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
and
Business
Exits(a)
|
|
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)
|
|
1
|
|
1
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
D&E
Markets
|
|
(1)
|
|
—
|
|
13
|
|
(13)
|
|
(11)
|
|
(12)
|
|
12
|
Developed
Markets
|
|
2
|
|
1
|
|
(4)
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
1
|
|
1
|
|
4
|
|
(1)
|
|
(5)
|
|
(1)
|
|
6
|
|
|
(a)
|
Impact of the sale of
Brazil tissue and K-C Professional business.
|
(b)
|
Total may not equal the
sum of volume, mix/other, net price, divestitures and business
exits and currency due to rounding and excludes inter-geographic
sales.
|
(c)
|
Combined impact of
changes in volume, mix/other and net price.
|
Personal Care Segment
Personal Care sales of $2.7
billion were in line with the year-ago period, while organic
sales increased 10 percent, driven by pricing actions
in hyperinflationary economies as well as volume and mix
gains. Innovation, solid commercial execution and supply
improvements contributed to volume growth, led by a 4 percent
increase in D&E markets and a 1 percent increase in
North America partially offset by
2 percent decline in Developed Markets.
First-quarter operating profit of $545
million increased 12 percent as strong organic growth and
gross productivity savings were partially offset by cost
inflation, primarily in developing and hyperinflationary markets,
investments in marketing, research and general expenses, as well as
unfavorable currency translation.
Consumer Tissue Segment
Consumer Tissue sales of $1.6
billion decreased 2 percent due to divestitures and business
exits while organic sales were in line with the year ago period.
Organic growth of 6 percent in North
America was primarily offset by expected lower pricing in
Western Europe due to lapping of
energy surcharges.
First-quarter operating profit of $290
million increased 21 percent, driven by the normalization of
revenue realization and input cost levels versus the prior-year
period as well as incremental gross productivity gains in the
current quarter.
K-C Professional (KCP) Segment
KCP sales of $823 million
decreased 3 percent due to divestitures and business exits. Organic
sales increased 2 percent, driven by price realization and mix
benefits from strong demand for new washroom solutions. Lower
volumes reflected ongoing rightsizing of the portfolio, primarily
in North America.
First-quarter operating profit of $188
million increased 18 percent driven by gross productivity
gains as well as organic sales growth.
Cash Flow and Balance Sheet
Year-to-date cash provided by operations was $438 million compared to $613 million last year mainly reflecting timing
differences versus the prior-year period impacting quarter-end
accounts receivable levels. Year-to-date capital spending was
$194 million compared to
$201 million last year. The company returned $452 million to shareholders through dividends
and repurchases of common stock. Total debt was $8.0 billion as of March
31, 2024, consistent with December
31, 2023, levels.
2024 Outlook
Based on its first quarter results, the company has updated its
2024 outlook, with all factors compared to 2023, as follows:
Organic Net Sales is now expected to grow mid-single
digits versus the company's previous expectation of low-to
mid-single-digit growth. The company now expects Reported Net
Sales to be negatively impacted by 400 basis points of currency
translation and 120 basis points from divestitures compared to its
previous assumption of 300 basis points and 60 basis points,
respectively.
Adjusted Operating Profit is now expected to grow at
a low-teens percentage rate on a constant-currency basis. This is
up from previous expectations for high-single-digit to
low-double-digit Adjusted Operating Profit growth on a constant
currency basis.
Adjusted Earnings Per Share is now expected to grow
at a low-teens percentage rate on a constant-currency basis, an
increase from previous expectations of high-single-digit
growth.
Reported Operating Profit and Reported Earnings Per
Share are currently expected to be negatively impacted by
approximately 700 basis points from currency translation, compared
to the company's previous assumptions for a 400 basis-point
headwind.
This outlook reflects assumptions subject to change given the
macro environment.
Supplemental Materials and Live Webcast
Supplemental materials will be available at approximately
7:00 a.m. Eastern Daylight Time in
the Investor Relations section of www.kimberly-clark.com. The
company will host a live Q&A session with investors and
analysts on April 23, 2024, at
8:30 a.m. Eastern Daylight Time. The
supplemental materials and Kimberly-Clark's Q&A session can be
accessed at investor.kimberly-clark.com. A replay of the webcast
will be available following the event through the same website.
