Healthcare products maker Kimberly-Clark Corp. (KMB) posted an increase in first-quarter profit attributable to company to $531 million, or $1.36 a share, from $468 million, or $1.18 a share reported a year back.
Quarterly adjusted earnings per share were $1.48, higher than last year's $1.24, driven by organic sales growth, cost savings and higher other income, partially offset by input cost inflation, increased marketing, research and general spending and a higher effective tax rate. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $1.34 for the quarter. Analysts' estimates typically exclude one-time items.
In the recent quarter, net sales reached $5.32 billion, up 1.5 percent from the prior-year figure of $5.24 billion, thereby beating consensus estimates of $5.28 billion. Organic sales rose 3 percent, including increases of 6 percent in North American consumer tissue and 5 percent in K-C International. The company said the organic sales exclude the impact of changes in foreign currency rates and lost sales as a result of European strategic changes and pulp and tissue restructuring actions.
For 2013, adjusted earnings per share are now projected to be $5.60 - $5.75, versus its earlier range of $5.50 - $5.65, while 19 analysts expect annual earnings of $5.59 per share.
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