Kimberly-Clark Announces Third Quarter 2021 Results
Executive Summary
- Third quarter 2021 net sales of
$5.0 billion increased 7 percent compared to the year-ago period, with an organic sales increase of 4 percent. - Diluted net income per share for the third quarter was
$1.39 in 2021 and$1.38 in 2020. - Third quarter adjusted earnings per share were
$1.62 in 2021 compared to$1.72 in 2020. Adjusted earnings per share exclude certain items described later in this news release. - Diluted net income per share for 2021 is anticipated to be
$5.15 to$5.60 . - The company is now targeting full-year 2021 organic sales decline of 1 to 2 percent and adjusted earnings per share of
$6.05 to$6.25 . The prior outlook was for organic sales decline of 0 to 2 percent and adjusted earnings per share of$6.65 to$6.90 . The updated earnings outlook reflects significantly higher input cost inflation.
Chairman and Chief Executive Officer
Hsu continued, "We will continue to invest in our brands and capabilities as we navigate through this volatile and difficult macro environment. Our strategy is working, and we remain confident in our future and our ability to create long-term shareholder value."
Third Quarter 2021 Operating Results
Sales of
In
Third quarter operating profit was
The third quarter effective tax rate was 21.6 percent in 2021 and 20.1 percent in 2020. The third quarter adjusted effective tax rate was 20.9 percent in 2021 and 22.4 percent in 2020. Kimberly-Clark's share of net income of equity companies in the third quarter was
Cash Flow and Balance Sheet
Cash provided by operations in the third quarter was
Third Quarter 2021 Business Segment Results
Personal Care Segment
Third quarter sales of
Sales in
Sales in D&E markets increased 18 percent. The Softex Indonesia acquisition increased sales by approximately 11 percent while changes in currency rates increased sales 1 percent. Net selling prices increased sales 4 percent and product mix increased sales 3 percent. Organic sales increased in
Sales in developed markets outside
Consumer Tissue Segment
Third quarter sales of
Sales in
Sales in D&E markets increased 5 percent including a 1 point favorable impact from changes in currency rates. Net selling prices rose 3 percent, product mix improved approximately 1 percent while volumes were down 3 percent. The Softex Indonesia acquisition increased sales 4 percent.
Sales in developed markets outside
K-C Professional (KCP) Segment
Third quarter sales of
Sales in
Sales in D&E markets increased 14 percent including a 1 point benefit from changes in currency rates. Volumes rose approximately 10 percent, compared to a soft year-ago period, net selling prices increased 3 percent and product mix improved 1 percent.
Sales in developed markets outside
Year-To-Date Results
For the first nine months of 2021, sales of
Year-to-date operating profit was
Through nine months, diluted net income per share was
2018 Global Restructuring Program
In
The restructuring is expected to be completed by the end of 2021. Total restructuring charges are anticipated to be
The company expects the program will generate annual pre-tax cost savings of
2021 Outlook and Key Planning Assumptions
The company updated the following key planning and guidance assumptions for full-year 2021:
- Net sales increase 1 to 2 percent (prior assumption 1 to 4 percent).
- Organic sales decline 1 to 2 percent (prior outlook decline 0 to 2 percent).
- Combined benefit of foreign currency exchange rates and the Softex Indonesia acquisition net of exited businesses in conjunction with the 2018 Global Restructuring Program expected to increase sales 3 percent (prior assumption foreign currency benefit 1 to 2 percent, Softex Indonesia acquisition increase sales 2 percent while exited businesses reduce sales slightly).
- Adjusted operating profit expected to decline 20 to 22 percent year-on-year (prior assumption decline of 11 to 14 percent).
- Key cost inputs expected to increase
$1,400 to$1,500 million (previous estimate$1,200 to$1,300 million ). The increased estimate driven by polymer-based materials, distribution costs, and energy rates. - Cost savings of
$520 to$540 million , including$390 to$400 million from the FORCE program and$130 to$140 million from the 2018 Global Restructuring Program (prior outlook total savings of$520 to$560 million including$400 to$420 million from the FORCE program and$120 to$140 million from the 2018 Global Restructuring Program). - Net income from equity companies down year-on-year (prior outlook similar, to down somewhat).
