan for 2020 is to deliver top- and bottom-line growth consistent with our medium-term financial objectives while continuing to increase our growth investments and allocate capital in shareholder-friendly ways. We remain very optimistic about our opportunities to deliver balanced and sustainable growth and create long-term shareholder value."

Fourth Quarter 2019 Operating Results

Sales of $4.6 billion in the fourth quarter of 2019 were even with 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 3 percent. Net selling prices rose more than 2 percent and product mix improved 1 percent, while volumes fell 1 percent. In North America, organic sales increased 3 percent in both consumer products and in K-C Professional. Outside North America, organic sales rose 3 percent in developing and emerging markets and 1 percent in developed markets.

Fourth quarter operating profit was $751 million in 2019 and $639 million in 2018. Results in both periods include charges related to the 2018 Global Restructuring Program. Results in 2019 also include a gain on the sale of property associated with a former manufacturing facility that was closed as part of a past restructuring.

Fourth quarter adjusted operating profit was $826 million in 2019 and $742 million in 2018. Results benefited from higher net selling prices, improved product mix, $85 million of cost savings from the company's FORCE (Focused On Reducing Costs Everywhere) program and $40 million of cost savings from the 2018 Global Restructuring Program. Input costs decreased $60 million, driven by pulp, while other manufacturing costs rose year-on-year. Selling, general and administrative costs were higher, including increased incentive compensation expense and investments to improve commercial capabilities. Advertising spending also increased year-on-year. Unfavorable foreign currency translation and transaction effects also impacted the comparison.

The fourth quarter effective tax rate was 17.2 percent in 2019 and 18.6 percent in 2018. The fourth quarter adjusted effective tax rate was 24.6 percent in 2019 and 19.1 percent in 2018. The rate in 2018 benefited from planning initiatives and resolution of certain matters.

Kimberly-Clark's share of net income of equity companies in the fourth quarter was $32 million in 2019 and $23 million in 2018. Results benefited from volume growth, lower input costs and cost savings.

Cash Flow and Balance Sheet

Cash provided by operations in the fourth quarter was $924 million in 2019 and $949 million in 2018. Full-year cash provided by operations was $2,736 million in 2019 and $2,970 million in 2018. The full-year comparison was impacted by increased working capital and tax payments, partially offset by higher earnings and lower pension contributions. Capital spending for the fourth quarter was $342 million in 2019 and $311 million in 2018. Full-year spending was $1,209 million in 2019, including significant spending related to the 2018 Global Restructuring Program, compared to $877 million in 2018.

Fourth quarter 2019 share repurchases were 1.9 million shares at a cost of $252 million, bringing full-year repurchases to 6.2 million shares at a cost of $800 million. Total debt was $7.7 billion at the end of 2019 and $7.5 billion at the end of 2018.

Fourth Quarter 2019 Business Segment Results

Personal Care Segment

Fourth quarter sales of $2.2 billion increased 1 percent. Net selling prices increased 2 percent and product mix improved approximately 2 percent. Changes in currency rates reduced sales by 2 percent. Fourth quarter operating profit of $445 million increased 2 percent. The comparison benefited from organic sales growth and cost savings. Results were impacted by other manufacturing cost increases, increased selling, general and administrative costs, higher advertising spending and unfavorable currency effects.

Sales in North America increased 2 percent. Product mix improved 2 percent and net selling prices increased 1 percent, both driven by baby and child care, while volumes were down 1 percent. Volumes were down mid-single digits in baby and child care compared to a mid-single digit increase in the year-ago period, while volumes increased high-single digits in adult care.

Sales in developing and emerging markets increased 1 percent despite a 5 point negative impact from changes in currency rates. Net selling prices rose 3 percent, product mix improved 1 percent and volumes increased 1 percent. The higher net selling prices mostly occurred in Argentina and China. Volumes increased in Eastern Europe, India and South Africa, but fell in Latin America.

Sales in developed markets outside North America (Australia, South Korea and Western/Central Europe) decreased 3 percent, including a 5 point negative impact from changes in currency rates. Volumes and product mix each improved 1 percent, while net selling prices fell 1 percent.

Consumer Tissue Segment

Fourth quarter sales of $1.5 billion increased 1 percent. Net selling prices increased 3 percent, while volumes declined 1 percent and changes in currency rates reduced sales 1 percent. Fourth quarter operating profit of $281 million increased 36 percent. Results benefited from higher net selling prices, cost savings and lower input costs. The comparison was impacted by other manufacturing cost increases and increased selling, general and administrative costs.

