Kimberly-Clark Announces Year-End 2018 Results and 2019 Outlook and Introduces K-C Strategy 2022
Executive Summary
- Fourth quarter 2018 net sales of
$4.6 billion decreased 1 percent compared to the year-ago period. Changes in foreign currency exchange rates reduced sales by 4 percent while organic sales increased 3 percent. Full-year 2018 net sales of$18.5 billion rose 1 percent, including organic sales growth of 1 percent. - Diluted net income per share for the fourth quarter was
$1.18 in 2018 and$1.75 in 2017. Full-year diluted net income per share was$4.03 in 2018 and$6.40 in 2017. - Fourth quarter adjusted earnings per share were
$1.60 in 2018 and$1.57 in 2017. Adjusted earnings per share exclude certain items described later in this news release. - Full-year adjusted earnings per share were
$6.61 in 2018, up 6 percent compared to$6.23 in 2017. The company's previous guidance was for earnings of$6.60 to $6.80 . - Net sales in 2019 are expected to decrease between 1 and 2 percent, including a 3 to 4 percent negative impact from changes in foreign currency exchange rates. Organic sales are expected to increase 2 percent. Diluted net income per share for 2019 is anticipated to be
$4.85 to $5.35 , including 2018 Global Restructuring Program charges. Adjusted earnings per share in 2019 are expected to be$6.50 to $6.70 , including year-over-year growth in adjusted operating profit and an increase in the adjusted effective tax rate. - The company's Board of Directors has approved a 3 percent increase in the quarterly dividend for 2019, which is the 47th consecutive annual increase in the dividend.
- The company is introducing its K-C Strategy 2022 strategic plan and associated financial objectives as it looks ahead to its 150-year anniversary in 2022. The plan is focused on delivering balanced and sustainable growth over the next several years.
Chief Executive Officer
Hsu continued, "We expect the environment in 2019 will remain challenging, although somewhat better than in 2018. In this environment, our teams will continue to execute our strategies for long-term success. We are targeting to deliver a solid operating plan, with higher organic sales growth compared to 2018 and improved margins despite expectations for significant headwinds from commodities and currencies. We also expect to return substantial cash to shareholders."
Hsu concluded, "K-C Strategy 2022 is our plan to deliver balanced and sustainable growth by growing our portfolio of iconic brands, leveraging our strong cost and financial discipline and allocating capital in value-creating ways. We will build upon our strong foundation, sharpen our focus on the consumer and further improve our capabilities to create even more competitive advantage going forward. We're also establishing medium-term financial objectives associated with K-C Strategy 2022 that are appropriate and realistic in the current environment. Longer-term, we continue to have significant optimism in the potential of our categories. We are confident in our prospects and our ability to create shareholder value through successful execution of our strategies."
Fourth Quarter 2018 Operating Results
Sales of
Fourth quarter operating profit was
The fourth quarter effective tax rate was 18.6 percent in 2018 and 19.2 percent in 2017. The fourth quarter adjusted effective tax rate was 19.1 percent in the fourth quarter of 2018 and 29.7 percent in 2017. The comparison benefited from U.S. tax reform, along with planning initiatives and resolution of certain matters.
Cash Flow and Balance Sheet
Cash provided by operations in the fourth quarter was
Fourth quarter 2018 share repurchases were 1.8 million shares at a cost of
Full Year 2018 Results
Sales of
Operating profit was
Diluted net income per share was
K-C Strategy 2022
- The company will target to grow sales in-line with, or slightly ahead of, category growth rates.
Kimberly-Clark's three growth pillars are to elevate core businesses, accelerate growth in D&E markets and drive digital marketing and e-commerce. The company expects to achieve these pillars by launching differentiated product innovations, driving category development and leveraging commercial capabilities in sales and marketing. - The company will generate savings in order to fund growth initiatives and improve margins. Focus areas will include driving ongoing supply chain productivity improvements through the FORCE program, executing the 2018 Global Restructuring Program, rigorously controlling discretionary spending to sustain the company's top-tier overhead cost structure and driving further improvement in working capital.