- Adjusted earnings per share of
$6.05 to$6.25 (prior outlook$6.65 to$6.90 ). - Capital spending of
$1,000 to$1,100 million (prior outlook$1,100 to$1,200 million ). - Share repurchases of approximately
$400 million (prior outlook$400 to$450 million ).
Prepared Management Remarks and Live Question and Answer Webcast
At approximately
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
- 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.
- Softex Indonesia acquisition-related costs. The company incurred costs to evaluate and execute the acquisition of Softex Indonesia.
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, acquisitions and exited businesses also impact the year-over-year change in net sales.
About Kimberly-Clark
Copies of Kimberly-Clark's Annual Report to Stockholders and its proxy statements and other
As more fully described in Kimberly-Clark's Quarterly Report on Form 10-Q for the quarter ended
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 entitled "Risk Factors" in the company's Annual Report on Form 10-K for the year ended
|
|||||||
CONSOLIDATED INCOME STATEMENTS |
|||||||
(Millions, except per share amounts) |
|||||||
Three Months Ended |
|||||||
2021 |
2020 |
Change |
|||||
|
$ |
5,010 |
$ |
4,683 |
+7 % |
||
Cost of products sold |
3,527 |
3,093 |
+14 % |
||||
Gross Profit |
1,483 |
1,590 |
-7 % |
||||
Marketing, research and general expenses |
819 |
919 |
-11 % |
||||
Other (income) and expense, net |
7 |
5 |
+40 % |
||||
Operating Profit |
657 |
666 |
-1 % |
||||
Nonoperating expense |
(10) |
(40) |
-75 % |
||||
Interest income |
1 |
2 |
-50 % |
||||
Interest expense |
(64) |
(62) |
+3 % |
||||
Income Before Income Taxes and Equity Interests |
584 |
566 |
+3 % |
||||
Provision for income taxes |
(126) |
(114) |
+11 % |
||||
Income Before Equity Interests |
458 |
452 |
+1 % |
||||
Share of net income of equity companies |
21 |
31 |
-32 % |
||||
Net Income |
479 |
483 |
-1 % |
||||
Net income attributable to noncontrolling interests |
(10) |
(11) |
-9 % |
||||
Net Income Attributable to |
$ |
469 |
$ |
472 |
-1 % |
||
Per Share Basis |
|||||||
Net Income Attributable to |
|||||||
Basic |
$ |
1.39 |
$ |
1.38 |
+1 % |
||
Diluted |
$ |
1.39 |
$ |
1.38 |
+1 % |
||
Cash Dividends Declared |
$ |
1.14 |
$ |
1.07 |
+7 % |
||
Common Shares Outstanding |
|
||||||
2021 |
2020 |
||||||
Outstanding shares as of |
336.7 |
340.4 |
|||||
Average diluted shares for three months ended |
337.5 |
342.3 |
|||||
Unaudited |
|
||||||||||
CONSOLIDATED INCOME STATEMENTS |
||||||||||
(Millions, except per share amounts) |
||||||||||
Nine Months Ended September 30 |
||||||||||
2021 |
2020 |
Change |
||||||||
|
$ |
14,475 |
$ |
14,304 |
+1 % |
|||||
Cost of products sold |
9,923 |
9,146 |
+8 % |
|||||||
Gross Profit |
4,552 |
5,158 |
-12 % |
|||||||
Marketing, research and general expenses |
2,488 |
2,636 |
-6 % |
|||||||
Other (income) and expense, net |
