DALLAS, Oct. 21, 2015 /PRNewswire/ -- Kimberly-Clark
Corporation (NYSE: KMB) today reported third quarter 2015 results
and updated its previous guidance for full-year 2015 organic sales
growth and adjusted earnings per share.
Executive Summary
- Third quarter 2015 net sales of $4.7 billion decreased 7 percent compared to the
year-ago period, as changes in foreign currency exchange rates
reduced sales 12 percent. Organic sales rose 5 percent, including a
10 percent increase in developing and emerging markets and a 7
percent improvement in personal care in North America.
- Diluted net income per share for the third quarter was
$1.41 in 2015 and $1.50 in 2014.
- Third quarter adjusted earnings per share were
$1.51 in 2015 compared to adjusted
earnings per share from continuing operations of $1.50 in the prior year. Performance benefited
from organic sales growth, cost savings, input cost deflation and a
lower share count. Comparisons were negatively impacted by
unfavorable foreign currency exchange rate effects, increased
marketing, research and general spending on a local currency basis
and higher other expense. Adjusted earnings per share in both years
exclude certain items described later in this news
release.
- Full-year 2015 organic sales growth is expected to be 4
to 5 percent compared to the company's prior expectation of 3 to 5
percent. Full-year 2015 adjusted earnings per share are anticipated
to be $5.70 to $5.80 versus the
company's previous guidance of $5.65 to
$5.80.
Chairman and Chief Executive Officer Thomas J. Falk said, "We delivered another
quarter of good financial results. Organic sales grew mid-single
digits, with benefits from targeted growth initiatives, innovations
and brand investments. We achieved significant cost savings and
improved adjusted gross margin. In addition, our adjusted earnings
per share from continuing operations set a new quarterly record and
we allocated capital in shareholder-friendly ways. We are executing
well in a challenging environment and are raising the low end of
our previous guidance ranges for full-year organic sales growth and
adjusted earnings per share."
Third Quarter 2015 Operating Results
Sales of $4.7 billion in the third
quarter of 2015 were down 7 percent compared to the year-ago
period. Changes in foreign currency exchange rates reduced sales 12
percent as a result of the weakening of most currencies relative to
the U.S. dollar. Organic sales rose more than 5 percent, as volumes
increased approximately 5 percent and product mix/other was
slightly favorable.
Third quarter operating profit was $779
million in 2015 and $877 million in 2014. Adjusted
operating profit was $826 million in
the third quarter of 2015 compared to $878
million in the year-ago period. Adjusted results in 2015
exclude $19 million of charges for
pension settlements, $17 million of
charges for restructuring the company's business in Turkey and $11
million of 2014 Organization Restructuring costs. Adjusted
results in 2014 exclude $1 million of
restructuring costs for European strategic changes.
The year-over-year adjusted operating profit comparison
benefited from organic sales growth, $85 million in cost savings from the
company's FORCE (Focused On Reducing Costs Everywhere) program and
$20 million of savings from the 2014
Organization Restructuring. Input costs decreased $45 million overall due to lower costs for raw
materials other than fiber. Translation effects due to changes in
foreign currency exchange rates lowered operating profit by
$115 million and transaction effects
also negatively impacted the comparison. Total marketing, research
and general expenses increased on a local currency basis, mostly
due to higher administrative costs. On an adjusted basis, other
(income) and expense, net was expense of $16
million in 2015 and income of $16
million in 2014. Results in 2015 were driven by foreign
currency transaction losses, while prior-period results benefited
from a gain on the sale of certain non-core assets.
The third quarter adjusted effective tax rate, which excludes
the effects of the previously mentioned items excluded from
adjusted earnings per share, was 30.3 percent in 2015 and 31.8
percent in 2014. The company expects that the full-year 2015
adjusted effective tax rate will be in the lower half of its 31.5
to 33.5 percent target range.
Kimberly-Clark's share of net income of equity companies in the
third quarter was $37 million in 2015
and $31 million in 2014. At
Kimberly-Clark de Mexico, results
benefited from organic sales growth, lower input costs and cost
savings, but were negatively impacted by a weaker Mexican peso.
Third quarter net income attributable to noncontrolling interests
was $12 million in 2015 and
$20 million in 2014. The change was
driven by the redemption of $0.5
billion of preferred securities in December 2014.
Cash Flow and Balance Sheet
Cash provided by operations in the third quarter of 2015 was
$849 million compared to
$976 million in 2014. The comparison was affected by lower
cash earnings and a smaller improvement in working capital than in
the prior year. Capital spending for the third quarter was
$271 million in 2015 and $291 million in 2014. Full-year
spending is expected to be toward the high end of the company's
target range of $950 to $1,050
million.
Third quarter 2015 share repurchases were 1.4 million shares at
a cost of $150 million. The company
expects full-year share repurchases of $800
million, in line with the previous target of $700 to $900 million. Total debt was $7.6 billion at September
30, 2015 and $7.0 billion at
the end of 2014.