About Kimberly-Clark
Kimberly-Clark (NYSE: KMB) and its trusted brands are an
indispensable part of life for people in more than 175 countries
and territories. Fueled by ingenuity, creativity, and an
understanding of people's most essential needs, we create products
that help individuals experience more of what's important to
them. Our portfolio of brands, including Huggies, Kleenex,
Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups,
GoodNites, Intimus, Plenitud, Sweety, Softex, Viva and WypAll, hold
No. 1 or No. 2 share positions in approximately 70 countries.
We use sustainable practices that support a healthy planet, build
strong communities, and ensure our business thrives for decades to
come. We are proud to be recognized as one of the World's Most
Ethical Companies(R) by Ethisphere for the fifth year in
a row. To keep up with the latest news and to learn more about the
company's 150-year history of innovation, visit
kimberly-clark.com.
Copies of Kimberly-Clark's Annual Report to Stockholders and its
proxy statements and other SEC filings, including Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, are made available free of charge on the company's
website on the same day they are filed with the SEC. To view
these filings, visit the Investors section of the company's
website.
Forward Looking Statements
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 Argentina and Türkiye, net income from equity
companies, sources and uses of cash, charges and savings from the
2024 Transformation Initiative, the effective tax rate, the
anticipated cost savings, growth initiatives, product innovations,
contingencies and anticipated transactions of the company
constitute forward-looking statements and are based upon
management's expectations and beliefs concerning future events
impacting the company. In addition, many factors outside our
control, including the risk that we are not able to realize the
anticipated benefits of the 2024 Transformation Initiative
(including risks related to disruptions to our business or
operations or related to any delays in implementation) war in
Ukraine (including the related
responses of consumers, customers and suppliers as well as
sanctions issued by the U.S., the European Union, Russia or other countries), pandemics,
epidemics, fluctuations in foreign currency exchange rates, prices
and availability of our raw materials, supply chain disruptions,
disruptions in the capital and credit markets, counterparty
defaults (including customers, suppliers and financial institutions
with which we do business), failure to realize the expected
benefits or synergies from our acquisition and disposition
activity, impairment of goodwill and intangible assets and our
projections of operating results and other factors that may affect
our impairment testing, changes in customer preferences, severe
weather conditions, regional instabilities and hostilities
(including the war in Israel),
government trade or similar regulatory actions, potential
competitive pressures on selling prices for our products, energy
costs, our ability to maintain key customer relationships, as well
as general economic and political conditions globally and in the
markets in which we do business, could affect the realization of
these estimates.
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 the company's Annual Report on Form 10-K for the year
ended December 31, 2023.
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
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 reconciliation tables:
- 2024 Transformation Initiative - In 2024, we initiated this
transformation initiative to to improve our focus on growth and
reduce our structural cost base by reorganizing into three new
business segments, making the corporate and regional overhead cost
structures more efficient and optimizing our global supply chain.
Results in 2024 include charges related to this program.
- Sale of Brazil tissue and K-C
Professional business. In the second quarter of 2023, we recognized
a net benefit related to the sale of our Brazil tissue and K-C Professional
business.
- Impairment of intangible assets. In the second quarter of 2023,
we recognized non-cash charges related to the impairment of certain
intangible assets related to Softex Indonesia and Thinx.
- Pension settlements. In 2023, we recognized pension settlement
charges related to lump-sum distributions from pension plan assets
exceeding the total of annual service and interest costs resulting
in a recognition of deferred actuarial losses.
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 Management Development and Compensation
Committee of the company's Board of Directors has used certain of
the non-GAAP financial measures when setting and assessing
achievement of incentive compensation goals. These goals are based,
in part, on the company's adjusted earnings per share.
Certain non-GAAP financial measures referenced in this news
release are presented on a forward-looking basis. Kimberly-Clark
does not provide a reconciliation of these forward-looking non-GAAP
financial measures to the most directly comparable GAAP financial
measures on a forward-looking basis because it is unable to predict
certain adjustment items without unreasonable effort. Please note
that these items could be material to Kimberly-Clark's results
calculated in accordance with GAAP.
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 divestitures and business exits
also impact the year-over-year change in net sales.