- The company will allocate capital in value-creating ways, enabled by strong cash generation.
Kimberly-Clark expects to spend capital at an annual rate of 4 to 5 percent of net sales after completing the 2018 Global Restructuring Program. In addition, the company plans to return significant amounts of cash to shareholders through dividends and share repurchases.
The company's medium-term financial objectives associated with K-C Strategy 2022 assume that category growth remains relatively modest and similar to recent conditions. The objectives are as follows:
- Sales and organic sales growth - 1 to 3 percent annually.
- Adjusted earnings per share growth - mid-single digits annually.
Adjusted Return On Invested Capital - at least maintain at current level.- Dividend growth - generally in line with adjusted earnings per share growth.
Fourth Quarter 2018 Business Segment Results
Personal Care Segment
Fourth quarter sales of
Sales in
Sales in developing and emerging markets decreased 9 percent. Currency rates were unfavorable by 12 percent, primarily in
Sales in developed markets outside
Consumer Tissue Segment
Fourth quarter sales of
Sales in
Sales in developing and emerging markets decreased 3 percent. Currency rates were unfavorable by 7 percent, mostly in
Sales in developed markets outside
K-C Professional (KCP) Segment
Fourth quarter sales of
Sales in
Sales in developing and emerging markets decreased 4 percent, including an 8 point negative impact from changes in currency rates. Net selling prices rose 3 percent and volumes increased 2 percent, while product mix was unfavorable by 1 percent.
Sales in developed markets outside
2018 Global Restructuring Program
In
The company expects the program will generate annual pre-tax cost savings of
Fourth quarter 2018 restructuring charges were
2019 Outlook and Key Planning Assumptions
The company's key planning and guidance assumptions for 2019 are as follows:
- Net sales decrease of 1 to 2 percent.
- Foreign currency exchange rates unfavorable by 3 to 4 percent.
- Exited businesses in conjunction with the 2018 Global Restructuring Program expected to reduce sales slightly, mostly in K-C Professional.
- Organic sales increase of 2 percent, driven by higher net selling prices of at least 3 percent.
- Adjusted operating profit growth of 1 to 4 percent.
- Cost savings of
$400 to $450 million , including$300 to $325 million from the FORCE program and$100 to $125 million from the 2018 Global Restructuring Program. - Inflation in key cost inputs of
$300 to $400 million . A majority of the inflation is anticipated to occur in international markets. - Foreign currency translation effects expected to reduce operating profit by 2 to 3 percent and transaction effects also anticipated to negatively impact the comparison.
- Interest expense expected to increase somewhat year-on-year.
- Adjusted effective tax rate of 23 to 25 percent in 2019 compared to 21 percent in 2018. At the mid-point, the higher rate is equivalent to an approximate 3 ½ percent reduction in adjusted earnings per share.
- Net income from equity companies similar year-on-year.
- Adjusted earnings per share of
$6.50 to $6.70 compared to$6.61 in 2018. - Capital spending of
$1,100 to $1,300 million , including significant spending related to the 2018 Global Restructuring Program. - Dividend increase of 3 percent (approved by the Board of Directors and mentioned previously in this release). The quarterly dividend will increase to
$1.03 per share, up from$1.00 per share in 2018. The first dividend will be payable onApril 2, 2019 to stockholders of record onMarch 8, 2019 . - Share repurchases of
$600 to $900 million , subject to market conditions.
Non-GAAP Financial Measures
This press 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.