Third Quarter 2015 Business Segment Results
Personal Care Segment
Third quarter sales of $2.4
billion decreased 5 percent. Currency rates were unfavorable
by 13 percent. Volumes increased more than 7 percent and product
mix was favorable by 1 percent. Third quarter operating profit of
$484 million was essentially even
with the year-ago period. The comparison benefited from organic
sales growth, cost savings and lower input costs, offset by
unfavorable currency effects and increased marketing, research and
general spending on a local currency basis.
Sales in North America
increased 5 percent. Currency was unfavorable 2 percent. Volumes
rose 10 percent, while net selling prices fell 3 percent, driven by
increased promotion activity. Huggies diaper volumes rose low
double-digits compared to a low double-digit decline last year and
included benefits from innovation and increased promotion support.
Adult care volumes were up double-digits, including strong growth
on Poise and Depend absorbent products and introductory shipments
of new Poise Impressa bladder supports. Huggies baby wipes volumes
rose high-single digits, with benefits from innovation, and child
care volumes were up mid-single digits.
Sales in developing and emerging markets decreased 11 percent,
including a 25 percent negative impact from changes in
currency rates. Volumes increased 8 percent, net selling prices
improved 4 percent and product mix advanced 1 percent. The volume
growth included gains in China,
Eastern Europe and most of
Latin America, led by Argentina, Brazil and Colombia. The higher net selling prices were
driven by increases in Eastern
Europe and Latin America in
response to weaker currency rates.
Sales in developed markets outside North America (Australia, South
Korea and Western/Central
Europe) decreased 15 percent, driven by unfavorable
currency rates.
Consumer Tissue Segment
Third quarter sales of $1.5 billion decreased 10 percent. Currency
rates were unfavorable by 11 percent. Volumes increased 2 percent,
while net selling prices were down 1 percent. Third quarter
operating profit of $260 million decreased 9 percent. The
comparison was impacted by unfavorable currencies, partially offset
by cost savings.
Sales in North America
increased 2 percent. Volumes increased 6 percent, while net selling
prices were off 2 percent and product mix was unfavorable 1
percent. Paper towel volumes rose double-digits, including benefits
from increased promotion shipments on Viva. Kleenex facial tissue
volumes increased high-single digits behind Back to School
marketing and promotion support. Bathroom tissue volumes were up
mid-single digits.
Sales in developing and emerging markets decreased 26 percent,
including a 29 point negative impact from currency rates. Net
selling prices and volumes each rose 1 percent.
Sales in developed markets outside North America decreased 17 percent,
including a 13 point drag from currency rates. Volumes were down 5
percent, mostly in Australia and
Western/Central Europe, while the
combined impact of changes in net selling prices and product mix
benefited sales 1 percent.
K-C Professional (KCP) Segment
Third quarter sales of $0.8
billion decreased 5 percent. Changes in currency rates
reduced sales 10 percent. Product mix/other was favorable by 3
percent, including sales of nonwovens to Halyard Health, Inc. in
conjunction with a near-term supply agreement, and volumes rose 2
percent. Third quarter operating profit of $154 million
decreased 7 percent. The comparison was impacted by
unfavorable currency effects, partially offset by benefits from
organic sales growth and cost savings.
Sales in North America were
even with the prior year. Currency was unfavorable 1 percent.
Volumes rose 1 percent, primarily due to growth in wipers.
Sales in developing and emerging markets decreased
19 percent, including a 25 point drag from currency rates. The
combined impact of changes in net selling prices and product mix
increased sales 4 percent and volumes improved 2 percent.
Sales in developed markets outside North America were down 12 percent. Changes in
currency rates reduced sales 16 percent. Volumes increased 5
percent, mostly in South Korea and
Western/Central Europe. The
combined impact of changes in overall net selling prices and
product mix reduced sales 1 percent.
Year-To-Date Results
For the first nine months of 2015, sales of $14.1 billion decreased 6 percent compared to the
year-ago period, as changes in foreign currency exchange rates
reduced sales 10 percent. Organic sales rose more than 4 percent,
as volumes increased 4 percent and product mix/other was slightly
favorable.
Year-to-date operating profit was $983
million in 2015 versus $2,363
million in 2014. Adjusted operating profit of $2,431 million in 2015 increased 1 percent
compared to $2,415 million in 2014.
Adjusted operating profit comparisons benefited from organic sales
growth, FORCE cost savings of $280
million, input cost deflation of $100
million and $50 million of
savings from the 2014 Organization Restructuring. Translation
effects due to changes in foreign currency exchange rates lowered
operating profit by $275 million and
transaction effects also negatively impacted the operating profit
comparisons.
Through nine months, diluted net income per share was
$1.85 in 2015 and $4.25 in 2014. Adjusted earnings per share of
$4.34 in 2015 increased 4 percent
versus $4.16 of adjusted earnings per
share from continuing operations in 2014. The increase included
benefits from higher adjusted operating profit and a lower share
count.