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED INCOME
STATEMENTS
(Millions, except per
share amounts)
|
|
|
Three Months Ended
March 31
|
|
|
|
2024
|
|
2023
|
|
Change
|
Net
Sales
|
$
5,149
|
|
$
5,195
|
|
-1 %
|
Cost of products
sold
|
3,238
|
|
3,469
|
|
-7 %
|
Gross
Profit
|
1,911
|
|
1,726
|
|
+11 %
|
Marketing, research
and general expenses
|
1,039
|
|
924
|
|
+12 %
|
Other (income) and
expense, net
|
19
|
|
15
|
|
+27 %
|
Operating
Profit
|
853
|
|
787
|
|
+8 %
|
Nonoperating
expense
|
(15)
|
|
(16)
|
|
-6 %
|
Interest
income
|
10
|
|
7
|
|
+43 %
|
Interest
expense
|
(67)
|
|
(73)
|
|
-8 %
|
Income Before Income
Taxes and Equity Interests
|
781
|
|
705
|
|
+11 %
|
Provision for income
taxes
|
(184)
|
|
(173)
|
|
+6 %
|
Income Before Equity
Interests
|
597
|
|
532
|
|
+12 %
|
Share of net income of
equity companies
|
61
|
|
43
|
|
+42 %
|
Net
Income
|
658
|
|
575
|
|
+14 %
|
Net income
attributable to noncontrolling interests
|
(11)
|
|
(9)
|
|
+22 %
|
Net Income
Attributable to Kimberly-Clark Corporation
|
$
647
|
|
$
566
|
|
+14 %
|
|
|
|
|
|
|
Per Share
Basis
|
|
|
|
|
|
Net Income
Attributable to Kimberly-Clark Corporation
|
|
|
|
|
|
Basic
|
$
1.92
|
|
$
1.68
|
|
+14 %
|
Diluted
|
$
1.91
|
|
$
1.67
|
|
+14 %
|
|
|
|
|
|
|
Cash Dividends
Declared
|
$
1.22
|
|
$
1.18
|
|
+3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding
|
March
31
|
|
|
|
2024
|
|
2023
|
|
|
Outstanding shares as
of
|
336.8
|
|
337.4
|
|
|
Average diluted shares
for three months ended
|
338.3
|
|
338.6
|
|
|
|
|
|
|
|
|
Unaudited
|
N.M. - Not
Meaningful
|
KIMBERLY-CLARK
CORPORATION
NON-GAAP
RECONCILIATIONS
(Millions, except per
share amounts)
|
|
|
|
Three Months Ended
March 31, 2024
|
|
|
As
Reported
|
|
2024
Transformation
Initiative
|
|
As
Adjusted
Non-GAAP
|
Marketing, research and
general expenses
|
|
$
1,039
|
|
$
45
|
|
$
994
|
Operating
Profit
|
|
853
|
|
(45)
|
|
898
|
Provision for income
taxes
|
|
(184)
|
|
11
|
|
(195)
|
Effective tax
rate
|
|
23.6 %
|
|
—
|
|
23.6 %
|
Net Income Attributable
to Kimberly-Clark Corporation
|
|
647
|
|
(34)
|
|
681
|
Diluted Earnings per
Share(a)
|
|
1.91
|
|
(0.10)
|
|
2.01
|
|
|
(a)
|
"As Adjusted Non-GAAP"
may 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.
|
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED BALANCE
SHEETS
(Millions)
|
|
|
March 31,
2024
|
|
December 31,
2023
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
$
853
|
|
$
1,093
|
Accounts receivable,
net
|
2,383
|
|
2,135
|
Inventories
|
1,877
|
|
1,955
|
Other current
assets
|
487
|
|
520
|
Total Current
Assets
|
5,600
|
|
5,703
|
Property, Plant and
Equipment, Net
|
7,772
|
|
7,913
|
Investments in
Equity Companies
|
364
|
|
306
|
Goodwill
|
2,043
|
|
2,085
|
Other Intangible
Assets, Net
|
190
|
|
197
|
Other
Assets
|
1,123
|
|
1,140
|
TOTAL
ASSETS
|
$
17,092
|
|
$
17,344
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
Liabilities
|
|
|
|
Debt payable within
one year
|
$
809
|
|
$
567
|
Trade accounts
payable
|
3,531
|
|
3,653
|
Accrued expenses and
other current liabilities
