Executive Summary

• Kimberly-Clark reported net sales of $4.6 billion for the second quarter of 2019, a decrease of 0.2% compared to the same period last year and roughly in line with consensus estimates recorded by StreetAccount. Organic sales were up 5% versus last year, beating the consensus of 3.2% growth.
• The personal care segment recorded net sales of $2.3 billion, with the operating margin expanding 79 basis points to 21.2%.
• The consumer tissue segment recorded net sales of $1.5 billion, with the operating margin expanding 95 basis points to 15%.
• The K-C Professional segment reported net sales of $821 million, with the operating margin expanding 57 bps to 19.7%.
• Kimberly-Clark raised its fiscal 2019 adjusted earnings per share guidance to $6.65 to $6.80, compared to the prior guidance of $6.50 to $6.70.