Business
Kimberly-Clark Announces First Quarter 2024 Results and Raises 2024 Outlook
Delivers net sales of $5.1 billion driven by 6 percent organic sales growthStrong EPS expansion driven by accretive innovation and productivity initiatives
About this update from Kimberly-clark Corporation
[{"type":"text","content":"Delivers net sales of $5.1 billion driven by 6 percent organic sales growthStrong EPS expansion driven by accretive innovation and productivity initiatives Company increases 2024 outlook to reflect solid start to year\nDALLAS, April 23, 2024 /PRNewswire/ -- Kimberly-Clark Corporation (NYSE: KMB) today reported first quarter 2024 results characterized by positive volume and mix gains driven by pioneering, innovative new products, leveraging continued productivity momentum for strong earnings growth versus the prior-year period.\n\n\"We delivered an encouraging set of first quarter results as we embark on this next chapter of growth for Kimberly-Clark,\" said Kimberly-Clark Chairman and CEO Mike Hsu. \"I'm very thankful for the strong execution from our teams around the world who are making this happen.\"\nHsu continued, \"Our powerhouse pipeline of innovation drove sequentially stronger gains from volume-plus-mix. We continued our strong productivity momentum through our efforts to optimize our margin structure, and we are making good progress focusing our enterprise as we advance the implementation of our new operating model. We're excited about our opportunities to capitalize on this momentum on a global level, enabling us to deliver long-term value for our stakeholders.\"\nQuarter Highlights\nNet sales of $5.1 billion were down 1 percent, with organic sales growth of 6 percent versus the prior year.Gross margin was 37.1 percent, up 390 basis points versus the prior year, driven by organic net sales growth and gross productivity gains.Diluted earnings per share were $1.91; adjusted earnings per share were $2.01, up 20 percent versus prior year including a $0.21 year-on-year headwind from currency translation.First Quarter 2024 Results\nFirst quarter sales of $5.1 billion were 1 percent lower than the prior-year period, including negative impacts of approximately 5 percent from foreign currency translation and approximately 1 percent from the divestiture of the Tissue and K-C Professional business in Brazil in June 2023. Organic sales were up 6 percent, driven by a 4 percent increase in price, 1 percent favorable product mix and a 1 percent increase in volume. Price-led gains reflected necessary pricing actions to address higher local costs in hyperinflationary economies, mainly in Argentina. Volume and mix were positive across ...