Sales in North America increased 4 percent. Net selling prices rose 6 percent, while volumes fell 3 percent.

Sales in developing and emerging markets decreased 2 percent, including a 2 point negative impact from changes in currency rates. Net selling prices improved 1 percent, while volumes fell 1 percent.

Sales in developed markets outside North America decreased 2 percent. Changes in currency rates reduced sales 4 percent, while volumes improved 2 percent.

K-C Professional (KCP) Segment

Fourth quarter sales of $0.8 billion decreased 3 percent. Business exits in conjunction with the 2018 Global Restructuring Program and changes in currency rates reduced sales by 3 percent and 1 percent, respectively. Net selling prices increased 2 percent and product mix improved 2 percent, while volumes were down 3 percent. Fourth quarter operating profit of $169 million increased 12 percent. Results benefited from increased net selling prices, cost savings and lower input costs. The comparison was impacted by lower volumes, other manufacturing cost increases, and higher selling, general and administrative costs.

Sales in North America increased 1 percent. Net selling prices increased 3 percent and product mix improved 1 percent, while volumes fell 1 percent. Business exits in conjunction with the 2018 Global Restructuring Program reduced sales 1 percent.

Sales in developing and emerging markets decreased 5 percent, including a 2 point negative impact from changes in currency rates. Volumes declined 6 percent, while net selling prices increased 2 percent and product mix improved 1 percent.

Sales in developed markets outside North America were down 5 percent. Currency rates were unfavorable by 4 percent and business exits in conjunction with the 2018 Global Restructuring Program reduced sales 1 percent. Volumes fell 6 percent, while product mix improved 4 percent and net selling prices increased 1 percent. The changes occurred mostly in Western/Central Europe.

Full Year 2019 Results

Sales of $18.5 billion were even with the year-ago period. Changes in foreign currency exchange rates reduced sales by 3 percent and business exits in conjunction with the 2018 Global Restructuring Program reduced sales slightly. Organic sales increased 4 percent. Net selling prices rose 4 percent and product mix improved 1 percent, while volumes fell 1 percent. In North America, organic sales increased 3 percent in both consumer products and in K-C Professional. Outside North America, organic sales rose 6 percent in developing and emerging markets and 1 percent in developed markets.

Operating profit was $2,991 million in 2019 and $2,229 million in 2018. Results in both periods include charges related to the 2018 Global Restructuring Program.

Adjusted operating profit was $3,281 million in 2019, up 5 percent compared to $3,138 million in 2018. Results benefited from organic sales growth, $260 million of FORCE cost savings and $165 million of cost savings from the 2018 Global Restructuring Program. The comparison was impacted by unfavorable currency effects, $145 million of higher input costs, other manufacturing cost increases, increased advertising spending and higher selling, general and administrative costs.

Diluted net income per share was $6.24 in 2019 and $4.03 in 2018. Adjusted earnings per share of $6.89 in 2019 increased 4 percent compared to $6.61 in 2018. Performance benefited from higher adjusted operating profit, increased net income from equity companies and a lower share count, partially offset by a higher adjusted effective tax rate.

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 company expects the program will generate annual pre-tax cost savings of $500 to $550 million by the end of 2021. 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. To implement the program, the company expects to incur restructuring charges of $1,700 to $1,900 million pre-tax ($1,300 to $1,400 million after tax) by the end of 2020. Through the end of 2019, the company has incurred cumulative restructuring charges of $1,402 million pre-tax ($1,031 million after tax) and generated cumulative savings of $300 million.

2020 Outlook and Key Planning Assumptions

The company's key planning and guidance assumptions for 2020 are as follows:

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:

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:

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 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. (CST) 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.

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 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 of the company's Annual Report on Form 10-K for the year ended December 31, 2018 entitled "Risk Factors."

KIMBERLY-CLARK CORPORATION

CONSOLIDATED INCOME STATEMENTS

(Millions, except per share amounts)



Three Months Ended
December 31




2019


2018


Change

Net Sales

$

4,583


$

4,569


?

Cost of products sold

3,017


3,167


-5 %

Gross Profit

1,566


1,402


+12 %

Marketing, research and general expenses

859


768


+12 %

Other (income) and expense, net

(44)


(5)


N.M.