Adjusted operating profit and adjusted earnings per share in
2015 exclude pension settlement charges, 2014 Organization
Restructuring costs, a balance sheet remeasurement charge in
Venezuela and charges for
restructuring the company's business in Turkey. Adjusted results in 2014 exclude
restructuring costs for European strategic changes and a charge
related to a regulatory dispute in the Middle East.
2014 Organization Restructuring
In October 2014, Kimberly-Clark
initiated a restructuring program in order to improve organization
efficiency and offset the impact of stranded overhead costs
resulting from the spin-off of the company's health care business.
The restructuring is intended to improve underlying profitability
and increase flexibility to invest in targeted growth initiatives,
brand building and other capabilities critical to delivering future
growth.
The restructuring is expected to be completed by the end of
2016, with total costs anticipated to be $130 to $160 million after tax ($190 to $230 million pre-tax). Cumulative pre-tax
savings from the restructuring are expected to be $120 to $140 million by the end of 2017. Third
quarter 2015 restructuring costs were $7
million after tax ($11 million
pre-tax), bringing cumulative costs to $115
million after tax ($169
million pre-tax). Third quarter 2015 savings were
$20 million, bringing cumulative
savings to $55 million.
2015 Outlook and Key Planning Assumptions
The company updated the following key planning and guidance
assumptions for full-year 2015:
- Foreign currency translation is expected to reduce sales
10 to 11 percent (prior assumption 10 percent) and reduce operating
profit 11 to 12 percent (prior expectation 11 percent).
- Organic sales, which exclude the impact of changes in
foreign currency rates, are anticipated to grow 4 to 5 percent
versus the prior assumption of 3 to 5 percent.
- Adjusted earnings per share are expected to be
$5.70 to $5.80 versus the company's
previous guidance of $5.65 to
$5.80.
Non-GAAP Financial Measures
This press 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 (including
continuing operations)
- Adjusted gross and operating profit
- Adjusted other (income) and expense, net
- 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:
- Pension settlement charges. In 2015, the company started
to offer a lump-sum pension benefit payout option for certain plan
participants. In addition, Kimberly-Clark purchased group annuity
contracts that transferred to two insurance companies the pension
benefit obligations for certain Kimberly-Clark retirees. As a
result, the company recognized pension settlement charges in the
first nine months of 2015, mostly in the second
quarter.
- 2014 Organization Restructuring. See previous discussion
in this news release.
- Turkey restructuring. In
the third quarter of 2015, the company initiated actions to
restructure its business in Turkey, including the closing of a
manufacturing facility. The company expects to incur total after
tax charges of approximately $25
million in the third and fourth quarters of 2015 for this
restructuring. The company acquired the remaining 49.9 percent
interest in its subsidiary in Turkey in conjunction with the acquisition of
the remaining 49.9 percent interest in its subsidiary in
Israel in the first quarter of
2015.
- Venezuelan balance sheet remeasurement. In the first
quarter of 2015, following the Venezuelan government's elimination
of the SICAD II exchange rate, the company recorded a charge for
remeasuring the local currency balance sheet in Venezuela at the new SIMADI floating exchange
rate.
- Regulatory dispute in the Middle East. In the first quarter of 2014, the
company recorded a non-deductible charge as a result of an adverse
court ruling regarding the treatment of capital contributions in
prior years to an affiliate in the Middle
East.
- Western and Central
Europe strategic changes and related restructuring charges.
In October 2012, the company
initiated strategic changes and a related restructuring in its
Western and Central European businesses. The restructuring was
completed at the end of 2014.
In addition, this press release includes information regarding
organic sales, which exclude the impact of changes in foreign
currency rates.
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 charges that are used in calculating these
non-GAAP financial measures.
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 and its well-known global brands are an
indispensable part of life for people in more than 175 countries.
Every day, nearly a quarter of the world's population trust K-C
brands and the solutions they provide to enhance their health,
hygiene and well-being. With brands such as Kleenex, Scott,
Huggies, Pull-Ups, Kotex and Depend, Kimberly-Clark holds No. 1 or
No. 2 share positions in 80 countries. To keep up with the latest
K-C news and to learn more about the company's 143-year history of
innovation, visit www.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 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, net income from equity companies, sources and uses
of cash, the effective tax rate, the anticipated costs, scope,
timing and financial and other effects of the 2014 Organization
Restructuring, growth initiatives, 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. 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, such as
currency rates and exchange risks, cost savings and reductions, raw
material, energy and other input costs, competition, market demand
and economic and political conditions, 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, 2014 entitled "Risk
Factors."
