Kimberly-Clark Announces Year-End 2020 Results And 2021 Outlook
Executive Summary
- Fourth quarter 2020 net sales of
$4.8 billion increased 6 percent compared to the year-ago period, including organic sales growth of 5 percent. Full-year 2020 net sales of$19.1 billion increased 4 percent, with organic sales up 6 percent. - Diluted net income per share for the fourth quarter was
$1.58 in 2020 and$1.59 in 2019. Full-year diluted net income per share was$6.87 in 2020 and$6.24 in 2019. - Fourth quarter adjusted earnings per share were
$1.69 in 2020 compared to$1.71 in 2019. Adjusted earnings per share exclude certain items described later in this news release. - Full-year adjusted earnings per share were
$7.74 in 2020, up 12 percent compared to$6.89 in 2019. The company's previous guidance was for adjusted earnings per share of$7.50 to$7.65 . - Net sales in 2021 are expected to increase 4 to 6 percent, including organic sales growth of 1 to 2 percent. Diluted net income per share for 2021 is anticipated to be
$7.10 to$7.60 . Adjusted earnings per share in 2021 are expected to be$7.75 to$8.00 . - The company's Board of Directors has approved a 6.5 percent increase in the quarterly dividend, which is the 49th consecutive annual increase in the dividend. The Board also authorized a new
$5 billion share repurchase program which supplements the current$5 billion authorization that is expected to be completed later in 2021. These actions reflect the company's strong cash flow and growth prospects along with an ongoing commitment to return cash to shareholders.
Chairman and Chief Executive Officer
Hsu continued, "Going forward we will continue to execute K-C Strategy 2022. We expect to further improve our market positions by building on our current momentum and leveraging our enhanced commercial capabilities. At the same time, we will continue to operate with financial discipline. We expect more challenging category conditions and higher commodity costs in 2021. That said, we remain very optimistic about our strategies to deliver balanced and sustainable growth over time and create long-term shareholder value."
Fourth Quarter 2020 Operating Results
Sales of
Fourth quarter operating profit was
Fourth quarter adjusted operating profit was
The fourth quarter effective tax rate was 24.6 percent in 2020 and 17.2 percent in 2019. The fourth quarter adjusted effective tax rate was 22.2 percent in 2020 and 24.6 percent in 2019. The rate in 2020 benefited from certain planning initiatives.
Cash Flow and Balance Sheet
Cash provided by operations in the fourth quarter was
Fourth quarter 2020 share repurchases were 1.7 million shares at a cost of
Fourth Quarter 2020 Business Segment Results
Personal Care Segment
Fourth quarter sales of
Sales in
Sales in D&E markets increased 7 percent. The Softex Indonesia acquisition increased sales by 8 percent while changes in currency rates reduced sales 9 percent. Volumes rose 4 percent, including increases in
Sales in developed markets outside
Consumer Tissue Segment
Fourth quarter sales of
Sales in
Sales in D&E markets decreased 2 percent including a 6 point negative impact from changes in currency rates. Volumes rose 3 percent and the Softex Indonesia acquisition increased sales by 2 percent.
Sales in developed markets outside
K-C Professional (KCP) Segment
Fourth quarter sales of
Sales in
Sales in D&E markets decreased 21 percent including a 5 point negative impact from changes in currency rates. Volumes fell 16 percent, with significant declines in all major geographies, and product mix was down 4 percent. Net selling prices increased 5 percent.
Sales in developed markets outside
Full Year 2020 Results
Sales of
Operating profit was
Adjusted operating profit was
Diluted net income per share was
2018 Global Restructuring Program
In
The restructuring is expected to be completed in 2021. Total restructuring charges are anticipated to be
2021 Outlook and Key Planning Assumptions
The company's 2021 outlook assumes no significant impact from potential supply chain disruptions as a result of COVID-19. In addition, key planning and guidance assumptions are as follows:
- Net sales increase 4 to 6 percent.
- Organic sales increase 1 to 2 percent.
- Foreign currency exchange rates favorable between 1 and 2 percent.
- Softex Indonesia acquisition expected to increase sales by 2 percent while exited businesses in conjunction with the 2018 Global Restructuring Program anticipated to reduce sales slightly.
- Adjusted operating profit similar, to up 2 percent, year-on-year.
