Business
Kimberly-Clark Announces Year-End 2020 Results And 2021 Outlook
DALLAS, Jan. 25, 2021 /PRNewswire/ -- Kimberly-Clark Corporation (NYSE: KMB) today reported year-end 2020 results and provided its 2021 outlook. Executive
About this update from Kimberly-clark Corporation
[{"type":"text","content":"DALLAS, Jan. 25, 2021 /PRNewswire/ -- Kimberly-Clark Corporation (NYSE: KMB) today reported year-end 2020 results and provided its 2021 outlook.\nExecutive Summary\nFourth quarter 2020 net sales of $4.8 billion increased 6 percent compared to the year-ago period, including organic sales growth of 5 percent. Full-year 2020 net sales of $19.1 billion increased 4 percent, with organic sales up 6 percent. Diluted net income per share for the fourth quarter was $1.58 in 2020 and $1.59 in 2019. Full-year diluted net income per share was $6.87 in 2020 and $6.24 in 2019. Fourth quarter adjusted earnings per share were $1.69 in 2020 compared to $1.71 in 2019. Adjusted earnings per share exclude certain items described later in this news release. Full-year adjusted earnings per share were $7.74 in 2020, up 12 percent compared to $6.89 in 2019. The company's previous guidance was for adjusted earnings per share of $7.50 to $7.65. Net sales in 2021 are expected to increase 4 to 6 percent, including organic sales growth of 1 to 2 percent. Diluted net income per share for 2021 is anticipated to be $7.10 to $7.60. Adjusted earnings per share in 2021 are expected to be $7.75 to $8.00. The company's Board of Directors has approved a 6.5 percent increase in the quarterly dividend, which is the 49th consecutive annual increase in the dividend. The Board also authorized a new $5 billion share repurchase program which supplements the current $5 billion authorization that is expected to be completed later in 2021. These actions reflect the company's strong cash flow and growth prospects along with an ongoing commitment to return cash to shareholders.Chairman and Chief Executive Officer Mike Hsu said, \"In 2020, we grew organic sales 6 percent, with healthy underlying performance and increased demand because of COVID-19. We also significantly increased brand investments and improved our market share positions. In addition, we achieved $575 million of cost savings and returned $2.15 billion to shareholders through dividends and share repurchases. Finally, we grew adjusted earnings per share 12 percent, well above our medium-term objective. I'm extremely proud of what our teams accomplished while staying relentlessly focused on employee health and safety and meeting the needs of our consumers during this unprecedented time period.\"\nHsu continued, \"Go...