Operating Profit

751


639


+18 %

Nonoperating expense

(58)


(88)


-34 %

Interest income

3


3


?

Interest expense

(63)


(65)


-3 %

Income Before Income Taxes and Equity Interests

633


489


+29 %

Provision for income taxes

(109)


(91)


+20 %

Income Before Equity Interests

524


398


+32 %

Share of net income of equity companies

32


23


+39 %

Net Income

556


421


+32 %

Net income attributable to noncontrolling interests

(9)


(10)


-10 %

Net Income Attributable to Kimberly-Clark Corporation

$

547


$

411


+33 %







Per Share Basis






Net Income Attributable to Kimberly-Clark Corporation






Basic

$

1.60


$

1.19


+34 %

Diluted

$

1.59


$

1.18


+35 %







Cash Dividends Declared

$

1.03


$

1.00


+3 %













Common Shares Outstanding

December 31




2019


2018



Outstanding shares as of

341.4


345.0



Average diluted shares for three months ended

344.4


347.3




N.M. - Not Meaningful

Unaudited

 

KIMBERLY-CLARK CORPORATION

CONSOLIDATED INCOME STATEMENTS

(Millions, except per share amounts)



Twelve Months Ended
December 31




2019


2018


Change

Net Sales

$

18,450


$

18,486


?

Cost of products sold

12,415


12,889


-4 %

Gross Profit

6,035


5,597


+8 %

Marketing, research and general expenses

3,254


3,367


-3 %

Other (income) and expense, net

(210)


1


N.M.

Operating Profit

2,991


2,229


+34 %

Nonoperating expense

(91)


(163)


-44 %

Interest income

11


10


+10 %

Interest expense

(261)


(263)


-1 %

Income Before Income Taxes and Equity Interests

2,650


1,813


+46 %

Provision for income taxes

(576)


(471)


+22 %

Income Before Equity Interests

2,074


1,342


+55 %

Share of net income of equity companies

123


103


+19 %

Net Income

2,197


1,445


+52 %

Net income attributable to noncontrolling interests

(40)


(35)


+14 %

Net Income Attributable to Kimberly-Clark Corporation

$

2,157


$

1,410


+53 %







Per Share Basis






Net Income Attributable to Kimberly-Clark Corporation






Basic

$

6.28


$

4.05


+55 %

Diluted

$

6.24


$

4.03


+55 %







Cash Dividends Declared

$

4.12


$

4.00


+3 %













Common Shares Outstanding

December 31




2019


2018



Average diluted shares for twelve months ended

345.6


349.6




2019 Data is Unaudited

 

KIMBERLY-CLARK CORPORATION

NON-GAAP RECONCILIATIONS

(Millions, except per share amounts)



Three Months Ended December 31, 2019


As

Reported


2018 Global

Restructuring

Program


Property Sale
Gain


As

Adjusted

Non-GAAP

Cost of products sold

$

3,017


$

85


$

?


$

2,932

Gross profit

1,566


(85)


?


1,651

Marketing, research and general expenses

859


33


?


826

Other (income) and expense, net

(44)


(12)


(31)


(1)

Operating profit

751


(106)


31


826

Nonoperating expense

(58)


(45)


?


(13)

Provision for income taxes

(109)


83


(7)


(185)

Effective tax rate

17.2 %


?


?


24.6 %

Net income attributable to noncontrolling interests

(9)


1


?


(10)

Net income attributable to Kimberly-Clark Corporation

547


(67)


24


590

Diluted earnings per share(a)

1.59


(0.19)


0.07


1.71




Three Months Ended December 31, 2018


As

Reported


2018 Global

Restructuring

Program


U.S. Tax

Reform

Related

Matters


As

Adjusted

Non-GAAP

Cost of products sold

$

3,167


$

76


$

?


$

3,091

Gross profit

1,402


(76)


?


1,478

Marketing, research and general expenses

768


39


?


729

Other (income) and expense, net

(5)


(12)


?


7

Operating profit

639


(103)


?


742

Nonoperating expense

(88)


(77)


?


(11)

Provision for income taxes

(91)


46


(9)


(128)

Effective tax rate

18.6 %


?


?