|
2,131
|
|
2,316
|
Dividends
payable
|
407
|
|
394
|
Total Current
Liabilities
|
6,878
|
|
6,930
|
Long-Term
Debt
|
7,161
|
|
7,417
|
Noncurrent Employee
Benefits
|
652
|
|
669
|
Deferred Income
Taxes
|
395
|
|
374
|
Other
Liabilities
|
796
|
|
860
|
Redeemable Preferred
Securities of Subsidiaries
|
26
|
|
26
|
Stockholders'
Equity
|
|
|
|
Kimberly-Clark
Corporation
|
1,044
|
|
915
|
Noncontrolling
Interests
|
140
|
|
153
|
Total Stockholders'
Equity
|
1,184
|
|
1,068
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
17,092
|
|
$
17,344
|
KIMBERLY-CLARK
CORPORATION
CONSOLIDATED CASH FLOW
STATEMENTS
(Millions)
|
|
|
|
Three Months
Ended
March 31
|
|
|
2024
|
|
2023
|
Operating
Activities
|
|
|
|
|
Net income
|
|
$
658
|
|
$
575
|
Depreciation and
amortization
|
|
185
|
|
188
|
Asset
impairments
|
|
—
|
|
11
|
Stock-based
compensation
|
|
32
|
|
24
|
Deferred income
taxes
|
|
(11)
|
|
(50)
|
Net (gains) losses on
asset dispositions
|
|
5
|
|
2
|
Equity companies'
earnings (in excess of) less than dividends paid
|
|
(61)
|
|
(43)
|
Operating working
capital
|
|
(367)
|
|
(85)
|
Postretirement
benefits
|
|
2
|
|
(6)
|
Other
|
|
(5)
|
|
(3)
|
Cash Provided by
Operations
|
|
438
|
|
613
|
Investing
Activities
|
|
|
|
|
Capital
spending
|
|
(194)
|
|
(201)
|
Investments in time
deposits
|
|
(97)
|
|
(177)
|
Maturities of time
deposits
|
|
119
|
|
259
|
Other
|
|
(9)
|
|
4
|
Cash Used for
Investing
|
|
(181)
|
|
(115)
|
Financing
Activities
|
|
|
|
|
Cash dividends
paid
|
|
(398)
|
|
(391)
|
Change in short-term
debt
|
|
4
|
|
(308)
|
Debt
proceeds
|
|
—
|
|
348
|
Proceeds from exercise
of stock options
|
|
3
|
|
11
|
Acquisitions of common
stock for the treasury
|
|
(54)
|
|
(30)
|
Cash dividends paid to
noncontrolling interests
|
|
(19)
|
|
(16)
|
Other
|
|
(21)
|
|
(11)
|
Cash Used for
Financing
|
|
(485)
|
|
(397)
|
Effect of Exchange
Rate Changes on Cash and Cash Equivalents
|
|
(12)
|
|
(4)
|
Change in Cash and
Cash Equivalents
|
|
(240)
|
|
97
|
Cash and Cash
Equivalents - Beginning of Period
|
|
1,093
|
|
427
|
Cash and Cash
Equivalents - End of Period
|
|
$
853
|
|
$
524
|
KIMBERLY-CLARK
CORPORATION
SELECTED BUSINESS
SEGMENT DATA
(Millions)
|
|
|
|
Three Months Ended
March 31
|
|
|
|
|
2024
|
|
2023
|
|
Change
|
NET
SALES
|
|
|
|
|
|
|
Personal
Care
|
|
$
2,713
|
|
$
2,704
|
|
— %
|
Consumer
Tissue
|
|
1,599
|
|
1,634
|
|
-2 %
|
K-C
Professional
|
|
823
|
|
847
|
|
-3 %
|
Corporate &
Other
|
|
14
|
|
10
|
|
N.M.
|
TOTAL NET
SALES
|
|
$
5,149
|
|
$
5,195
|
|
-1 %
|
|
|
|
|
|
|
|
OPERATING
PROFIT
|
|
|
|
|
|
|
Personal
Care
|
|
$
545
|
|
$
487
|
|
+12 %
|
Consumer
Tissue
|
|
290
|
|
240
|
|
+21 %
|
K-C
Professional
|
|
188
|
|
159
|
|
+18 %
|
Corporate &
Other(a)
|
|
(151)
|
|
(84)
|
|
N.M.
|
Other (income) and
expense, net(a)
|
|
19
|
|
15
|
|
+27 %
|
TOTAL OPERATING
PROFIT
|
|
$
853
|
|
$
787
|
|
+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.
|
Unaudited
|
N.M. - Not
Meaningful
|
[KMB-F]
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SOURCE Kimberly-Clark Corporation