- Benefits from net sales growth.
- Cost savings of
$400 to$460 million , including$280 to$320 million from the FORCE program and$120 to$140 million from the 2018 Global Restructuring Program. - Key cost inputs expected to increase
$450 to$600 million . Costs are projected to increase for most raw materials and distribution expenses. - Adjusted nonoperating expense expected to decrease year-on-year.
- Adjusted effective tax rate of 22 to 24 percent.
- Net income from equity companies similar, to up somewhat, year-on-year.
- Adjusted earnings per share of
$7.75 to$8.00 compared to$7.74 in 2020. - Capital spending of
$1,200 to$1,300 million , including spending related to the 2018 Global Restructuring Program and other growth initiatives. - Dividend increase of 6.5 percent (approved by the Board of Directors and mentioned previously in this release). The quarterly dividend will increase to
$1.14 per share, up from$1.07 per share in 2020. The first dividend will be payable onApril 5, 2021 to stockholders of record onMarch 5, 2021 . - Share repurchases of
$650 to$750 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
- 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 transaction and integration costs in 2020 associated with the acquisition of Softex Indonesia.
Brazil business tax credits. In the fourth quarter of 2020, we received a favorable legal ruling that resolved certain matters related to prior years' business taxes inBrazil .- 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.
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, exited businesses and acquisitions 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
As more fully described in
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 each of the company's Quarterly Report on Form 10-Q for the quarter ended
|
|||||||
CONSOLIDATED INCOME STATEMENTS |
|||||||
(Millions, except per share amounts) |
|||||||
Three Months Ended |
|||||||
2020 |
2019 |
Change |
|||||
|
$ |
4,836 |
$ |
4,583 |
+6 % |
||
Cost of products sold |
3,172 |
3,017 |
+5 % |
||||
Gross Profit |
1,664 |
1,566 |
+6 % |
||||
Marketing, research and general expenses |
996 |
859 |
+16 % |
||||
Other (income) and expense, net |
(81) |
(44) |
+84 % |
||||
Operating Profit |
749 |
751 |
— |
||||
Nonoperating expense |
(13) |
(58) |
-78 % |
||||
Interest income |
2 |
3 |
-33 % |
||||
Interest expense |
(64) |
(63) |
+2 % |
||||
Income Before Income Taxes and Equity Interests |
674 |
633 |
+6 % |
||||
Provision for income taxes |
(166) |
(109) |
+52 % |
||||
Income Before Equity Interests |
508 |
524 |
-3 % |
||||
Share of net income of equity companies |
38 |
32 |
+19 % |
||||
Net Income |
546 |
556 |
-2 % |
||||
Net income attributable to noncontrolling interests |
(7) |
(9) |
-22 % |
||||
Net Income Attributable to |
$ |
539 |
$ |
547 |
-1 % |
||
Per Share Basis |
|||||||
Net Income Attributable to |
|||||||
Basic |
$ |
1.59 |
$ |
1.60 |
-1 % |
||
Diluted |
$ |
1.58 |
$ |
1.59 |
-1 % |
||
Cash Dividends Declared |
$ |
1.07 |
$ |
1.03 |
+4 % |
||
Common Shares Outstanding |
|
||||||
2020 |
2019 |
||||||
Outstanding shares as of |
338.7 |
341.4 |
|||||
Average diluted shares for three months ended |
341.1 |
344.4 |
|||||
Unaudited |
|
|||||||
CONSOLIDATED INCOME STATEMENTS |
|||||||
(Millions, except per share amounts) |