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED INCOME
STATEMENT
(Millions, except per
share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30
|
|
|
|
2015
|
|
2014
|
|
Change
|
Net
Sales
|
$
|
4,718
|
|
|
$
|
5,056
|
|
|
-6.7
|
%
|
Cost of products
sold
|
3,036
|
|
|
3,291
|
|
|
-7.7
|
%
|
Gross
Profit
|
1,682
|
|
|
1,765
|
|
|
-4.7
|
%
|
Marketing, research
and general expenses
|
868
|
|
|
904
|
|
|
-4.0
|
%
|
Other (income) and
expense, net
|
35
|
|
|
(16)
|
|
|
N.M.
|
|
Operating
Profit
|
779
|
|
|
877
|
|
|
-11.2
|
%
|
Interest
income
|
4
|
|
|
5
|
|
|
-20.0
|
%
|
Interest
expense
|
(74)
|
|
|
(72)
|
|
|
+2.8
|
%
|
Income From
Continuing Operations Before Income Taxes and Equity
Interests
|
709
|
|
|
810
|
|
|
-12.5
|
%
|
Provision for income
taxes
|
(217)
|
|
|
(260)
|
|
|
-16.5
|
%
|
Income From
Continuing Operations Before Equity Interests
|
492
|
|
|
550
|
|
|
-10.5
|
%
|
Share of net income
of equity companies
|
37
|
|
|
31
|
|
|
+19.4
|
%
|
Income From
Continuing Operations
|
529
|
|
|
581
|
|
|
-9.0
|
%
|
Income from
discontinued operations, net of income taxes
|
—
|
|
|
1
|
|
|
N.M.
|
|
Net
Income
|
529
|
|
|
582
|
|
|
-9.1
|
%
|
Net income
attributable to noncontrolling interests in continuing
operations
|
(12)
|
|
|
(20)
|
|
|
-40.0
|
%
|
Net Income
Attributable to Kimberly-Clark Corporation
|
$
|
517
|
|
|
$
|
562
|
|
|
-8.0
|
%
|
|
|
|
|
|
|
Per Share
Basis
|
|
|
|
|
|
Net Income
Attributable to Kimberly-Clark Corporation
|
|
|
|
|
|
Basic
|
|
|
|
|
|
Continuing
operations
|
$
|
1.42
|
|
|
$
|
1.50
|
|
|
-5.3
|
%
|
Discontinued
operations
|
—
|
|
|
—
|
|
|
—
|
|
Rounding
|
—
|
|
|
0.01
|
|
|
N.M.
|
|
Net income
|
$
|
1.42
|
|
|
$
|
1.51
|
|
|
-6.0
|
%
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
Continuing
operations
|
$
|
1.41
|
|
|
$
|
1.49
|
|
|
-5.4
|
%
|
Discontinued
operations
|
—
|
|
|
—
|
|
|
—
|
|
Rounding
|
—
|
|
|
0.01
|
|
|
N.M.
|
|
Net income
|
$
|
1.41
|
|
|
$
|
1.50
|
|
|
-6.0
|
%
|
|
|
|
|
|
|
Cash Dividends
Declared
|
$
|
0.88
|
|
|
$
|
0.84
|
|
|
+4.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding
|
September 30
|
|
|
|
2015
|
|
2014
|
|
|
Outstanding shares as
of
|
363.3
|
|
|
372.5
|
|
|
|
Average diluted
shares for three months ended
|
366.2
|
|
|
375.9
|
|
|
|
|
|
|
|
|
|
N.M. – Not
Meaningful
Unaudited
|
|
|
|
|
|
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED INCOME
STATEMENT
(Millions, except per
share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30
|
|
|
|
2015
|
|
2014
|
|
Change
|
Net
Sales
|
$
|
14,052
|
|
|
$
|
14,896
|
|
|
-5.7
|
%
|
Cost of products
sold
|
9,054
|
|
|
9,766
|
|
|
-7.3
|
%
|
Gross
Profit
|
4,998
|
|
|
5,130
|
|
|
-2.6
|
%
|
Marketing, research
and general expenses
|
2,586
|
|
|
2,738
|
|
|
-5.6
|
%
|
Other (income) and
expense, net
|
1,429
|
|
|
29
|
|
|
N.M.
|
|
Operating
Profit
|
983
|
|
|
2,363
|
|
|
-58.4
|
%
|
Interest
income
|
12
|
|
|
13
|
|
|
-7.7
|
%
|
Interest
expense
|
(219)
|
|
|
(215)
|
|
|
+1.9
|
%
|
Income From
Continuing Operations Before Income Taxes and Equity
Interests
|
776
|
|
|
2,161
|
|
|
-64.1
|
%
|
Provision for income
taxes
|
(166)
|
|
|
(681)
|
|
|
-75.6
|
%
|
Income From
Continuing Operations Before Equity Interests
|
610
|
|
|
1,480
|
|
|
-58.8
|
%
|
Share of net income
of equity companies
|
112
|
|
|
113
|
|
|
-0.9
|
%
|
Income From
Continuing Operations
|
722
|
|
|
1,593
|
|
|
-54.7
|
%
|
Income from
discontinued operations, net of income taxes
|
—
|
|
|
65
|
|
|
N.M.
