DALLAS, April 22, 2016 /PRNewswire/ -- Kimberly-Clark
Corporation (NYSE: KMB) today reported first quarter 2016 results
and confirmed its previous guidance for full-year 2016 adjusted
earnings per share.
Executive Summary
- First quarter 2016 net sales of $4.5
billion decreased 5 percent compared to the year-ago period,
as changes in foreign currency exchange rates reduced sales 7
percent. Organic sales rose 2 percent, including a 5 percent
increase in developing and emerging markets.
- Diluted net income per share for the first quarter was
$1.50 in 2016 and $1.27 in 2015.
- First quarter adjusted earnings per share were $1.53 in 2016 and $1.42 in 2015. Performance benefited from organic
sales growth, cost savings, input cost deflation and a lower
adjusted effective tax rate. Comparisons were negatively impacted
by unfavorable foreign currency exchange rate effects and increased
marketing, research and general spending on a local currency basis.
Adjusted earnings per share in both years exclude certain items
described later in this news release.
Chairman and Chief Executive Officer Thomas J. Falk said, "We continue to execute our
Global Business Plan strategies for long-term success and we are
confirming our previous top- and bottom-line outlook for 2016. In
the first quarter, organic sales grew more than 2 percent and our
adjusted operating profit margin improved by 90 basis points. We
achieved $110 million of total cost
savings from our FORCE program and 2014 Organization Restructuring
and continued to allocate capital in shareholder-friendly
ways."
Falk added, "For the full-year, we continue to expect our
organic sales to grow 3 to 5 percent. Compared to the first
quarter, we expect more benefits from targeted growth initiatives,
product innovations and improved net realized revenue. On the
bottom-line, we continue to expect adjusted earnings per share to
be in a range of $5.95 to $6.15. In
summary, we expect to deliver on our commitments again this
year."
First Quarter 2016 Operating Results
Sales of $4.5 billion in the first
quarter of 2016 were down 5 percent compared to the year-ago
period. Changes in foreign currency exchange rates reduced sales 7
percent as a result of the weakening of most currencies relative to
the U.S. dollar. Organic sales rose 2 percent due to higher
volumes.
First quarter operating profit was $804
million in 2016 and $748 million in 2015. Adjusted
operating profit was $818 million in
the first quarter of 2016 compared to $815
million in the year-ago period. Adjusted results in 2016
exclude $14 million of 2014
Organization Restructuring costs. Adjusted results in 2015 exclude
a $45 million charge for a balance
sheet remeasurement in Venezuela,
$13 million of 2014 Organization
Restructuring costs and $9 million of
charges for pension settlements.
The year-over-year adjusted operating profit comparison
benefited from organic sales growth, $95 million in cost savings from the
company's FORCE (Focused On Reducing Costs Everywhere) program and
$15 million of savings from the 2014
Organization Restructuring. Input costs decreased $30 million, including $25
million of lower costs for raw materials other than fiber
and $5 million of lower fiber costs.
Translation effects due to changes in foreign currency exchange
rates lowered operating profit by $50
million and transaction effects also negatively impacted the
comparison. Total marketing, research and general expenses
increased on a local currency basis, driven by higher selling,
administrative and research costs. On an adjusted basis, other
(income) and expense, net was expense of $10
million in 2016 and $13
million in 2015. Results in both periods were driven by
foreign currency transaction losses.
The first quarter effective tax rate was 28.3 percent in 2016
and 33.8 percent in 2015. The first quarter adjusted effective tax
rate, which excludes the effects of the previously mentioned items
excluded from adjusted earnings per share, was 28.3 percent in
2016, down from 32.3 percent in 2015 as a result of benefits from
certain tax planning initiatives. The company continues to expect
that the full-year 2016 adjusted effective tax rate will be between
30.5 percent and 32.5 percent.
Kimberly-Clark's share of net income of equity companies in the
first quarter was $35 million in 2016
and $36 million in 2015. 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.
Cash Flow and Balance Sheet
Cash provided by operations in the first quarter of 2016 was
$553 million versus $20 million
in 2015. The increase was driven by lower pension contributions and
tax payments. First quarter defined benefit pension plan
contributions were $30 million in
2016 and $435 million in 2015.
Capital spending for the first quarter was $220 million in
2016 and $284 million in 2015. First quarter 2016 share
repurchases were 1.1 million shares at a cost of $150 million. Total debt was $7.9 billion at March 31,
2016 and $7.8 billion at the
end of 2015.