|||||||
Twelve Months Ended |
|||||||
2020 |
2019 |
Change |
|||||
|
$ |
19,140 |
$ |
18,450 |
+4 % |
||
Cost of products sold |
12,318 |
12,415 |
-1 % |
||||
Gross Profit |
6,822 |
6,035 |
+13 % |
||||
Marketing, research and general expenses |
3,632 |
3,254 |
+12 % |
||||
Other (income) and expense, net |
(54) |
(210) |
-74 % |
||||
Operating Profit |
3,244 |
2,991 |
+8 % |
||||
Nonoperating expense |
(70) |
(91) |
-23 % |
||||
Interest income |
8 |
11 |
-27 % |
||||
Interest expense |
(252) |
(261) |
-3 % |
||||
Income Before Income Taxes and Equity Interests |
2,930 |
2,650 |
+11 % |
||||
Provision for income taxes |
(676) |
(576) |
+17 % |
||||
Income Before Equity Interests |
2,254 |
2,074 |
+9 % |
||||
Share of net income of equity companies |
142 |
123 |
+15 % |
||||
Net Income |
2,396 |
2,197 |
+9 % |
||||
Net income attributable to noncontrolling interests |
(44) |
(40) |
+10 % |
||||
Net Income Attributable to |
$ |
2,352 |
$ |
2,157 |
+9 % |
||
Per Share Basis |
|||||||
Net Income Attributable to |
|||||||
Basic |
$ |
6.90 |
$ |
6.28 |
+10 % |
||
Diluted |
$ |
6.87 |
$ |
6.24 |
+10 % |
||
Cash Dividends Declared |
$ |
4.28 |
$ |
4.12 |
+4 % |
||
Common Shares Outstanding |
|
||||||
2020 |
2019 |
||||||
Average diluted shares for twelve months ended |
342.5 |
345.6 |
|||||
2020 Data is Unaudited |
|
|||||||||||||||
NON-GAAP RECONCILIATIONS |
|||||||||||||||
(Millions, except per share amounts) |
|||||||||||||||
Three Months Ended |
|||||||||||||||
As Reported |
2018 Global Restructuring Program |
Softex Acquisition- Related Costs |
Business Tax Credits |
As Adjusted Non-GAAP |
|||||||||||
Cost of products sold |
$ |
3,172 |
$ |
46 |
$ |
— |
$ |
— |
$ |
3,126 |
|||||
Gross profit |
1,664 |
(46) |
— |
— |
1,710 |
||||||||||
Marketing, research and general expenses |
996 |
34 |
23 |
— |
939 |
||||||||||
Other (income) and expense, net |
(81) |
(8) |
— |
(77) |
4 |
||||||||||
Operating profit |
749 |
(72) |
(23) |
77 |
767 |
||||||||||
Nonoperating expense |
(13) |
(10) |
— |
— |
(3) |
||||||||||
Provision for income taxes |
(166) |
11 |
5 |
(26) |
(156) |
||||||||||
Effective tax rate |
24.6 % |
— |
— |
— |
22.2 % |
||||||||||
Net income attributable to noncontrolling interests |
(7) |
1 |
— |
— |
(8) |
||||||||||
Net income attributable to |
539 |
(70) |
(18) |
51 |
576 |
||||||||||
Diluted earnings per share(a) |
1.58 |
(0.21) |
(0.05) |
0.15 |
1.69 |
||||||||||
Three Months Ended |
|||||||||||||||
As Reported |
2018 Global Restructuring Program |
Property Sale Gain |
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 |
547 |
(67) |
24 |
590 |
|||||||||||
Diluted earnings per share(a) |
1.59 |
(0.19) |
0.07 |
1.71 |
|||||||||||
(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) |
||||||||||||||
Twelve Months Ended |
||||||||||||||
As Reported |
2018 Global Restructuring Program |
Softex Acquisition- Related Costs |
Business Tax Credits |
As Adjusted Non-GAAP |
||||||||||
Cost of products sold |
$ |
12,318 |
$ |
283 |
$ |
— |
$ |
— |
$ |
12,035 |
||||
Gross profit |
6,822 |
(283) |
— |
— |
7,105 |
|||||||||
Marketing, research and general expenses |
3,632 |
109 |
32 |
— |
3,491 |
|||||||||
Other (income) and expense, net |
(54) |
(9) |
— |
(77) |
32 |
|||||||||
Operating profit |
3,244 |
(383) |
(32) |
77 |
3,582 |
|||||||||