|
|
Net
Income
|
722
|
|
|
1,658
|
|
|
-56.5
|
%
|
Net income
attributable to noncontrolling interests in continuing
operations
|
(42)
|
|
|
(49)
|
|
|
-14.3
|
%
|
Net Income
Attributable to Kimberly-Clark Corporation
|
$
|
680
|
|
|
$
|
1,609
|
|
|
-57.7
|
%
|
|
|
|
|
|
|
Per Share
Basis
|
|
|
|
|
|
Net Income
Attributable to Kimberly-Clark Corporation
|
|
|
|
|
|
Basic
|
|
|
|
|
|
Continuing
operations
|
$
|
1.87
|
|
|
$
|
4.11
|
|
|
-54.5
|
%
|
Discontinued
operations
|
—
|
|
|
0.17
|
|
|
N.M.
|
|
Net income
|
$
|
1.87
|
|
|
$
|
4.28
|
|
|
-56.3
|
%
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
Continuing
operations
|
$
|
1.85
|
|
|
$
|
4.08
|
|
|
-54.7
|
%
|
Discontinued
operations
|
—
|
|
|
0.17
|
|
|
N.M.
|
|
Net income
|
$
|
1.85
|
|
|
$
|
4.25
|
|
|
-56.5
|
%
|
|
|
|
|
|
|
Cash Dividends
Declared
|
$
|
2.64
|
|
|
$
|
2.52
|
|
|
+4.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding
|
September 30
|
|
|
|
2015
|
|
2014
|
|
|
Average diluted
shares for nine months ended
|
366.9
|
|
|
378.8
|
|
|
|
|
|
|
|
|
|
N.M. – Not
Meaningful
Unaudited
|
|
|
|
|
|
KIMBERLY-CLARK
CORPORATION
NON-GAAP
RECONCILIATIONS
(Millions, except per
share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2015
|
|
|
As
Reported
|
|
Charges
for
Pension
Settlements
|
|
Charges for
2014
Organization
Restructuring
|
|
Charges
for
Turkey
Restructuring
|
|
As
Adjusted
Non-
GAAP
|
Cost of products
sold
|
|
$
|
3,036
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
16
|
|
|
$
|
3,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
1,682
|
|
|
—
|
|
|
(4)
|
|
|
(16)
|
|
|
1,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, research
and general expenses
|
|
868
|
|
|
—
|
|
|
7
|
|
|
1
|
|
|
860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) and
expense, net
|
|
35
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
779
|
|
|
(19)
|
|
|
(11)
|
|
|
(17)
|
|
|
826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes and equity
interests
|
|
709
|
|
|
(19)
|
|
|
(11)
|
|
|
(17)
|
|
|
756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
(217)
|
|
|
8
|
|
|
4
|
|
|
—
|
|
|
(229)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
30.6
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Kimberly-Clark Corporation
|
|
517
|
|
|
(11)
|
|
|
(7)
|
|
|
(17)
|
|
|
552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
|
1.41
|
|
|
(0.03)
|
|
|
(0.02)
|
|
|
(0.05)
|
|
|
1.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Charges for
European
Strategic
Changes
|
|
As
Adjusted
Non-
GAAP
|
Cost of products
sold
|
|
|
|
|
|
|
|
|
|
$
|
3,291
|
|
|
$
|
1
|
|
|
$
|
3,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
1,765
|
|
|
(1)
|
|
|
1,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
|
|
|
|
|
|
|
|
877
|
|
|
(1)
|
|
|
878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes and equity
interests
|
|
|
|
|
|
|
|
|
|
810
|
|
|
(1)
|
|
|
811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
|
|
|
|
|
|
|
(260)
|
|
|
(2)
|
|
|
(258)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
|
|
|
|
|
|
|
32.1
|
%
|
|
—
|
|
|
31.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
|
|
|
|
|
|
|
|
581
|
|
|
(3)
|
|
|
584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interests in continuing
operations
|
|
|
|
|
|
|
|
|
|
(20)
|
|
|
—
|
|
|
(20)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations attributable to Kimberly-Clark
Corporation
|
|
|
|
|
|
|
|
|
|
561
|
|
|
(3)
|
|
|
564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share from continuing operations
|
|
|
|
|
|
|
|
|
|
1.49
|
|
|
(0.01)
|
|
|
1.50
|
|
|
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
NON-GAAP
RECONCILIATIONS
(Millions, except per
share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2015
|
|
|
As
Reported
|
|
Charges
for
Pension
Settlements
|
|
Charges for
2014
Organization
Restructuring
|
|
Charge for
Venezuelan Balance
Sheet
Remeasurement
|
|
Charges for
Turkey