24 |
27 |
-11 % |
|||||||
Operating Profit |
2,040 |
2,495 |
-18 % |
|||||||
Nonoperating expense |
(71) |
(57) |
+25 % |
|||||||
Interest income |
4 |
6 |
-33 % |
|||||||
Interest expense |
(192) |
(188) |
+2 % |
|||||||
Income Before Income Taxes and Equity Interests |
1,781 |
2,256 |
-21 % |
|||||||
Provision for income taxes |
(386) |
(510) |
-24 % |
|||||||
Income Before Equity Interests |
1,395 |
1,746 |
-20 % |
|||||||
Share of net income of equity companies |
88 |
104 |
-15 % |
|||||||
Net Income |
1,483 |
1,850 |
-20 % |
|||||||
Net income attributable to noncontrolling interests |
(26) |
(37) |
-30 % |
|||||||
Net Income Attributable to |
$ |
1,457 |
$ |
1,813 |
-20 % |
|||||
Per Share Basis |
||||||||||
Net Income Attributable to |
||||||||||
Basic |
$ |
4.32 |
$ |
5.32 |
-19 % |
|||||
Diluted |
$ |
4.31 |
$ |
5.30 |
-19 % |
|||||
Cash Dividends Declared |
$ |
3.42 |
$ |
3.21 |
+7 % |
|||||
Common Shares Outstanding |
|
|||||||||
2021 |
2020 |
|||||||||
Average diluted shares for nine months ended |
338.4 |
342.3 |
||||||||
Unaudited |
|
|||||||||||||||||||
NON-GAAP RECONCILIATIONS |
|||||||||||||||||||
(Millions, except per share amounts) |
|||||||||||||||||||
Three Months Ended |
|||||||||||||||||||
As Reported |
2018 Global Restructuring Program |
As Adjusted Non-GAAP |
|||||||||||||||||
Cost of products sold |
$ |
3,527 |
$ |
48 |
$ |
3,479 |
|||||||||||||
Gross Profit |
1,483 |
(48) |
1,531 |
||||||||||||||||
Marketing, research and general expenses |
819 |
39 |
780 |
||||||||||||||||
Other (income) and expense, net |
7 |
1 |
6 |
||||||||||||||||
Operating Profit |
657 |
(88) |
745 |
||||||||||||||||
Nonoperating expense |
(10) |
(9) |
(1) |
||||||||||||||||
Provision for income taxes |
(126) |
16 |
(142) |
||||||||||||||||
Effective tax rate |
21.6 % |
— |
20.9 % |
||||||||||||||||
Net income attributable to noncontrolling interests |
(10) |
2 |
(12) |
||||||||||||||||
Net Income Attributable to |
469 |
(79) |
548 |
||||||||||||||||
Diluted Earnings per Share(a) |
1.39 |
(0.23) |
1.62 |
||||||||||||||||
Three Months Ended |
|||||||||||||||||||
As Reported |
2018 Global Restructuring Program |
Softex Acquisition- Related Costs |
As Adjusted Non-GAAP |
||||||||||||||||
Cost of products sold |
$ |
3,093 |
$ |
107 |
$ |
— |
$ |
2,986 |
|||||||||||
Gross Profit |
1,590 |
(107) |
— |
1,697 |
|||||||||||||||
Marketing, research and general expenses |
919 |
25 |
9 |
885 |
|||||||||||||||
Other (income) and expense, net |
5 |
(1) |
— |
6 |
|||||||||||||||
Operating Profit |
666 |
(131) |
(9) |
806 |
|||||||||||||||
Nonoperating expense |
(40) |
(26) |
— |
(14) |
|||||||||||||||
Provision for income taxes |
(114) |
50 |
— |
(164) |
|||||||||||||||
Effective tax rate |
20.1 % |
— |
— |
22.4 % |
|||||||||||||||
Net Income Attributable to |
472 |
(107) |
(9) |
588 |
|||||||||||||||
Diluted Earnings per Share(a) |
1.38 |
(0.31) |
(0.03) |
1.72 |