Nonoperating expense |
(70) |
(36) |
— |
— |
(34) |
|||||||||
Provision for income taxes |
(676) |
94 |
5 |
(26) |
(749) |
|||||||||
Effective tax rate |
23.1 % |
— |
— |
— |
22.7 % |
|||||||||
Share of net income of equity companies |
142 |
(1) |
— |
— |
143 |
|||||||||
Net income attributable to noncontrolling interests |
(44) |
3 |
— |
— |
(47) |
|||||||||
Net income attributable to |
2,352 |
(323) |
(27) |
51 |
2,651 |
|||||||||
Diluted earnings per share(a) |
6.87 |
(0.94) |
(0.08) |
0.15 |
7.74 |
|||||||||
Twelve Months Ended |
||||||||||||||
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 |
2,157 |
(248) |
24 |
2,381 |
||||||||||
Diluted earnings per share(a) |
6.24 |
(0.72) |
0.07 |
6.89 |
(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 |
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) |
|||||
|
|||||
2020 |
2019 |
||||
ASSETS |
|||||
Current Assets |
|||||
Cash and cash equivalents |
$ |
303 |
$ |
442 |
|
Accounts receivable, net |
2,235 |
2,263 |
|||
Inventories |
1,903 |
1,790 |
|||
Other current assets |
733 |
562 |
|||
Total Current Assets |
5,174 |
5,057 |
|||
Property, Plant and Equipment, Net |
8,042 |
7,450 |
|||
Investments in Equity Companies |
300 |
268 |
|||
|
1,895 |
1,467 |
|||
Other Intangible Assets, Net |
832 |
29 |
|||
Other Assets |
1,280 |
1,012 |
|||
TOTAL ASSETS |
$ |
17,523 |
$ |
15,283 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current Liabilities |
|||||
Debt payable within one year |
$ |
486 |
$ |
1,534 |
|
Trade accounts payable |
3,336 |
3,055 |
|||
Accrued expenses and other current liabilities |
2,262 |
1,978 |
|||
Dividends payable |
359 |
352 |
|||
Total Current Liabilities |
6,443 |
6,919 |
|||
Long-Term Debt |
7,878 |
6,213 |
|||
Noncurrent Employee Benefits |
864 |
897 |
|||
Deferred Income Taxes |
723 |
511 |
|||
Other Liabilities |
718 |
520 |
|||
|
28 |
29 |
|||
Stockholders' Equity |
|||||
|
626 |
(33) |
|||
Noncontrolling Interests |
243 |
227 |
|||
Total Stockholders' Equity |
869 |
194 |
|||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
17,523 |
$ |
15,283 |
|
2020 Data is Unaudited |
|
|||||||||||
CONSOLIDATED CASH FLOW STATEMENTS |
|||||||||||
(Millions) |
|||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||
2020 |
2019 |
2020 |
2019 |
||||||||
Operating Activities |
|||||||||||
Net income |
$ |
546 |
$ |
556 |
$ |
2,396 |
$ |
2,197 |
|||
Depreciation and amortization |
190 |
217 |
796 |
917 |
|||||||
Asset impairments |
17 |
— |
17 |
— |
|||||||
Stock-based compensation |
46 |
22 |
147 |
96 |
|||||||
Deferred income taxes |
75 |
21 |
45 |
29 |
|||||||
Net (gains) losses on asset dispositions |
1 |
(38) |
68 |
(193) |
|||||||
Equity companies' earnings (in excess of) less than dividends paid |
23 |
25 |
(30) |
(6) |
|||||||
Operating working capital |
71 |
111 |
363 |
(288) |
|||||||
Postretirement benefits |
(35) |
29 |
(28) |
13 |
|||||||
Other |
(47) |
(19) |
(45) |
(29) |
|||||||
Cash Provided by Operations |
887 |
924 |
3,729 |
2,736 |
|||||||
Investing Activities |
|||||||||||
Capital spending |
(323) |
(342) |
(1,217) |
(1,209) |
|||||||
Acquisition, net of cash acquired |
(1,083) |
— |
(1,083) |
(4) |
|||||||
Proceeds from dispositions of property |
26 |
36 |
31 |
242 |
|||||||
Investments in time deposits |
(244) |
(215) |
(753) |
(568) |
|||||||