19.1 %

Net income attributable to Kimberly-Clark Corporation

411


(134)


(9)


554

Diluted earnings per share(a)

1.18


(0.39)


(0.03)


1.60



(a)

"As Adjusted Non-GAAP" may not equal "As Reported" plus "Adjustments" as a result of rounding.


Unaudited

 

KIMBERLY-CLARK CORPORATION

NON-GAAP RECONCILIATIONS

(Millions, except per share amounts)



Twelve Months Ended December 31, 2019


As

Reported


2018 Global

Restructuring

Program


Property Sale

Gain


As

Adjusted

Non-GAAP

Cost of products sold

$

12,415


$

416


$

?


$

11,999

Gross profit

6,035


(416)


?


6,451

Marketing, research and general expenses

3,254


99


?


3,155

Other (income) and expense, net(b)

(210)


(194)


(31)


15

Operating profit

2,991


(321)


31


3,281

Nonoperating expense

(91)


(45)


?


(46)

Provision for income taxes

(576)


118


(7)


(687)

Effective tax rate

21.7 %


?


?


23.0 %

Share of net income of equity companies

123


(2)


?


125

Net income attributable to noncontrolling interests

(40)


2


?


(42)

Net income attributable to Kimberly-Clark Corporation

2,157


(248)


24


2,381

Diluted earnings per share(a)

6.24


(0.72)


0.07


6.89




Twelve Months Ended December 31, 2018


As

Reported


2018 Global

Restructuring

Program


U.S. Tax

Reform

Related

Matters


As

Adjusted

Non-GAAP

Cost of products sold

$

12,889


$

541


$

?


$

12,348

Gross profit

5,597


(541)


?


6,138

Marketing, research and general expenses

3,367


380


?


2,987

Other (income) and expense, net

1


(12)


?


13

Operating profit

2,229


(909)


?


3,138

Nonoperating expense

(163)


(127)


?


(36)

Provision for income taxes

(471)


243


(117)


(597)

Effective tax rate

26.0 %


?


?


21.0 %

Share of net income of equity companies

103


(1)


?


104

Net income attributable to noncontrolling interests

(35)


11


?


(46)

Net income attributable to Kimberly-Clark Corporation

1,410


(783)


(117)


2,310

Diluted earnings per share(a)

4.03


(2.24)


(0.33)


6.61



(a)

"As Adjusted Non-GAAP" may not equal "As Reported" plus "Adjustments" as a result of rounding.

(b)

Other (income) and expense, net includes a pre-tax gain of approximately $182 million on the sale of a manufacturing facility and associated real estate which were disposed of as part of the 2018 Global Restructuring Program.



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)



December 31


2019


2018

ASSETS




Current Assets




Cash and cash equivalents

$

442


$

539

Accounts receivable, net

2,263


2,164

Inventories

1,790


1,813

Other current assets

562


525

Total Current Assets

5,057


5,041

Property, Plant and Equipment, Net

7,450


7,159

Investments in Equity Companies

268


224

Goodwill

1,467


1,474

Other Assets

1,041


620

TOTAL ASSETS

$

15,283


$

14,518





LIABILITIES AND STOCKHOLDERS' EQUITY




Current Liabilities




Debt payable within one year

$

1,534


$

1,208

Trade accounts payable

3,055


3,190

Accrued expenses and other current liabilities

1,978


1,793

Dividends payable

352


345

Total Current Liabilities

6,919


6,536

Long-Term Debt

6,213


6,247

Noncurrent Employee Benefits

897


931

Deferred Income Taxes

511


458

Other Liabilities

520


328

Redeemable Preferred Securities of Subsidiaries

29


64

Stockholders' Equity




Kimberly-Clark Corporation

(33)


(287)

Noncontrolling Interests

227


241

Total Stockholders' Equity

194


(46)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

15,283


$

14,518


2019 Data is Unaudited

 

KIMBERLY-CLARK CORPORATION

CONSOLIDATED CASH FLOW STATEMENTS

(Millions)



Three Months Ended

December 31


Twelve Months Ended

December 31


2019


2018


2019


2018

Operating Activities








Net income

$

556


$

421


$

2,197


$

1,445

Depreciation and amortization

217


230


917


882

Asset impairments

?


?


?