|||||||||||||||
(a) "As Adjusted Non-GAAP" may not equal "As Reported" plus "Adjustments" as a result of rounding. |
|||||||||||||||||||
Unaudited |
|||||||||||||||||||
|
|||||||||||||||||||
NON-GAAP RECONCILIATIONS |
|||||||||||||||||||
(Millions, except per share amounts) |
|||||||||||||||||||
Nine Months Ended |
|||||||||||||||||||
As Reported |
2018 Global Restructuring Program |
As Adjusted Non-GAAP |
|||||||||||||||||
Cost of products sold |
$ |
9,923 |
$ |
98 |
$ |
9,825 |
|||||||||||||
Gross Profit |
4,552 |
(98) |
4,650 |
||||||||||||||||
Marketing, research and general expenses |
2,488 |
78 |
2,410 |
||||||||||||||||
Other (income) and expense, net |
24 |
9 |
15 |
||||||||||||||||
Operating Profit |
2,040 |
(185) |
2,225 |
||||||||||||||||
Nonoperating expense |
(71) |
(65) |
(6) |
||||||||||||||||
Provision for income taxes |
(386) |
48 |
(434) |
||||||||||||||||
Effective tax rate |
21.7 % |
— |
21.4 % |
||||||||||||||||
Net income attributable to noncontrolling interests |
(26) |
3 |
(29) |
||||||||||||||||
Net Income Attributable to |
1,457 |
(199) |
1,656 |
||||||||||||||||
Diluted Earnings per Share(a) |
4.31 |
(0.59) |
4.89 |
||||||||||||||||
Nine Months Ended |
|||||||||||||||||||
As Reported |
2018 Global Restructuring Program |
Softex Acquisition- Related Costs |
As Adjusted Non-GAAP |
||||||||||||||||
Cost of products sold |
$ |
9,146 |
$ |
237 |
$ |
— |
$ |
8,909 |
|||||||||||
Gross Profit |
5,158 |
(237) |
— |
5,395 |
|||||||||||||||
Marketing, research and general expenses |
2,636 |
75 |
9 |
2,552 |
|||||||||||||||
Other (income) and expense, net |
27 |
(1) |
— |
28 |
|||||||||||||||
Operating Profit |
2,495 |
(311) |
(9) |
2,815 |
|||||||||||||||
Nonoperating expense |
(57) |
(26) |
— |
(31) |
|||||||||||||||
Provision for income taxes |
(510) |
83 |
— |
(593) |
|||||||||||||||
Effective tax rate |
22.6 % |
— |
— |
22.8 % |
|||||||||||||||
Share of net income of equity companies |
104 |
(1) |
— |
105 |
|||||||||||||||
Net income attributable to noncontrolling interests |
(37) |
2 |
— |
(39) |
|||||||||||||||
Net Income Attributable to |
1,813 |
(253) |
(9) |
2,075 |
|||||||||||||||
Diluted Earnings per Share(a) |
5.30 |
(0.74) |
(0.03) |
6.06 |
(a) "As Adjusted Non-GAAP" may not equal "As Reported" plus "Adjustments" as a result of rounding. |
|
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 |
|
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(Millions) |
|||||||
|
|
||||||
ASSETS |
|||||||
Current Assets |
|||||||
Cash and cash equivalents |
$ |
286 |
$ |
303 |
|||
Accounts receivable, net |
2,399 |
2,235 |
|||||
Inventories |
2,098 |
1,903 |
|||||
Other current assets |
843 |
733 |
|||||
Total Current Assets |
5,626 |
5,174 |
|||||
Property, Plant and Equipment, Net |
7,964 |
8,042 |
|||||
Investments in Equity Companies |
340 |
300 |
|||||
|
1,796 |
1,895 |
|||||
Other Intangible Assets, Net |
810 |
832 |
|||||
