Business
Kimberly-Clark Announces Second Quarter 2024 Results and Raises 2024 Outlook
Delivers net sales of $5.0 billion driven by 4 percent organic sales growthStrong EPS expansion driven by innovation-led volume gains, effective cost
About this update from Kimberly-clark Corporation
[{"type":"text","content":"Delivers net sales of $5.0 billion driven by 4 percent organic sales growthStrong EPS expansion driven by innovation-led volume gains, effective cost management and productivity Company increases 2024 earnings outlook to reflect strong first half\nDALLAS, July 23, 2024 /PRNewswire/ -- Kimberly-Clark Corporation (NYSE: KMB) today reported second 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\"I am very proud of how our teams around the world have advanced our new operating model and delivered high-quality, top and bottom-line results in the first half of this year. We have made strong progress while navigating dynamic consumer and retail environments,\" said Kimberly-Clark Chairman and CEO Mike Hsu.\n\"We have a strong foundation that we can leverage to accelerate investments across the enterprise. Our focus is to deliver high-quality consumer solutions at every price point, increase our operational scale, and enhance our long-term potential. We're excited about our opportunities to capitalize on our momentum to deliver our enduring goal of enhancing value for all our stakeholders.\"\nQuarter Highlights\nNet sales of $5.0 billion were down 2 percent, with organic sales growth of 4 percent versus the prior year.Reported gross margin was 36.0 percent, adjusted gross margin was 36.9 percent, up 290 basis points versus the prior year, driven by organic net sales growth and gross productivity gains.Diluted earnings per share were $1.61; adjusted earnings per share were $1.96, up 19 percent versus prior year including a $0.12 year-on-year headwind from currency translation.Second Quarter 2024 Results\nSecond quarter sales of $5.0 billion were 2 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 increased 4 percent, driven by a 2 percent increase in price and a 2 percent increase through a combination of volume and mix. Price-led gains reflected necessary pricing actions to address higher local costs in hyperinflationary economies, mainly in Argentina. Volume an...