Kimberly-Clark Announces Year-End 2019 Results And 2020 Outlook
Executive Summary
- Fourth quarter 2019 net sales of
$4.6 billion were even with the year-ago period, while organic sales increased 3 percent. Full-year 2019 net sales of$18.5 billion were even with the year-ago period, while organic sales increased 4 percent. - Diluted net income per share for the fourth quarter was
$1.59 in 2019 and$1.18 in 2018. Full-year diluted net income per share was$6.24 in 2019 and$4.03 in 2018. - Fourth quarter adjusted earnings per share were
$1.71 in 2019, up 7 percent compared to$1.60 in 2018. Adjusted earnings per share exclude certain items described later in this news release. - Full-year adjusted earnings per share were
$6.89 in 2019, up 4 percent compared to$6.61 in 2018. The company's previous guidance was for adjusted earnings per share of$6.75 to $6.90 . - Net sales in 2020 are expected to increase 1 percent year-on-year, including organic sales growth of 2 percent. Diluted net income per share for 2020 is anticipated to be
$5.95 to $6.65 . Adjusted earnings per share in 2020 are expected to be$7.10 to $7.35 . - The company's Board of Directors has approved a 3.9 percent increase in the quarterly dividend, which is the 48th consecutive annual increase in the dividend.
Chairman and Chief Executive Officer
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
Fourth quarter operating profit was
Fourth quarter adjusted operating profit was
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.
Cash Flow and Balance Sheet
Cash provided by operations in the fourth quarter was
Fourth quarter 2019 share repurchases were 1.9 million shares at a cost of
Fourth Quarter 2019 Business Segment Results
Personal Care Segment
Fourth quarter sales of
Sales in
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
Sales in developed markets outside
Consumer Tissue Segment
Fourth quarter sales of
Sales in
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
K-C Professional (KCP) Segment
Fourth quarter sales of
Sales in
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
Full Year 2019 Results
Sales of
Operating profit was
Adjusted operating profit was
Diluted net income per share was
2018 Global Restructuring Program
In
2020 Outlook and Key Planning Assumptions
The company's key planning and guidance assumptions for 2020 are as follows:
- Net sales increase of 1 percent.
- Organic sales increase of 2 percent, with improvements in net selling prices, volumes and product mix.
- Foreign currency exchange rates unfavorable by 1 percent.
- Exited businesses in conjunction with the 2018 Global Restructuring Program expected to reduce sales slightly.
- Adjusted operating profit growth of 3 to 5 percent.
- Cost savings of
$425 to $500 million , including$325 to $375 million from the FORCE program and$100 to $125 million from the 2018 Global Restructuring Program. - Key cost inputs expected to decline
$50 to $200 million , driven by pulp. - Increased advertising spending.
- Unfavorable foreign currency translation and transaction effects.
- Interest expense expected to increase somewhat year-on-year.
- Adjusted effective tax rate of 23 to 25 percent.
- Net income from equity companies higher year-on-year.
- Adjusted earnings per share of
$7.10 to $7.35 compared to$6.89 in 2019. - Capital spending of
$1,150 to $1,350 million , including significant spending related to the 2018 Global Restructuring Program. - Dividend increase of 3.9 percent (approved by the Board of Directors and mentioned previously in this release). The quarterly dividend will increase to
$1.07 per share, up from$1.03 per share in 2019. The first dividend will be payable onApril 2, 2020 to stockholders of record onMarch 6, 2020 . - Share repurchases of
$700 to $900 million , subject to market conditions.
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:
- Adjusted earnings and earnings per share
- Adjusted gross and operating profit
- 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:
- 2018 Global Restructuring Program. Mentioned elsewhere in this release.
- Property sale gain. In the fourth quarter of 2019, the company recognized a gain on the sale of property associated with a former manufacturing facility that was closed in 2012 as part of a past restructuring.
- U.S. tax reform. In the first, third and fourth quarters of 2018, the company recognized net charges associated with U.S. tax reform related matters.
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
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
About
Copies of
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
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
KIMBERLY-CLARK CORPORATION |
|||||||
CONSOLIDATED INCOME STATEMENTS |
|||||||
(Millions, except per share amounts) |
|||||||
Three Months Ended |
|||||||
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 |
|||||||
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 |
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]
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SOURCE
Investor Relations contact: Paul Alexander, 972-281-1440, palexand@kcc.com, or Media Relations contact: Terry Balluck, 972-281-1397, terry.balluck@kcc.com