Other Assets |
1,239 |
1,280 |
|||||
TOTAL ASSETS |
$ |
17,775 |
$ |
17,523 |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
Current Liabilities |
|||||||
Debt payable within one year |
$ |
1,387 |
$ |
486 |
|||
Trade accounts payable |
3,519 |
3,336 |
|||||
Accrued expenses and other current liabilities |
1,972 |
2,262 |
|||||
Dividends payable |
380 |
359 |
|||||
Total Current Liabilities |
7,258 |
6,443 |
|||||
Long-Term Debt |
7,555 |
7,878 |
|||||
Noncurrent Employee Benefits |
869 |
864 |
|||||
Deferred Income Taxes |
701 |
723 |
|||||
Other Liabilities |
657 |
718 |
|||||
|
28 |
28 |
|||||
Stockholders' Equity |
|||||||
|
474 |
626 |
|||||
Noncontrolling Interests |
233 |
243 |
|||||
Total Stockholders' Equity |
707 |
869 |
|||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
17,775 |
$ |
17,523 |
|||
2021 Data is Unaudited |
|
|||||||||||
CONSOLIDATED CASH FLOW STATEMENTS |
|||||||||||
(Millions) |
|||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||
2021 |
2020 |
2021 |
2020 |
||||||||
Operating Activities |
|||||||||||
Net income |
$ |
479 |
$ |
483 |
$ |
1,483 |
$ |
1,850 |
|||
Depreciation and amortization |
194 |
192 |
572 |
606 |
|||||||
Asset impairments |
— |
— |
3 |
— |
|||||||
Stock-based compensation |
(12) |
47 |
30 |
101 |
|||||||
Deferred income taxes |
32 |
(42) |
(42) |
(30) |
|||||||
Net (gains) losses on asset dispositions |
19 |
54 |
34 |
67 |
|||||||
Equity companies' earnings (in excess of) less than dividends paid |
7 |
(6) |
(25) |
(53) |
|||||||
Operating working capital |
63 |
(198) |
(432) |
292 |
|||||||
Postretirement benefits |
3 |
22 |
39 |
7 |
|||||||
Other |
(3) |
7 |
6 |
2 |
|||||||
Cash Provided by Operations |
782 |
559 |
1,668 |
2,842 |
|||||||
Investing Activities |
|||||||||||
Capital spending |
(235) |
(258) |
(734) |
(894) |
|||||||
Proceeds from dispositions of property |
1 |
— |
31 |
5 |
|||||||
Investments in time deposits |
(181) |
(186) |
(632) |
(509) |
|||||||
Maturities of time deposits |
165 |
150 |
598 |
404 |
|||||||
Other |
1 |
7 |
1 |
17 |
|||||||
Cash Used for Investing |
(249) |
(287) |
(736) |
(977) |
|||||||
Financing Activities |
|||||||||||
Cash dividends paid |
(385) |
(365) |
(1,133) |
(1,087) |
|||||||
Change in short-term debt |
(106) |
170 |
854 |
(497) |
|||||||
Debt proceeds |
— |
601 |
5 |
1,842 |
|||||||
Debt repayments |
(16) |
(501) |
(269) |
(753) |
|||||||
Proceeds from exercise of stock options |
25 |
77 |
52 |
212 |
|||||||
Acquisitions of common stock for the treasury |
(62) |
(186) |
(393) |
(449) |
|||||||
Other |
(3) |
(1) |
(57) |
(40) |
|||||||
Cash Used for Financing |
(547) |
(205) |
(941) |
(772) |
|||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
(6) |
3 |
(8) |
(17) |
|||||||
Change in Cash and Cash Equivalents |
(20) |
70 |
(17) |
1,076 |
|||||||
Cash and Cash Equivalents - Beginning of Period |
306 |
1,448 |
303 |
442 |
|||||||