Maturities of time deposits |
286 |
255 |
690 |
542 |
|||||||
Other |
10 |
(9) |
27 |
(45) |
|||||||
Cash Used for Investing |
(1,328) |
(275) |
(2,305) |
(1,042) |
|||||||
Financing Activities |
|||||||||||
Cash dividends paid |
(364) |
(354) |
(1,451) |
(1,408) |
|||||||
Change in short-term debt |
(64) |
(21) |
(561) |
303 |
|||||||
Debt proceeds |
3 |
6 |
1,845 |
706 |
|||||||
Debt repayments |
(101) |
(2) |
(854) |
(707) |
|||||||
Proceeds from exercise of stock options |
5 |
17 |
217 |
228 |
|||||||
Acquisitions of common stock for the treasury |
(251) |
(256) |
(700) |
(800) |
|||||||
Other |
(23) |
(22) |
(63) |
(114) |
|||||||
Cash Used for Financing |
(795) |
(632) |
(1,567) |
(1,792) |
|||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
21 |
9 |
4 |
1 |
|||||||
Change in Cash and Cash Equivalents |
(1,215) |
26 |
(139) |
(97) |
|||||||
Cash and Cash Equivalents - Beginning of Period |
1,518 |
416 |
442 |
539 |
|||||||
Cash and Cash Equivalents - End of Period |
$ |
303 |
$ |
442 |
$ |
303 |
$ |
442 |
|||
Unaudited |
|
|||||||||||||||
SELECTED BUSINESS SEGMENT DATA |
|||||||||||||||
(Millions) |
|||||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||||
2020 |
2019 |
Change |
2020 |
2019 |
Change |
||||||||||
|
|||||||||||||||
Personal Care |
$ |
2,349 |
$ |
2,242 |
+5 % |
$ |
9,339 |
$ |
9,108 |
+3 % |
|||||
Consumer Tissue |
1,727 |
1,511 |
+14 % |
6,718 |
5,993 |
+12 % |
|||||||||
K-C Professional |
742 |
815 |
-9 % |
3,019 |
3,292 |
-8 % |
|||||||||
Corporate & Other |
18 |
15 |
N.M. |
64 |
57 |
N.M. |
|||||||||
TOTAL |
$ |
4,836 |
$ |
4,583 |
+6 % |
$ |
19,140 |
$ |
18,450 |
+4 % |
|||||
OPERATING PROFIT |
|||||||||||||||
Personal Care |
$ |
401 |
$ |
445 |
-10 % |
$ |
1,933 |
$ |
1,904 |
+2 % |
|||||
Consumer Tissue |
337 |
281 |
+20 % |
1,448 |
1,007 |
+44 % |
|||||||||
K-C Professional |
105 |
169 |
-38 % |
528 |
657 |
-20 % |
|||||||||
Corporate & Other(a) |
(175) |
(188) |
N.M. |
(719) |
(787) |
N.M. |
|||||||||
Other (income) and expense, net(a) |
(81) |
(44) |
+84 % |
(54) |
(210) |
-74 % |
|||||||||
TOTAL OPERATING PROFIT |
$ |
749 |
$ |
751 |
— |
$ |
3,244 |
$ |
2,991 |
+8 % |
(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(b) |
Currency |
Organic(c) |
||||||||||
Personal Care |
5 |
3 |
1 |
1 |
3 |
(3) |
5 |
|||||||||
Consumer Tissue |
14 |
9 |
6 |
(1) |
— |
— |
14 |
|||||||||
K-C Professional |
(9) |
(13) |
2 |
2 |
— |
— |
(9) |
|||||||||
TOTAL CONSOLIDATED |
6 |
2 |
3 |
1 |
2 |
(1) |
5 |
|||||||||
Twelve Months Ended |
||||||||||||||||
Total(a) |
Volume |
Net Price |
Mix/ Other |
Acquisition(b) |
Currency |
Organic(c) |
||||||||||
Personal Care |
3 |
4 |
— |
1 |
1 |
(4) |
5 |
|||||||||
Consumer Tissue |
12 |
12 |
2 |
(1) |
— |
(1) |
13 |
|||||||||
K-C Professional |
(8) |
(11) |
3 |
2 |
— |
(1) |
(7) |
|||||||||
TOTAL CONSOLIDATED |
4 |
4 |
1 |
1 |
— |
(2) |
6 |
(a) |
Total may not equal the sum of volume, net price, mix/other, acquisition and currency due to rounding. |
(b) |
Acquisition of Softex Indonesia. |
(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 |
$ |
7.75 |
- |
$ |
8.00 |
||
Adjustment for charges related to the 2018 Global Restructuring Program |
(0.65) |
- |
(0.40) |
||||
Per share basis – diluted net income attributable to |
$ |
7.10 |
- |
$ |
7.60 |
[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