Monday reported higher third-quarter income, despite tough competition in the diaper market. However, it still fell short of analysts' expectations.
The company earned $441.3 million, or 89 cents a share, on revenue of $3.87 billion, vs. $419.7 million, or 83 cents a share, on revenue of $3.64 billion a year ago. Analysts expected 90 cents a share, according to Thomson First Call.
"We are continuing to deliver on our commitments in a challenging business environment. Sales and earnings are up, and our returns are headed in the right direction," the company said.
Looking ahead, the company said, "Our fourth quarter performance will enable us to deliver bottom-line results for the year solidly in line with our targeted range of $3.55 to $3.65 per share despite the 4 to 5 cents per share impact of exiting noncore operations and the approximately $40 million in pretax costs, equivalent to nearly 6 cents per share, to improve the competitive position of our global diaper business."
Analysts expect earnings of 95 cents a share in the fourth quarter.
Shares closed at $63.06 Friday.