First Quarter 2016 Business Segment Results
Personal Care Segment
First quarter sales of $2.2
billion decreased 4 percent. Changes in currency rates
reduced sales 9 percent. Volumes increased 3 percent and product
mix was favorable by 1 percent. First quarter operating profit of
$449 million decreased 1 percent. The
comparison was impacted by unfavorable currency effects and
increased marketing, research and general spending on a local
currency basis, mostly offset by organic sales growth, cost savings
and lower input costs.
Sales in North America
increased 3 percent. Volumes improved 5 percent, while the combined
impact of changes in net selling prices and product mix reduced
sales 1 percent. Currency was unfavorable 1 percent. Adult care
volumes increased double-digits, with benefits from category
growth, innovations and market share gains. Baby wipes and child
care volumes each rose mid-single digits, including benefits from
innovations. Feminine care volumes advanced low-single digits and
diaper volumes were even with year-ago levels.
Sales in developing and emerging markets decreased 11 percent,
including an approximate 18 point drag from unfavorable currency
rates. Changes in volumes, net selling prices and product mix each
improved sales 2 percent. The volume growth included gains in
China and portions of Latin America. Volumes were down in
Brazil, as comparisons were
impacted by difficult economic conditions and strong growth in the
base period. The higher net selling prices were driven by
Latin America and Eastern Europe in response to weaker currency
rates and local cost inflation. Net selling prices declined in
China due to increased promotion
activity.
Sales in developed markets outside North America (Australia, South
Korea and Western/Central
Europe) decreased 7 percent, including a 9 point drag
from unfavorable currency rates. Volumes rose 2 percent, driven by
Australia. Product mix improved 2
percent, while net selling prices were off 2 percent.
Consumer Tissue Segment
First quarter sales of $1.5 billion decreased 5 percent. Currency
rates were unfavorable by 5 percent. Net selling prices were up 1
percent, while changes in product mix reduced sales 1 percent.
First quarter operating profit of $280 million decreased 4
percent. The comparison was impacted by unfavorable currencies,
partially offset by cost savings.
Sales in North America
increased 1 percent. Volumes were up 3 percent, while product mix
was unfavorable 2 percent. Volumes improved in all product
categories, led by paper towels.
Sales in developing and emerging markets decreased 14 percent,
including a 14 point negative impact from currency rates. Net
selling prices rose about 5 percent, while volumes fell 4 percent.
The changes in net selling prices and volumes mostly occurred in
Latin America.
Sales in developed markets outside North America fell 9 percent. Currency rates
were unfavorable 7 percent. Volumes fell 2 percent, primarily in
Western/Central Europe. Net
selling prices declined 1 percent, while product mix improved 1
percent.
K-C Professional (KCP) Segment
First quarter sales of $0.8
billion decreased 4 percent. Changes in currency rates
reduced sales 5 percent. Volumes and net selling prices each
increased 1 percent, while product mix/other was unfavorable 1
percent. The decline in product mix/other included an approximate 2
percent impact from lower sales of nonwovens to Halyard Health,
Inc. First quarter operating profit of $150 million increased
12 percent. The comparison benefited from organic sales growth
and cost savings, partially offset by unfavorable currency
effects.
Sales in North America
increased 3 percent. Volumes improved 3 percent, driven by growth
in washroom products and wipers. The combined impact of changes in
net selling prices and product mix added 1 point to sales, while
currency was unfavorable 1 percent.
Sales in developing and emerging markets decreased
11 percent, including a 15 point drag from currency rates. Net
selling prices rose 5 percent and product mix improved 3 percent,
while volumes were off 4 percent.
Sales in developed markets outside North America were down 8 percent. Changes in
currency rates reduced sales 6 percent. Net selling prices fell 3
percent, while volumes advanced 1 percent.
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 toward the high end of the
previously communicated range of $130 to
$160 million after tax ($190 to $230
million pre-tax). Cumulative pre-tax savings from the
restructuring are expected to be toward the high end of the
previously communicated range of $120 to
$140 million by the end of 2017. First quarter 2016
restructuring costs were $10 million
after tax ($14 million pre-tax),
bringing cumulative costs to $147
million after tax ($210
million pre-tax). First quarter 2016 savings were
$15 million, bringing cumulative
savings to $85 million.
2016 Outlook and Key Planning Assumptions
The company updated the following key planning and guidance
assumptions for full-year 2016:
- Negative foreign currency translation effects on net sales and
operating profit are expected to be toward the low end of the
previously assumed range of 5 to 6 percent.
- The impact of changes in key cost inputs is expected to be
between $0 and $150 million of
deflation year-on-year compared to the prior range of $50 million of inflation to $100 million of deflation. The company is now
assuming North American market prices of $820 to $850 per metric ton for eucalyptus pulp
(prior estimate $840 to $870 per
metric ton).