Restructuring
|
|
As
Adjusted
Non-GAAP
|
Cost of products
sold
|
|
$
|
9,054
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
5
|
|
|
$
|
16
|
|
|
$
|
9,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
4,998
|
|
|
—
|
|
|
(19)
|
|
|
(5)
|
|
|
(16)
|
|
|
5,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, research
and general expenses
|
|
2,586
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
1
|
|
|
2,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) and
expense, net
|
|
1,429
|
|
|
1,350
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
983
|
|
|
(1,350)
|
|
|
(36)
|
|
|
(45)
|
|
|
(17)
|
|
|
2,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes and equity
interests
|
|
776
|
|
|
(1,350)
|
|
|
(36)
|
|
|
(45)
|
|
|
(17)
|
|
|
2,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
(166)
|
|
|
520
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
(702)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
21.4
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Kimberly-Clark Corporation
|
|
680
|
|
|
(830)
|
|
|
(20)
|
|
|
(45)
|
|
|
(17)
|
|
|
1,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share(a)
|
|
1.85
|
|
|
(2.26)
|
|
|
(0.05)
|
|
|
(0.12)
|
|
|
(0.05)
|
|
|
4.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Charges for
European
Strategic
Changes
|
|
Charge Related
to
Regulatory
Dispute in Middle
East
|
|
As
Adjusted
Non-GAAP
|
Cost of products
sold
|
$
|
9,766
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
9,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
5,130
|
|
|
(9)
|
|
|
—
|
|
|
|
5,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, research
and general expenses
|
2,738
|
|
|
4
|
|
|
—
|
|
|
|
2,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) and
expense, net
|
29
|
|
|
—
|
|
|
39
|
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
2,363
|
|
|
(13)
|
|
|
(39)
|
|
|
|
2,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations before income taxes and equity
interests
|
2,161
|
|
|
(13)
|
|
|
(39)
|
|
|
|
2,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
(681)
|
|
|
1
|
|
|
—
|
|
|
|
(682)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
31.5
|
%
|
|
—
|
|
|
—
|
|
|
|
30.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
1,593
|
|
|
(12)
|
|
|
(39)
|
|
|
|
1,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interests in continuing
operations
|
(49)
|
|
|
—
|
|
|
20
|
|
|
|
(69)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations attributable to Kimberly-Clark
Corporation
|
1,544
|
|
|
(12)
|
|
|
(19)
|
|
|
|
1,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share from continuing operations
|
4.08
|
|
|
(0.03)
|
|
|
(0.05)
|
|
|
|
4.16
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
"As Adjusted Non-GAAP" does not equal "As Reported" plus "Charges"
as a result of rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED BALANCE
SHEET
(Millions)
|
|
|
|
|
|
|
|
|
|
September 30,
2015
|
|
December 31,
2014
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
643
|
|
|
$
|
789
|
|
Accounts receivable,
net
|
2,284
|
|
|
2,223
|
|
Inventories
|
1,883
|
|
|
1,892
|
|
Other current
assets
|
632
|
|
|
655
|
|
Total Current
Assets
|
5,442
|
|
|
5,559
|
|
Property, Plant
and Equipment, Net
|
7,066
|
|
|
7,359
|
|
Investments in
Equity Companies
|
279
|
|
|
257
|
|
Goodwill
|
1,435
|
|
|
1,628
|
|
Other
Assets
|
706
|
|
|
723
|
|
TOTAL
ASSETS
|
$
|
14,928
|
|
|
$
|
15,526
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
Liabilities
|
|
|
|
Debt payable within
one year
|
$
|
1,460
|
|
|
$
|
1,326
|
|
Trade accounts
payable
|
2,518
|
|
|
2,616
|
|
Accrued
expenses
|
1,903
|
|
|
1,974
|
|
Dividends
payable
|
320
|
|
|
310
|
|
Total Current
Liabilities
|
6,201
|
|
|
6,226
|
|
Long-Term
Debt
|
6,125
|
|
|
5,630
|
|
Noncurrent
Employee Benefits
|
1,312
|
|
|
1,693
|
|
Deferred Income
Taxes
|
626
|
|
|
587
|
|
Other
Liabilities
|
316
|
|
|
319
|
|
Redeemable
