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.