- Benefits from higher net selling prices are expected to be
somewhat lower than prior assumptions as a result of the updated
estimates for changes in foreign currency exchange rates and cost
inputs.
- Net income from equity companies is anticipated to be similar
to, or down somewhat, compared to 2015's level. The prior
assumption was for net income to be similar to, or up somewhat,
year-on-year. The update assumes more negative currency effects at
K-C de Mexico.
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
- 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:
- 2014 Organization Restructuring. See previous discussion in
this news release.
- 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 SIMADI floating exchange
rate.
- 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 2015,
mostly in the second quarter.
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 144-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, the anticipated cost savings from the company's
FORCE program, 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, 2015 entitled "Risk
Factors."
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED INCOME
STATEMENT
(Millions, except per
share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31
|
|
|
|
2016
|
|
2015
|
|
Change
|
Net
Sales
|
$
|
4,476
|
|
|
$
|
4,691
|
|
|
-4.6
|
%
|
Cost of products
sold
|
2,837
|
|
|
3,032
|
|
|
-6.4
|
%
|
Gross
Profit
|
1,639
|
|
|
1,659
|
|
|
-1.2
|
%
|
Marketing, research
and general expenses
|
825
|
|
|
849
|
|
|
-2.8
|
%
|
Other (income) and
expense, net
|
10
|
|
|
62
|
|
|
-83.9
|
%
|
Operating
Profit
|
804
|
|
|
748
|
|
|
+7.5
|
%
|
Interest
income
|
4
|
|
|
4
|
|
|
—
|
|
Interest
expense
|
(76)
|
|
|
(72)
|
|
|
+5.6
|
%
|
Income Before
Income Taxes and Equity Interests
|
732
|
|
|
680
|
|
|
+7.6
|
%
|
Provision for income
taxes
|
(207)
|
|
|
(230)
|
|
|
-10.0
|
%
|
Income Before
Equity Interests
|
525
|
|
|
450
|
|
|
+16.7
|
%
|
Share of net income
of equity companies
|
35
|
|
|
36
|
|
|
-2.8
|
%
|
Net
Income
|
560
|
|
|
486
|
|
|
+15.2
|
%
|
Net income
attributable to noncontrolling interests
|
(15)
|
|
|
(18)
|
|
|
-16.7
|
%
|
Net Income
Attributable to Kimberly-Clark Corporation
|
$
|
545
|
|
|
$
|
468
|
|
|
+16.5
|
%
|
|
|
|
|
|
|
Per Share
Basis
|
|
|
|
|
|
Net Income
Attributable to Kimberly-Clark Corporation
|
|
|
|
|
|
Basic
|
$
|
1.51
|
|
|
$
|
1.28
|
|
|
+18.0
|
%
|
Diluted
|
$
|
1.50
|
|
|
$
|
1.27
|
|
|
+18.1
|
%
|
|
|
|
|
|
|
Cash Dividends
Declared
|
$
|
0.92
|
|
|
$
|
0.88
|
|
|
+4.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding
|
March
31
|
|
|
|
2016
|
|
2015
|
|
|
Outstanding shares
as of
|
360.2
|
|
|
364.3
|
|
|
|
Average diluted
shares for three months ended
|
363.4
|
|
|
367.9
|
|
|
|
|
|
|
|
|
|
KIMBERLY-CLARK
CORPORATION
NON-GAAP
RECONCILIATIONS
(Millions, except per
share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
As
Reported
|
|
|
Charges for
2014
Organization Restructuring
|
|
As
Adjusted
Non-GAAP
|
Cost of products
sold
|
|
$
|
2,837
|
|
|
|
$
|
—
|
|
|
$
|
2,837
|
|
Gross
profit
|
|
1,639
|
|
|
|
—
|
|
|
1,639
|
|
Marketing, research
and general expenses
|
|
825
|
|
|
|
14
|
|
|
811
|
|
Operating
profit
|
|
804
|
|
|
|
(14)
|
|
|
818
|
|
Income before income
taxes and equity interests
|
|
732
|
|
|
|
(14)
|
|
|
746
|
|
Provision for income
taxes
|
|
(207)
|