Preferred Securities of Subsidiaries
|
72
|
|
|
72
|
|
Stockholders'
Equity
|
|
|
|
Kimberly-Clark
Corporation
|
54
|
|
|
729
|
|
Noncontrolling
Interests
|
222
|
|
|
270
|
|
Total
Stockholders' Equity
|
276
|
|
|
999
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
|
14,928
|
|
|
$
|
15,526
|
|
|
2015 Data is
Unaudited
|
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED CASH
FLOW STATEMENT
(Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30
|
|
Nine Months Ended
September 30
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Operating
Activities
|
|
|
|
|
|
|
|
Net income
|
$
|
529
|
|
|
$
|
582
|
|
|
$
|
722
|
|
|
$
|
1,658
|
|
Depreciation and
amortization
|
182
|
|
|
220
|
|
|
565
|
|
|
655
|
|
Asset
impairments
|
20
|
|
|
—
|
|
|
20
|
|
|
42
|
|
Stock-based
compensation
|
17
|
|
|
15
|
|
|
68
|
|
|
51
|
|
Deferred income
taxes
|
(32)
|
|
|
(6)
|
|
|
(378)
|
|
|
57
|
|
Equity companies'
earnings (in excess of) less than dividends paid
|
(1)
|
|
|
9
|
|
|
(38)
|
|
|
(27)
|
|
(Increase) decrease
in operating working capital
|
101
|
|
|
152
|
|
|
(316)
|
|
|
(63)
|
|
Postretirement
benefits
|
33
|
|
|
16
|
|
|
941
|
|
|
(119)
|
|
Charge for Venezuelan
balance sheet remeasurement
|
—
|
|
|
—
|
|
|
45
|
|
|
—
|
|
Other
|
—
|
|
|
(12)
|
|
|
12
|
|
|
1
|
|
Cash Provided by
Operations
|
849
|
|
|
976
|
|
|
1,641
|
|
|
2,255
|
|
Investing
Activities
|
|
|
|
|
|
|
|
Capital
spending
|
(271)
|
|
|
(291)
|
|
|
(798)
|
|
|
(730)
|
|
Proceeds from sales
of investments
|
—
|
|
|
3
|
|
|
—
|
|
|
96
|
|
Investments in time
deposits
|
(18)
|
|
|
(10)
|
|
|
(100)
|
|
|
(123)
|
|
Maturities of time
deposits
|
9
|
|
|
9
|
|
|
100
|
|
|
191
|
|
Other
|
(17)
|
|
|
45
|
|
|
(25)
|
|
|
41
|
|
Cash Used for
Investing
|
(297)
|
|
|
(244)
|
|
|
(823)
|
|
|
(525)
|
|
Financing
Activities
|
|
|
|
|
|
|
|
Cash dividends
paid
|
(321)
|
|
|
(315)
|
|
|
(952)
|
|
|
(942)
|
|
Change in short-term
debt
|
(292)
|
|
|
(126)
|
|
|
(109)
|
|
|
153
|
|
Debt
proceeds
|
587
|
|
|
5
|
|
|
1,097
|
|
|
621
|
|
Debt
repayments
|
(305)
|
|
|
(3)
|
|
|
(349)
|
|
|
(109)
|
|
Proceeds from
exercise of stock options
|
20
|
|
|
17
|
|
|
102
|
|
|
98
|
|
Acquisitions of
common stock for the treasury
|
(145)
|
|
|
(205)
|
|
|
(503)
|
|
|
(1,122)
|
|
Shares purchased from
noncontrolling interest
|
—
|
|
|
—
|
|
|
(151)
|
|
|
—
|
|
Other
|
1
|
|
|
(15)
|
|
|
6
|
|
|
(22)
|
|
Cash Used for
Financing
|
(455)
|
|
|
(642)
|
|
|
(859)
|
|
|
(1,323)
|
|
Effect of Exchange
Rate Changes on Cash and Cash Equivalents
|
(57)
|
|
|
(28)
|
|
|
(105)
|
|
|
(30)
|
|
Increase
(Decrease) in Cash and Cash Equivalents
|
40
|
|
|
62
|
|
|
(146)
|
|
|
377
|
|
Cash and Cash
Equivalents - Beginning of Period
|
603
|
|
|
1,369
|
|
|
789
|
|
|
1,054
|
|
Cash and Cash
Equivalents - End of Period
|
$
|
643
|
|
|
$
|
1,431
|
|
|
$
|
643
|
|
|
$
|
1,431
|
|
|
Unaudited
|
KIMBERLY-CLARK
CORPORATION
SELECTED BUSINESS
SEGMENT DATA
(Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30
|
|
|
|
Nine Months Ended
September 30
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
NET
SALES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Care
|
|
$
|
2,357
|
|
|
$
|
2,475
|
|
|
-4.8
|
%
|
|
$
|
6,971
|
|
|
$
|
7,299
|
|
|
-4.5
|
%
|
Consumer
Tissue
|
|
1,528
|
|
|
1,697
|
|
|
-10.0
|
%
|
|
4,601
|
|
|
5,024
|
|
|
-8.4
|
%
|
K-C
Professional
|
|
826
|
|
|
873
|
|
|
-5.4
|
%
|
|
2,443
|
|
|
2,531
|
|
|
-3.5
|
%
|
Corporate &
Other
|
|
7
|
|
|
11
|
|
|
N.M.
|
|
|
37
|
|
|
42
|
|
|
N.M.
|
|
TOTAL NET
SALES
|
|
$
|
4,718
|
|
|
$
|
5,056
|
|
|
-6.7
|
%
|
|
$
|
14,052
|
|
|
$
|
14,896
|
|
|
-5.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Care
|
|
$
|
484
|
|
|
$
|
483
|
|
|
+0.2
|
%
|
|
$
|
1,412
|
|
|
$
|
1,393
|
|
|
+1.4
|
%
|
Consumer
Tissue
|
|
260
|
|
|
285
|
|
|
-8.8
|
%
|
|
811
|
|
|
782
|
|
|
+3.7
|
%
|
K-C
Professional
|
|
154
|
|
|
165
|
|
|
-6.7
|
%
|
|
433
|
|
|
453
|
|
|
-4.4
|
%
|
Corporate &
Other(a)
|
|
(84)
|
|
|
(72)
|
|
|
N.M.
