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Kimberly Clark (KMB) Fourth-Quarter Earnings:Currency Effects Weigh on Results, 2016 Guidance

Executive Summary

  • Kimberly-Clark reported fourth-quarter 2015 net sales of $4.54 billion, which were slightly below the consensus estimate of $4.57 billion, and down 6.0% year over year. Currency effects more than offset the positive contribution of 5% organic growth.
  • Adjusted EPS was $1.42, hurt by currency and higher expenses on a local-currency basis, and missing the consensus estimate by a penny.
  • In 2016, the company expects revenues in the range of flat to down by 3% and adjusted EPS of $5.95–$6.15; the midpoints of each range are below consensus estimates.
  • Savings from the company’s restructuring program were $15 million in the fourth quarter, bringing cumulative savings to $70 million.

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