- U.S. tax reform. In the fourth quarter of 2017, the company recognized a net benefit as a result of U.S. tax reform and related activities. 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 acquisitions and divestitures 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 STATEMENT (Millions, except per share amounts) |
|||||||||
Three Months Ended December 31 |
|||||||||
2018 |
2017 |
Change |
|||||||
Net Sales |
$ |
4,569 |
$ |
4,603 |
-1 % |
||||
Cost of products sold |
3,167 |
2,995 |
+6 % |
||||||
Gross Profit |
1,402 |
1,608 |
-13 % |
||||||
Marketing, research and general expenses |
768 |
753 |
+2 % |
||||||
Other (income) and expense, net |
(5) |
27 |
N.M. |
||||||
Operating Profit |
639 |
828 |
-23 % |
||||||
Nonoperating expense |
(88) |
(16) |
+450 % |
||||||
Interest income |
3 |
3 |
— |
||||||
Interest expense |
(65) |
(72) |
-10 % |
||||||
Income Before Income Taxes and Equity Interests |
489 |
743 |
-34 % |
||||||
Provision for income taxes |
(91) |
(143) |
-36 % |
||||||
Income Before Equity Interests |
398 |
600 |
-34 % |
||||||
Share of net income of equity companies |
23 |
25 |
-8 % |
||||||
Net Income |
421 |
625 |
-33 % |
||||||
Net income attributable to noncontrolling interests |
(10) |
(8) |
+25 % |
||||||
Net Income Attributable to Kimberly-Clark Corporation |
$ |
411 |
$ |
617 |
-33 % |
||||
Per Share Basis |
|||||||||
Net Income Attributable to Kimberly-Clark Corporation |
|||||||||
Basic |
$ |
1.19 |
$ |
1.76 |
-32 % |
||||
Diluted |
$ |
1.18 |
$ |
1.75 |
-33 % |
||||
Cash Dividends Declared |
$ |
1.00 |
$ |
0.97 |
+3 % |
||||
Common Shares Outstanding |
December 31 |
||||||||
2018 |
2017 |
||||||||
Outstanding shares as of |
345.0 |
351.1 |
|||||||
Average diluted shares for three months ended |
347.3 |
353.4 |
|||||||
N.M. - Not Meaningful |
Unaudited |
KIMBERLY-CLARK CORPORATION CONSOLIDATED INCOME STATEMENT (Millions, except per share amounts) |
|||||||||
Twelve Months Ended |
|||||||||
2018 |
2017 |
Change |
|||||||
Net Sales |
$ |
18,486 |
$ |
18,348 |
+1 % |
||||
Cost of products sold |
12,889 |
11,761 |
+10 % |
||||||
Gross Profit |
5,597 |
6,587 |
-15 % |
||||||
Marketing, research and general expenses |
3,367 |
3,202 |
+5 % |
||||||
Other (income) and expense, net |
1 |
27 |
-96 % |
||||||
Operating Profit |
2,229 |
3,358 |
-34 % |
||||||
Nonoperating expense |
(163) |
(59) |
+176 % |
||||||
Interest income |
10 |
10 |
— |
||||||
Interest expense |
(263) |
(318) |
-17 % |
||||||
Income Before Income Taxes and Equity Interests |
1,813 |
2,991 |
-39 % |
||||||
Provision for income taxes |
(471) |
(776) |
-39 % |
||||||
Income Before Equity Interests |
1,342 |
2,215 |
-39 % |
||||||
Share of net income of equity companies |
103 |
104 |
-1 % |
||||||
Net Income |
1,445 |
2,319 |
-38 % |
||||||
Net income attributable to noncontrolling interests |
(35) |
(41) |
-15 % |
||||||
Net Income Attributable to Kimberly-Clark Corporation |
$ |
1,410 |
$ |
