Kimberly-Clark Corp. (NYSE: KMB) released its first-quarter financial results before the markets opened on Monday. The consumer products firm said that it had $1.66 in earnings per share (EPS) and $4.63 billion in revenue, which compares with consensus estimates of $1.54 in EPS and $4.53 billion in revenue, as well as the $1.71 per share and $4.73 billion posted in the same period of last year.
First-quarter net sales decreased 2% compared to the year-ago period. Changes in foreign currency exchange rates reduced sales by 5%, while organic sales increased 3% including higher net selling prices of 4%.
In North America, organic sales increased 1% in both consumer products and K-C Professional. Outside North America, organic sales rose 7% in developing and emerging markets and 1% in developed markets.
CEO Mike Hsu commented:
I’m encouraged with our first quarter results. We made excellent progress driving higher selling prices to help offset commodity and currency headwinds. We also continued to launch innovations, pursue our growth priorities and invest in our brands. In addition, we generated $115 million of cost savings and returned $510 million to shareholders through dividends and share repurchases. We are confirming our previous full-year outlook while we maintain a strong focus on executing K-C Strategy 2022 for long-term success.
Shares of Kimberly-Clark were last seen up about 6% at $130.90 on Monday, in a 52-week range of $97.10 to $130.90. The consensus price target is $110.56.