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Kimberly-Clark Profit Falls

But excluding items, latest-quarter earnings rise 9% from a year earlier.
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earnings fell 25% from a year ago but matched Wall Street estimates, and the company maintained full-year guidance despite rising costs.

The Dallas-based maker of Kleenex and Huggies made $325 million, or 68 cents a share, for the third quarter ended Sept. 30, down from the year-ago continuing operations profit of $434 million, or 87 cents a share. Sales rose 6% from a year ago to $4 billion.

Excluding certain costs, latest-quarter earnings rose 9% from a year ago to 95 cents a share, matching the Thomson First Call analyst consensus estimate. Kimberly-Clark also guided to full-year earnings of around $3.77 to $3.83 a share, saying it would likely hit the low end of the range. That's in line with the Wall Street estimate.

"K-C teams are focused on building and extending our brands, reducing costs and improving returns on invested capital," said CEO Tom Falk. "In combination, these strategies are enabling us to generate profitable top-line growth, deliver bottom-line results in line with our objectives and return significant amounts of cash to our shareholders. I am proud of what our teams have accomplished this quarter, particularly in light of the inflationary pressures that have impacted our businesses."

Early Monday, Kimberly-Clark was at $56.82.