Cash and Cash Equivalents - End of Period |
$ |
286 |
$ |
1,518 |
$ |
286 |
$ |
1,518 |
|||
Unaudited |
|
||||||||||||||||||||||
SELECTED BUSINESS SEGMENT DATA |
||||||||||||||||||||||
(Millions) |
||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||
2021 |
2020 |
Change |
2021 |
2020 |
Change |
|||||||||||||||||
|
||||||||||||||||||||||
Personal Care |
$ |
2,656 |
$ |
2,339 |
+14 % |
$ |
7,635 |
$ |
6,990 |
+9 % |
||||||||||||
Consumer Tissue |
1,541 |
1,623 |
-5 % |
4,475 |
4,991 |
-10 % |
||||||||||||||||
K-C Professional |
797 |
705 |
+13 % |
2,314 |
2,277 |
+2 % |
||||||||||||||||
Corporate & Other |
16 |
16 |
N.M. |
51 |
46 |
N.M. |
||||||||||||||||
TOTAL |
$ |
5,010 |
$ |
4,683 |
+7 % |
$ |
14,475 |
$ |
14,304 |
+1 % |
||||||||||||
OPERATING PROFIT |
||||||||||||||||||||||
Personal Care |
$ |
496 |
$ |
486 |
+2 % |
$ |
1,431 |
$ |
1,532 |
-7 % |
||||||||||||
Consumer Tissue |
222 |
318 |
-30 % |
687 |
1,111 |
-38 % |
||||||||||||||||
K-C Professional |
96 |
87 |
+10 % |
332 |
423 |
-22 % |
||||||||||||||||
Corporate & Other(a) |
(150) |
(220) |
N.M. |
(386) |
(544) |
N.M. |
||||||||||||||||
Other (income) and expense, net(a) |
7 |
5 |
+40 % |
24 |
27 |
-11 % |
||||||||||||||||
TOTAL OPERATING PROFIT |
$ |
657 |
$ |
666 |
-1 % |
$ |
2,040 |
$ |
2,495 |
-18 % |
(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 |
|||||||||||||||
Total(a) |
Volume |
Net Price |
Mix/ Other |
Acquisition/ |
Currency |
Organic(c) |
|||||||||
Personal Care |
14 |
3 |
4 |
2 |
3 |
1 |
9 |
||||||||
Consumer Tissue |
(5) |
(7) |
1 |
— |
— |
1 |
(6) |
||||||||
K-C Professional |
13 |
6 |
5 |
— |
— |
1 |
12 |
||||||||
TOTAL CONSOLIDATED |
7 |
— |
3 |
1 |
2 |
1 |
4 |
||||||||
Nine Months Ended |
|||||||||||||||
Total(a) |
Volume |
Net Price |
Mix/ Other |
Acquisition/ |
Currency |
Organic(c) |
|||||||||
Personal Care |
9 |
1 |
1 |
2 |
4 |
1 |
4 |
||||||||
Consumer Tissue |
(10) |
(12) |
— |
(1) |
— |
2 |
(12) |
||||||||
K-C Professional |
2 |
(7) |
6 |
1 |
— |
2 |
— |
||||||||
TOTAL CONSOLIDATED |
1 |
(5) |
2 |
1 |
2 |
2 |
(2) |
(a) |
Total may not equal the sum of volume, net price, mix/other, acquisition/exited businesses and currency due to rounding. |
(b) |
Combined impact of the acquisition of Softex Indonesia and 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 |
|
||||||||
NON-GAAP RECONCILIATIONS |
||||||||
OUTLOOK FOR 2021 |
||||||||
|
||||||||
ESTIMATED FULL YEAR 2021 DILUTED EARNINGS PER SHARE |
||||||||
Adjusted earnings per share |
$ |
6.05 |
- |
$ |
6.25 |
|||
Adjustment for charges related to the 2018 Global Restructuring Program |
(0.90) |
- |
(0.65) |
|||||
Per share basis – diluted net income attributable to |
$ |
5.15 |
- |
$ |
5.60 |
[KMB-F]
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SOURCE
Investor Relations contact: Taryn Miller, 972-281-1318, KC.InvestorRelations@kcc.com; Media Relations contact: Terry Balluck, 972-281-1397, media.relations@kcc.com