Kimberly-Clark 1Q Profits, Sales Rise On Overseas Gains
By Joseph Orovic | April 21, 2012 6:26 AM EST
Kimberly-Clark Corp. (NYSE: KMB), which makes Scott brand tissues, reported on Friday an increase in revenue and profits in its first quarter as cost-cutting and a boost in overseas sales made up for slow growth in the domestic market.
The Dallas, Texas, company's net income rose 30.9 percent in the quarter ended March 31, to $487 million, or $1.18 per share, from $372 million, or 86 cents per share, in the same quarter last year.
The results fell short of analysts' estimates of $492 million in net income, or $1.24 per share, according to Reuters consensus figures.
Operating income was $700 million, up 29 percent from $544 million in 2011. Excluding one-time charges, operating income was $735 million.
Net sales rose 4.2 percent, to $5.24 billion from $5.03 billion in the year-earlier period. U.S. sales rose 1 percent.
The company doubled-down on trimming operations, shedding $60 million in costs. Sales in Europe were better than expected, increasing 4 percent.
Low birth rates in the developed world put a damper on sales of Huggies diapers.
Kimberly-Clark maintained its earnings forecast of $5 to $5.15 a share for 2012, excluding restructuring costs.
The company's shares were up $1.21 to $76.48 in late afternoon trading.
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