|
|
|
4
|
|
|
(211)
|
|
Effective tax
rate
|
|
28.3
|
%
|
|
|
—
|
|
|
28.3
|
%
|
Net income
attributable to Kimberly-Clark Corporation
|
|
545
|
|
|
|
(10)
|
|
|
555
|
|
Diluted earnings per
share
|
|
1.50
|
|
|
|
(0.03)
|
|
|
1.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
|
As
Reported
|
|
Charges
for
Pension
Settlements
|
|
Charges for 2014
Organization Restructuring
|
|
Charge Related to
Venezuelan
Operations
|
|
As
Adjusted
Non-GAAP
|
Cost of products
sold
|
|
$
|
3,032
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
5
|
|
|
$
|
3,019
|
|
Gross
profit
|
|
1,659
|
|
|
—
|
|
|
(8)
|
|
|
(5)
|
|
|
1,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, research
and general expenses
|
|
849
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) and
expense, net
|
|
62
|
|
|
9
|
|
|
—
|
|
|
40
|
|
|
13
|
|
Operating
profit
|
|
748
|
|
|
(9)
|
|
|
(13)
|
|
|
(45)
|
|
|
815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes and equity interests
|
|
680
|
|
|
(9)
|
|
|
(13)
|
|
|
(45)
|
|
|
747
|
|
Provision for income
taxes
|
|
(230)
|
|
|
3
|
|
|
8
|
|
|
—
|
|
|
(241)
|
|
Effective tax
rate
|
|
33.8
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Kimberly-Clark Corporation
|
|
468
|
|
|
(6)
|
|
|
(5)
|
|
|
(45)
|
|
|
524
|
|
Diluted earnings per
share
|
|
1.27
|
|
|
(0.02)
|
|
|
(0.01)
|
|
|
(0.12)
|
|
|
1.42
|
|
|
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.
|
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED BALANCE
SHEET
(Millions)
|
|
|
|
|
|
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
635
|
|
|
$
|
619
|
|
Accounts receivable,
net
|
2,255
|
|
|
2,281
|
|
Inventories
|
1,902
|
|
|
1,909
|
|
Other current
assets
|
359
|
|
|
617
|
|
Total Current
Assets
|
5,151
|
|
|
5,426
|
|
Property, Plant
and Equipment, Net
|
7,188
|
|
|
7,104
|
|
Investments in
Equity Companies
|
284
|
|
|
247
|
|
Goodwill
|
1,498
|
|
|
1,446
|
|
Other
Assets
|
699
|
|
|
619
|
|
TOTAL
ASSETS
|
$
|
14,820
|
|
|
$
|
14,842
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
Liabilities
|
|
|
|
Debt payable within
one year
|
$
|
999
|
|
|
$
|
1,669
|
|
Trade accounts
payable
|
2,442
|
|
|
2,612
|
|
Accrued
expenses
|
1,618
|
|
|
1,750
|
|
Dividends
payable
|
332
|
|
|
318
|
|
Total Current
Liabilities
|
5,391
|
|
|
6,349
|
|
Long-Term
Debt
|
6,904
|
|
|
6,106
|
|
Noncurrent
Employee Benefits
|
1,167
|
|
|
1,137
|
|
Deferred Income
Taxes
|
594
|
|
|
766
|
|
Other
Liabilities
|
371
|
|
|
380
|
|
Redeemable
Preferred Securities of Subsidiaries
|
64
|
|
|
64
|
|
Stockholders'
Equity (Deficit)
|
|
|
|
Kimberly-Clark
Corporation
|
109
|
|
|
(174)
|
|
Noncontrolling
Interests
|
220
|
|
|
214
|
|
Total
Stockholders' Equity
|
329
|
|
|
40
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
|
14,820
|
|
|
$
|
14,842
|
|
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED CASH
FLOW STATEMENT
(Millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31
|
|
2016
|
|
2015
|
Operating
Activities
|
|
|
|
Net income
|
$
|
560
|
|
|
$
|
486
|
|
Depreciation and
amortization
|
172
|
|
|
194
|
|
Stock-based
compensation
|
15
|
|
|
15
|
|
Deferred income
taxes
|
(34)
|
|
|
171
|
|
Equity companies'
earnings (in excess of) less than dividends paid
|
(30)
|
|
|
(35)
|
|
(Increase) decrease
in operating working capital
|
(105)
|
|
|
(446)
|
|
Postretirement
benefits
|
(16)
|
|
|
(414)
|