74

Stock-based compensation

22


(4)


96


41

Deferred income taxes

21


(42)


29


2

Net (gains) losses on asset dispositions

(38)


(5)


(193)


52

Equity companies' earnings (in excess of) less than dividends paid

25


36


(6)


18

Operating working capital

111


272


(288)


389

Postretirement benefits

29


62


13


(25)

Other

(19)


(21)


(29)


92

Cash Provided by Operations

924


949


2,736


2,970

Investing Activities








Capital spending

(342)


(311)


(1,209)


(877)

Proceeds from dispositions of property

36


35


242


51

Investments in time deposits

(215)


(135)


(568)


(353)

Maturities of time deposits

255


133


542


272

Other

(9)


8


(49)


5

Cash Used for Investing

(275)


(270)


(1,042)


(902)

Financing Activities








Cash dividends paid

(354)


(347)


(1,408)


(1,386)

Change in short-term debt

(21)


(487)


303


(34)

Debt proceeds

6


507


706


507

Debt repayments

(2)


(97)


(707)


(407)

Proceeds from exercise of stock options

17


12


228


62

Acquisitions of common stock for the treasury

(256)


(204)


(800)


(800)

Other

(22)


(16)


(114)


(57)

Cash Used for Financing

(632)


(632)


(1,792)


(2,115)

Effect of Exchange Rate Changes on Cash and Cash Equivalents

9


(2)


1


(30)

Change in Cash and Cash Equivalents

26


45


(97)


(77)

Cash and Cash Equivalents - Beginning of Period

416


494


539


616

Cash and Cash Equivalents - End of Period

$

442


$

539


$

442


$

539


Unaudited

 

KIMBERLY-CLARK CORPORATION

SELECTED BUSINESS SEGMENT DATA

(Millions)



Three Months

Ended December 31




Twelve Months

Ended December 31




2019


2018


Change


2019


2018


Change

NET SALES












Personal Care

$

2,242


$

2,221


+1 %


$

9,108


$

9,037


+1 %

Consumer Tissue

1,511


1,495


+1 %


5,993


6,015


?

K-C Professional

815


841


-3 %


3,292


3,382


-3 %

Corporate & Other

15


12


N.M.


57


52


N.M.

TOTAL NET SALES

$

4,583


$

4,569


?


$

18,450


$

18,486


?













OPERATING PROFIT












Personal Care

$

445


$

436


+2 %


$

1,904


$

1,833


+4 %

Consumer Tissue

281


207


+36 %


1,007


875


+15 %

K-C Professional

169


151


+12 %


657


634


+4 %

Corporate & Other(a)

(188)


(160)


N.M.


(787)


(1,112)


N.M.

Other (income) and expense, net(a)

(44)


(5)


N.M.


(210)


1


N.M.

TOTAL OPERATING PROFIT

$

751


$

639


+18 %


$

2,991


$

2,229


+34 %



(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 December 31, 2019


Total(a)


Volume


Net

Price


Mix/

Other


Exited

Businesses(b)


Currency



Organic(c)

Personal Care

1


?


2


2


?


(2)



3

Consumer Tissue

1


(1)


3


?


?


(1)



2

K-C Professional

(3)


(3)


2


2


(3)


(1)



1

TOTAL CONSOLIDATED

?


(1)


2


1


?


(2)



3






Twelve Months Ended December 31, 2019


Total(a)


Volume


Net

Price


Mix/

Other


Exited

Businesses(b)


Currency



Organic(c)

Personal Care

1


1


3


1


?


(4)



5

Consumer Tissue

?


(3)


5


?


?


(3)



2

K-C Professional

(3)


(2)


3


1


(2)


(3)



2

TOTAL CONSOLIDATED

?


(1)


4


1


?


(3)



4



(a)

Total may not equal the sum of volume, net price, mix/other 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

 

KIMBERLY-CLARK CORPORATION

NON-GAAP RECONCILIATIONS

OUTLOOK FOR 2020



Estimated Range

ESTIMATED FULL YEAR 2020 DILUTED EARNINGS PER SHARE






Adjusted earnings per share

$

7.10


-


$

7.35

Adjustment for charges related to the 2018 Global Restructuring Program

(1.15)


-


(0.70)

Per share basis ? diluted net income attributable to Kimberly-Clark Corporation

$

5.95


-


$

6.65

[KMB-F]

Logo - https://mma.prnewswire.com/media/648588/Kimberly_Clark_RGB_Blue_Logo.jpg

SOURCE Kimberly-Clark Corporation


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