|
|
|
(244)
|
|
|
(236)
|
|
|
N.M.
|
|
Other (income) and
expense, net(b)
|
|
35
|
|
|
(16)
|
|
|
N.M.
|
|
|
1,429
|
|
|
29
|
|
|
N.M.
|
|
TOTAL OPERATING
PROFIT
|
|
$
|
779
|
|
|
$
|
877
|
|
|
-11.2
|
%
|
|
$
|
983
|
|
|
$
|
2,363
|
|
|
-58.4
|
%
|
|
|
(a)
|
Corporate & Other
includes charges related to the 2014 Organization Restructuring of
$11 and $36 for the three and nine months ended September 30,
2015, respectively, and a charge related to the remeasurement of
the Venezuelan balance sheet of $5 for the nine months ended
September 30, 2015. Corporate & Other also includes
charges of $17 for restructuring in Turkey for the three and nine
months ended September 30, 2015. In addition, Corporate &
Other includes charges related to the European strategic changes of
$1 and $13 for the three and nine months ended September 30,
2014, respectively.
|
|
|
(b)
|
Other (income) and
expense, net includes charges for pension settlements of $19 and
$1,350 for the three and nine months ended September 30, 2015,
respectively, and a charge related to the remeasurement of the
Venezuelan balance sheet of $40 for the nine months ended
September 30, 2015.
|
|
|
N.M. – Not
Meaningful
Unaudited
|
KIMBERLY-CLARK
CORPORATION
SELECTED BUSINESS
SEGMENT DATA
|
|
PERCENTAGE CHANGE IN
NET SALES VERSUS PRIOR YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2015
|
|
|
Total
|
|
Volume
|
|
Net
Price
|
|
Mix/
Other(a)
|
|
Currency
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Care
|
|
(4.8)
|
|
7
|
|
—
|
|
1
|
|
(13)
|
Consumer
Tissue
|
|
(10.0)
|
|
2
|
|
(1)
|
|
—
|
|
(11)
|
K-C
Professional
|
|
(5.4)
|
|
2
|
|
—
|
|
3
|
|
(10)
|
TOTAL
CONSOLIDATED
|
|
(6.7)
|
|
5
|
|
—
|
|
—
|
|
(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2015
|
|
|
Total
|
|
Volume
|
|
Net
Price
|
|
Mix/
Other(a)
|
|
Currency
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Care
|
|
(4.5)
|
|
5
|
|
1
|
|
1
|
|
(11)
|
Consumer
Tissue
|
|
(8.4)
|
|
2
|
|
(1)
|
|
—
|
|
(9)
|
K-C
Professional
|
|
(3.5)
|
|
3
|
|
—
|
|
3
|
|
(9)
|
TOTAL
CONSOLIDATED
|
|
(5.7)
|
|
4
|
|
—
|
|
—
|
|
(10)
|
|
|
(a) Mix/Other includes rounding.
|
|
|
|
Unaudited
|
|
KIMBERLY-CLARK
CORPORATION
OUTLOOK FOR
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated
Range
|
|
|
|
|
|
|
|
ESTIMATED FULL YEAR
2015 DILUTED EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share
|
|
$
|
5.70
|
|
|
-
|
|
$
|
5.80
|
|
Adjustments
for:
|
|
|
|
|
|
|
Charges for pension
settlements
|
|
(2.28)
|
|
|
-
|
|
(2.27)
|
|
Charges related to
the 2014 Organization Restructuring
|
|
(0.14)
|
|
|
-
|
|
(0.08)
|
|
Charge for Venezuelan
balance sheet remeasurement
|
|
(0.12)
|
|
|
-
|
|
(0.12)
|
|
Charges related to
Turkey Restructuring
|
|
(0.07)
|
|
|
-
|
|
(0.07)
|
|
Per share basis –
diluted net income attributable to Kimberly-Clark
Corporation
|
|
$
|
3.09
|
|
|
-
|
|
$
|
3.26
|
|
|
|
|
|
|
|
|
ESTIMATED FULL YEAR
2015 EFFECTIVE TAX RATE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective
tax rate
|
|
31.5
|
%
|
|
-
|
|
33.5
|
%
|
Adjustments
for:
|
|
|
|
|
|
|
Charges for pension
settlements
|
|
(5.2)
|
|
|
-
|
|
(5.1)
|
|
Charges related to
the 2014 Organization Restructuring
|
|
—
|
|
|
-
|
|
—
|
|
Charge for Venezuelan
balance sheet remeasurement
|
|
0.5
|
|
|
-
|
|
0.5
|
|
Charges related to
Turkey Restructuring
|
|
0.3
|
|
|
-
|
|
0.3
|
|
Effective tax
rate
|
|
27.1
|
%
|
|
-
|
|
29.2
|
%
|
[KMB-F]
Logo -
http://photos.prnewswire.com/prnh/20110928/DA76879LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/kimberly-clark-announces-third-quarter-2015-results-300163462.html
SOURCE Kimberly-Clark Corporation