|
Charge related to
Venezuelan operations
|
—
|
|
|
45
|
|
Other
|
(9)
|
|
|
4
|
|
Cash Provided by
Operations
|
553
|
|
|
20
|
|
Investing
Activities
|
|
|
|
Capital
spending
|
(220)
|
|
|
(284)
|
|
Investments in time
deposits
|
(59)
|
|
|
(46)
|
|
Maturities of time
deposits
|
42
|
|
|
73
|
|
Other
|
8
|
|
|
(24)
|
|
Cash Used for
Investing
|
(229)
|
|
|
(281)
|
|
Financing
Activities
|
|
|
|
Cash dividends
paid
|
(318)
|
|
|
(310)
|
|
Change in short-term
debt
|
(675)
|
|
|
291
|
|
Debt
proceeds
|
796
|
|
|
497
|
|
Debt
repayments
|
(2)
|
|
|
(4)
|
|
Proceeds from
exercise of stock options
|
31
|
|
|
41
|
|
Acquisitions of
common stock for the treasury
|
(140)
|
|
|
(248)
|
|
Shares purchased from
noncontrolling interest
|
—
|
|
|
(151)
|
|
Other
|
(7)
|
|
|
(12)
|
|
Cash (Used for)
Provided by Financing
|
(315)
|
|
|
104
|
|
Effect of Exchange
Rate Changes on Cash and Cash Equivalents
|
7
|
|
|
(45)
|
|
Increase
(Decrease) in Cash and Cash Equivalents
|
16
|
|
|
(202)
|
|
Cash and Cash
Equivalents - Beginning of Year
|
619
|
|
|
789
|
|
Cash and Cash
Equivalents - End of Period
|
$
|
635
|
|
|
$
|
587
|
|
KIMBERLY-CLARK
CORPORATION
SELECTED BUSINESS
SEGMENT DATA
(Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31
|
|
|
|
|
2016
|
|
2015
|
|
Change
|
NET
SALES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Care
|
|
$
|
2,207
|
|
|
$
|
2,308
|
|
|
-4.4
|
%
|
Consumer
Tissue
|
|
1,496
|
|
|
1,574
|
|
|
-5.0
|
%
|
K-C
Professional
|
|
763
|
|
|
795
|
|
|
-4.0
|
%
|
Corporate &
Other
|
|
10
|
|
|
14
|
|
|
N.M.
|
|
TOTAL NET
SALES
|
|
$
|
4,476
|
|
|
$
|
4,691
|
|
|
-4.6
|
%
|
|
|
|
|
|
|
|
OPERATING
PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Care
|
|
$
|
449
|
|
|
$
|
455
|
|
|
-1.3
|
%
|
Consumer
Tissue
|
|
280
|
|
|
291
|
|
|
-3.8
|
%
|
K-C
Professional
|
|
150
|
|
|
134
|
|
|
+11.9
|
%
|
Corporate &
Other(a)
|
|
(65)
|
|
|
(70)
|
|
|
N.M.
|
|
Other (income) and
expense, net(a)
|
|
10
|
|
|
62
|
|
|
-83.9
|
%
|
TOTAL OPERATING
PROFIT
|
|
$
|
804
|
|
|
$
|
748
|
|
|
+7.5
|
%
|
|
|
|
|
(a)
|
Segment Operating
Profit excludes other (income) and expense, net and expenses not
associated with the business segments, including charges as
indicated in the Non-GAAP Reconciliations.
|
PERCENTAGE CHANGE IN
NET SALES VERSUS PRIOR YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
Total
|
|
Volume
|
|
Net
Price
|
|
Mix/
Other(a)
|
|
Currency
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Care
|
|
(4.4)
|
|
|
3
|
|
—
|
|
|
2
|
|
|
(9)
|
|
Consumer
Tissue
|
|
(5.0)
|
|
|
—
|
|
1
|
|
|
(1)
|
|
|
(5)
|
|
K-C
Professional
|
|
(4.0)
|
|
|
1
|
|
1
|
|
|
(1)
|
|
|
(5)
|
|
TOTAL
CONSOLIDATED
|
|
(4.6)
|
|
|
2
|
|
—
|
|
|
—
|
|
|
(7)
|
|
|
(a)
Mix/Other includes rounding.
|
|
N.M. – Not
Meaningful
|
Unaudited
|
KIMBERLY-CLARK
CORPORATION
OUTLOOK FOR
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated
Range
|
|
|
|
|
|
|
|
ESTIMATED FULL YEAR
2016 DILUTED EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share
|
|
$
|
5.95
|
|
|
-
|
|
$
|
6.15
|
|
Adjustment for
charges related to the 2014 Organization Restructuring
|
|
(0.06)
|
|
|
-
|
|
(0.03)
|
|
Per share basis –
diluted net income attributable to Kimberly-Clark
Corporation
|
|
$
|
5.89
|
|
|
-
|
|
$
|
6.12
|
|
|
|
|
|
|
|
|
[KMB-F]
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SOURCE Kimberly-Clark Corporation