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Sales down 1% at Kimberly-Clark in Q2

27 Jul '16

2 min read

For the second quarter ended June 30, 2016, sales at Kimberly-Clark were down 1 per cent to $4.6 billion as against the same quarter of the previous year.

However, changes in foreign currency exchange rates reduced sales by 4 per cent, while organic sales rose 3 per cent, driven by volumes, which increased 4 per cent, all over the prior year's second quarter.

Diluted net income per share for the three months to June 30, 2016 was $1.56 in 2016 as against a loss of $0.83 in the same period of 2015, driven by non-cash pension settlement charges.

“The comparison benefited from organic sales growth, cost savings, a lower effective tax rate and the prior-year pension settlement charges,” the company explained.

“The comparison was negatively impacted by unfavourable foreign currency exchange rate effects,” Kimberly-Clark said.

Second quarter adjusted earnings per share were higher at $1.53 in the reporting quarter compared to $1.41 in the year ago period.

Cash provided by operations in the second quarter of 2016 totaled $860 million, up 11 per cent vis-à-vis the comparable quarter of earlier fiscal.

Kimberly-Clark projects full-year 2016 diluted net income per share of $5.92 to $6.15 and continues to expect 2016 adjusted earnings per share of $5.95 to $6.15. (AR)

Fibre2fashion News Desk - India

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