Kimberly-Clark (KMB) - Get Kimberly-Clark Corporation Report , owner of such paper product brands as Scott, Kleenex, and Cottonelle, beat Wall Street's third-quarter earnings Tuesday, but fell just short on revenue.
Shares of the Dallas-based company fell 5.3% to $131.83 a share.
Kimberly-Clark reported net earnings of $671 million, or $1.94 a share, up from $451 million, or $1.29 a share, a year ago. Adjusted earnings came to $1.84 a share, beating analysts' expectations of $1.80. Revenue totaled $4.64 billion, up more than 1% from a year ago, and just short of Wall Street's call for $4.65 billion. Organic sales increased 4%.
Looking ahead, the company is now targeting full-year 2019 organic sales growth of 3% to 4% and adjusted earnings per share of $6.75 to $6.90. The prior outlook was for organic sales growth of 3% and adjusted earnings of $6.65 to $6.80 a share. Wall Street is looking for $6.83 a share.
"We achieved strong improvements in organic sales, profit margins and earnings per share in the quarter," said CEO Mike Hsu in a statement. "In addition, we continued to launch innovations, pursue our growth priorities and increase investments in our brands. We also generated $95 million of cost savings and returned approximately $570 million to shareholders through dividends and share repurchases."
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