2,278 |
-38 % |
||||
Per Share Basis |
|||||||||
Net Income Attributable to Kimberly-Clark Corporation |
|||||||||
Basic |
$ |
4.05 |
$ |
6.44 |
-37 % |
||||
Diluted |
$ |
4.03 |
$ |
6.40 |
-37 % |
||||
Cash Dividends Declared |
$ |
4.00 |
$ |
3.88 |
+3 % |
||||
Common Shares Outstanding |
December 31 |
||||||||
2018 |
2017 |
||||||||
Average diluted shares for twelve months ended |
349.6 |
355.9 |
|||||||
2018 Data is Unaudited |
KIMBERLY-CLARK CORPORATION NON-GAAP RECONCILIATIONS (Millions, except per share amounts) |
|||||||||||||||
Three Months Ended December 31, 2018 |
|||||||||||||||
As Reported |
2018 Global |
U.S. Tax |
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 |
1.18 |
(0.39) |
(0.03) |
1.60 |
|||||||||||
Three Months Ended December 31, 2017 |
|||||||||||||||
As Reported |
U.S. Tax |
As Adjusted Non-GAAP |
|||||||||||||
Other (income) and expense, net |
$ |
27 |
$ |
24 |
$ |
3 |
|||||||||
Operating profit |
828 |
(24) |
852 |
||||||||||||
Provision for income taxes |
(143) |
85 |
(228) |
||||||||||||
Effective tax rate |
19.2 % |
— |
29.7 % |
||||||||||||
Net income attributable to Kimberly‑Clark Corporation |
617 |
61 |
556 |
||||||||||||
Diluted earnings per share(a) |
1.75 |
0.17 |
1.57 |
(a) "As Adjusted Non-GAAP" does 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 |
KIMBERLY-CLARK CORPORATION NON-GAAP RECONCILIATIONS (Millions, except per share amounts) |
|||||||||||||
Twelve Months Ended December 31, 2018 |
|||||||||||||
As Reported |
2018 Global |
U.S. Tax |
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" does not equal "As Reported" plus "Adjustments" as a result of rounding. |
|||||||||||||
Twelve Months Ended December 31, 2017 |
|||||||||||||
As Reported |
U.S. Tax |
As Adjusted Non-GAAP |
|||||||||||
Other (income) and expense, net |
$ |
27 |
$ |
24 |
$ |
3 |
|||||||
Operating profit |
3,358 |
(24) |
3,382 |
||||||||||
Provision for income taxes |
(776) |
85 |
(861) |
||||||||||
Effective tax rate |
25.9 % |
— |
28.6 % |
||||||||||
Net income attributable to Kimberly-Clark Corporation |
2,278 |
61 |
2,217 |
||||||||||
Diluted earnings per share |
6.40 |
0.17 |
6.23 |
Unaudited |
KIMBERLY-CLARK CORPORATION CONSOLIDATED BALANCE SHEET (Millions) |
|||||
December 31 |
|||||
2018 |
2017 |
||||
ASSETS |
|||||
Current Assets |
|||||
Cash and cash equivalents |
$ |
539 |
$ |
616 |
|
Accounts receivable, net |
2,164 |
2,315 |
|||
Inventories |
1,813 |
1,790 |
|||
Other current assets |
525 |
490 |
|||
Total Current Assets |
5,041 |
5,211 |
|||
Property, Plant and Equipment, Net |
7,159 |
7,436 |
|||
Investments in Equity Companies |
224 |
233 |
|||
Goodwill |
1,474 |
1,576 |
|||
Other Assets |
620 |
695 |
|||
TOTAL ASSETS |
$ |
14,518 |
$ |
15,151 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current Liabilities |
|||||
Debt payable within one year |
$ |
1,208 |
$ |
953 |
|
Trade accounts payable |
3,190 |
2,834 |
|||
Accrued expenses |
1,793 |
