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23.04.2024 07:00
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Kimberly-Clark Announces First Quarter 2024 Results and Raises 2024 Outlook
Taschentücher der Kimberly Clark Marke Kleenex.
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PR Newswire
DALLAS, April 23, 2024
Delivers net sales of $5.1 billion driven by 6 percent organic sales growth
Strong EPS expansion driven by accretive innovation and productivity initiatives
Company increases 2024 outlook to reflect solid start to year
DALLAS, April 23, 2024 /PRNewswire/ -- Kimberly-Clark Corporation (NYSE: KMB) today reported first quarter 2024 results characterized by positive volume and mix gains driven by pioneering, innovative new products, leveraging continued productivity momentum for strong earnings growth versus the prior-year period.
"We delivered an encouraging set of first quarter results as we embark on this next chapter of growth for Kimberly-Clark," said Kimberly-Clark Chairman and CEO Mike Hsu. "I'm very thankful for the strong execution from our teams around the world who are making this happen."
Hsu continued, "Our powerhouse pipeline of innovation drove sequentially stronger gains from volume-plus-mix. We continued our strong productivity momentum through our efforts to optimize our margin structure, and we are making good progress focusing our enterprise as we advance the implementation of our new operating model. We're excited about our opportunities to capitalize on this momentum on a global level, enabling us to deliver long-term value for our stakeholders."
Quarter Highlights
- Net sales of $5.1 billion were down 1 percent, with organic sales growth of 6 percent versus the prior year.
- Gross margin was 37.1 percent, up 390 basis points versus the prior year, driven by organic net sales growth and gross productivity gains.
- Diluted earnings per share were $1.91; adjusted earnings per share were $2.01, up 20 percent versus prior year including a $0.21 year-on-year headwind from currency translation.
First Quarter 2024 Results
First quarter sales of $5.1 billion were 1 percent lower than the prior-year period, including negative impacts of approximately 5 percent from foreign currency translation and approximately 1 percent from the divestiture of the Tissue and K-C Professional business in Brazil in June 2023. Organic sales were up 6 percent, driven by a 4 percent increase in price, 1 percent favorable product mix and a 1 percent increase in volume. Price-led gains reflected necessary pricing actions to address higher local costs in hyperinflationary economies, mainly in Argentina. Volume and mix were positive across North America, Developing and Emerging (D&E) markets, as well as Developed Markets (represents Australia, South Korea and Western/Central Europe).
In North America, organic sales increased 3 percent versus last year, driven by 2 percent growth in Personal Care and 6 percent growth in Consumer Tissue, partially offset by a decline of 1 percent in K-C Professional.
In D&E markets, organic sales were up 15 percent reflecting both pricing gains as well as volume and mix gains. Organic sales for Developed Markets decreased 2 percent, driven by lower pricing that primarily reflected comparisons with temporary, energy surcharge-related price increases in Western Europe in the prior-year period.
Gross margin improved by 390 bps to 37.1 percent as organic growth, together with gross productivity gains, more than offset cost inflation, primarily in developing markets and supply chain-related investments.
First quarter operating profit was $853 million, including $45 million of costs related to the company's transformation initiative, compared to $787 million last year. Adjusted operating profit increased by 14 percent despite an unfavorable impact of 12 percentage points from currency translation, primarily driven by hyperinflationary economies. Excluding currency impacts, growth in adjusted operating profit was driven by gross profit gains that were partially offset by planned increases in marketing, research and general expenses.
Net interest expense was $57 million versus $66 million in the prior-year period.
First quarter effective tax rate was 23.6 percent, compared to 24.5 percent prior year. On an adjusted basis, the effective rate in the first quarter was 23.6 percent.
Net income of equity companies was $61 million compared to $43 million last year driven by greater income from Kimberly-Clark de Mexico.
Diluted EPS increased 14 percent to $1.91 on a reported basis and included a negative $0.10 impact from costs related to the company's transformation initiative. On an adjusted basis, EPS increased 20 percent to $2.01, driven primarily by the 14 percent increase in adjusted operating profit, aided by lower net interest, a lower effective tax rate, and higher equity income.
Business Segment Net Sales Results
| Q1 change vs year ago (%) | | Volume | | Mix/Other | | Price | | Divestitures | | Currency | | Total(b) | | Organic(c) |
| Personal Care | | 2 | | 1 | | 7 | | — | | (9) | | — | | 10 |
| North America | | 1 | | 1 | | — | | — | | — | | 2 | | 2 |
| D&E Markets | | 4 | | 1 | | 19 | | — | | (24) | | — | | 23 |
| Developed Markets | | (2) | | — | | — | | — | | (2) | | (4) | | (2) |
| | | | | | | | | | | | | | | |
| Consumer Tissue | | — | | — | | — | | (3) | | — | | (2) | | — |
| North America | | 2 | | 1 | | 3 | | — | | — | | 6 | | 6 |
| D&E Markets | | (8) | | — | | (2) | | (13) | | — | | (25) | | (11) |
| Developed Markets | | 3 | | — | | (4) | | — | | — | | (1) | | (2) |
| | | | | | | | | | | | | | | |
| KC Professional | | (2) | | 1 | | 2 | | (2) | | (2) | | (3) | | 2 |
| North America | | (3) Werbung Mehr Nachrichten zur Kimberly-Clark Aktie kostenlos abonnieren
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