Kimberly-Clark Beats Profit, Sales Estimates And Affirms Outlook

Kimberly-Clark Corp. said Tuesday it had net income of $468 million, or $1.27 a share, in the first quarter, compared with $538 million, or $1.26 a share, in the year-earlier period. The consumer goods giant said adjusted per-share earnings came to $1.42, well above the FactSet consensus of $1.33. Sales fell 4% to $4.7 billion, but were ahead of the FactSet consensus of $4.6 billion. "Performance benefited from organic sales growth, cost savings and a lower share count," the company said in a statement. "Comparisons were negatively impacted by unfavorable foreign currency exchange rate effects and a higher adjusted effective tax rate." The company said it still expects full-year EPS of $5.60 to $5.80. Shares were not yet active in premarket trade but are down 7% in the year so far, while the S&P 500 has gained 2%.