1,730 |
|||
Dividends payable |
345 |
341 |
|||
Total Current Liabilities |
6,536 |
5,858 |
|||
Long-Term Debt |
6,247 |
6,472 |
|||
Noncurrent Employee Benefits |
931 |
1,184 |
|||
Deferred Income Taxes |
458 |
395 |
|||
Other Liabilities |
328 |
299 |
|||
Redeemable Preferred Securities of Subsidiaries |
64 |
61 |
|||
Stockholders' Equity (Deficit) |
|||||
Kimberly-Clark Corporation |
(287) |
629 |
|||
Noncontrolling Interests |
241 |
253 |
|||
Total Stockholders' Equity (Deficit) |
(46) |
882 |
|||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
14,518 |
$ |
15,151 |
2018 Data is Unaudited |
KIMBERLY-CLARK CORPORATION CONSOLIDATED CASH FLOW STATEMENT (Millions) |
||||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||
2018 |
2017 |
2018 |
2017 |
|||||||||||
Operating Activities |
||||||||||||||
Net income |
$ |
421 |
$ |
625 |
$ |
1,445 |
$ |
2,319 |
||||||
Depreciation and amortization |
230 |
184 |
882 |
724 |
||||||||||
Asset impairments |
— |
— |
74 |
— |
||||||||||
Stock-based compensation |
(4) |
12 |
41 |
76 |
||||||||||
Deferred income taxes |
(42) |
(28) |
2 |
(69) |
||||||||||
Net (gains) losses on asset dispositions |
(5) |
5 |
52 |
21 |
||||||||||
Equity companies' earnings less than dividends paid |
36 |
38 |
18 |
26 |
||||||||||
Operating working capital |
272 |
6 |
389 |
(148) |
||||||||||
Postretirement benefits |
62 |
3 |
(25) |
2 |
||||||||||
Other |
(21) |
18 |
92 |
(22) |
||||||||||
Cash Provided by Operations |
949 |
863 |
2,970 |
2,929 |
||||||||||
Investing Activities |
||||||||||||||
Capital spending |
(311) |
(190) |
(877) |
(785) |
||||||||||
Proceeds from dispositions of property |
35 |
2 |
51 |
3 |
||||||||||
Investments in time deposits |
(135) |
(91) |
(353) |
(214) |
||||||||||
Maturities of time deposits |
133 |
113 |
272 |
183 |
||||||||||
Other |
8 |
(8) |
5 |
(38) |
||||||||||
Cash Used for Investing |
(270) |
(174) |
(902) |
(851) |
||||||||||
Financing Activities |
||||||||||||||
Cash dividends paid |
(347) |
(342) |
(1,386) |
(1,359) |
||||||||||
Change in short-term debt |
(487) |
249 |
(34) |
360 |
||||||||||
Debt proceeds |
507 |
— |
507 |
937 |
||||||||||
Debt repayments |
(97) |
(509) |
(407) |
(1,481) |
||||||||||
Proceeds from exercise of stock options |
12 |
7 |
62 |
121 |
||||||||||
Acquisitions of common stock for the treasury |
(204) |
(107) |
(800) |
(911) |
||||||||||
Other |
(16) |
(39) |
(57) |
(88) |
||||||||||
Cash Used for Financing |
(632) |
(741) |
(2,115) |
(2,421) |
||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
(2) |
13 |
(30) |
36 |
||||||||||
Change in Cash and Cash Equivalents |
45 |
(39) |
(77) |
(307) |
||||||||||
Cash and Cash Equivalents - Beginning of Period |
494 |
655 |
616 |
923 |
||||||||||
Cash and Cash Equivalents - End of Period |
$ |
539 |
$ |
616 |
$ |
539 |
$ |
616 |
Unaudited |
KIMBERLY-CLARK CORPORATION SELECTED BUSINESS SEGMENT DATA (Millions) |
|||||||||||||||||||||
Three Months Ended December 31 |
Twelve Months Ended December 31 |
||||||||||||||||||||
2018 |
2017 |
Change |
2018 |
2017 |
Change |
||||||||||||||||
NET SALES |
|||||||||||||||||||||
Personal Care |
$ |
2,221 |
$ |
2,274 |
-2 % |
$ |
9,037 |
$ |
9,078 |
— |
|||||||||||
Consumer Tissue |
1,495 |
1,496 |
— |
6,015 |
5,932 |
+1 % |
|||||||||||||||
K-C Professional |
841 |
824 |
+2 % |
3,382 |
3,297 |
+3 % |
|||||||||||||||
Corporate & Other |
12 |
9 |
N.M. |
52 |
41 |
N.M. |
|||||||||||||||
TOTAL NET SALES |
$ |
4,569 |
$ |
4,603 |
-1 % |
$ |
18,486 |
$ |
18,348 |
+1 % |
|||||||||||
OPERATING PROFIT |
|||||||||||||||||||||
Personal Care |
$ |
436 |
$ |
490 |
-11 % |
$ |
1,833 |
$ |
1,933 |
-5 % |
|||||||||||
Consumer Tissue |
207 |
262 |
-21 % |
875 |
1,052 |
-17 % |
|||||||||||||||
K-C Professional |
151 |
155 |
-3 % |
634 |
645 |
-2 % |
|||||||||||||||
Corporate & Other(a) |
(160) |
(52) |
N.M. |
(1,112) |
(245) |
N.M. |
|||||||||||||||
Other (income) and expense, net(a) |
(5) |
27 |
N.M. |
1 |
27 |
-96 % |
|||||||||||||||
TOTAL OPERATING PROFIT |
$ |
639 |
$ |
828 |
-23 % |
$ |
2,229 |
$ |
3,358 |
-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, 2018 |
||||||||||||||
Total(a) |
Volume |
Net Price |
Mix/ Other |
Currency |
Organic(b) |
|||||||||
Personal Care |
(2) |
1 |
2 |
1 |
(5) |
3 |
||||||||
Consumer Tissue |
— |
(2) |
5 |
— |
(3) |
2 |
||||||||
K-C Professional |
2 |
2 |
2 |
1 |
(3) |
5 |
||||||||
TOTAL CONSOLIDATED |
(1) |
— |
3 |
— |
(4) |
3 |
||||||||
Twelve Months Ended December 31, 2018 |
||||||||||||||
Total(a) |
Volume |
Net Price |
Mix/ Other |
Currency |
Organic(b) |
|||||||||
Personal Care |
— |
1 |
(1) |
1 |
(2) |
1 |
||||||||
Consumer Tissue |
1 |
(1) |
2 |
— |
— |
1 |
||||||||
K-C Professional |
3 |
1 |
1 |
1 |
— |
3 |
||||||||
TOTAL CONSOLIDATED |
1 |
— |
— |
1 |
(1) |
1 |
(a) Total may not equal the sum of volume, net price, mix/other and currency due to rounding. |
|
(b) Combined impact of changes in volume, net price and mix/other. |
N.M. - Not Meaningful |
Unaudited |
KIMBERLY-CLARK CORPORATION |
||||||||
NON-GAAP RECONCILIATIONS |
||||||||
OUTLOOK FOR 2019 |
||||||||
Estimated Range |
||||||||
ESTIMATED FULL YEAR 2019 DILUTED EARNINGS PER SHARE |
||||||||
Adjusted earnings per share |
$ |
6.50 |
- |
$ |
6.70 |
|||
Adjustment for charges related to the 2018 Global Restructuring Program |
(1.65) |
- |
(1.35) |
|||||
Per share basis – diluted net income attributable to Kimberly-Clark Corporation |
$ |
4.85 |
- |
$ |
5.35 |
|||
ESTIMATED FULL YEAR 2019 EFFECTIVE TAX RATE |
||||||||
Adjusted effective tax rate |
23 % |
- |
25 % |
|||||
Adjustment for charges related to the 2018 Global Restructuring Program |
— |
- |
1 |
|||||
Effective tax rate |
23 % |
- |
26 % |
[KMB-F]
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SOURCE
Investor Relations contact: Paul Alexander, 972-281-1440, palexand@kcc.com; Media Relations contact: Terry Balluck, 972-281-1397, terry.balluck@kcc.com