展示99.1
キンバリークラークは2024年第3四半期の業績を発表し、2024年の利益見通しを再確認しました。
売上高は50億ドルで、有機売上高は1パーセント成長しました。
成果と展望は、市場での強力な実行、効果的なコスト管理、生産性を反映しています。
ダラス、2024年10月22日 - キンバリークラーク社（nyse：KMB）は、市場をリードする消費増加をもたらした先駆的で革新的な新製品と持続的な生産性の勢いを活用した第3四半期の2024年の業績を発表しました。
キンバリークラークの会長兼CEOであるマイク・フォーキーは、「我々の四半期の結果は、組織を変革する中で、ビジネス全体で強力な実行を示しています」と述べました。「市場シェアの獲得と生産性の向上による有機的な売上高および利益の成長を提供するチームの能力に、ダイナミックな消費者環境の背景にもかかわらず、非常に誇りに思っています。」
Hsuは、Powering Care戦略を全力で推進することで、イノベーションのパイプラインを加速し、コストを削減して、あらゆる価格帯の高品質な消費者ソリューションを提供し、ビジネスの構造を簡素化して、市場でより速く、より素早く対応できるようにしています。2024年には、堅実な営業利益、利益率、eps成長を達成し、ビジネスの勢いを2025年にも維持するために投資をしています。
四半期のハイライト
•50億ドルの純売上高は前年比4％減少し、前年比1％の有機売上成長がありました。
•報告された粗利率は36.0パーセントで、調整後の粗利率は36.7パーセントで、前年比90ベースポイント上昇し、強力な粗利生産性の向上によるものでした。
•1株当たりの希薄化後利益は$2.69で、調整後の利益は$1.83であり、前年比で5％増加し、通貨翻訳からの0.07ドルの年度進行方向を含む。
2024年第3四半期の結果
50億ドルの7月～9月期の売上高は、前年同期比4%減少しました。外国為替の翻訳からのマイナス要因は約3％、2024年7月に完了したk-C Professional Personal Protective Equipment (PPE) ビジネスの売却による影響は約1%を占めます。有機売上は1%増加し、価格は1%上昇し、出来高とミックスは前年並みでした。価格主導の増益は、アルゼンチンを中心とした高インフレ経済での地元コストの対処に必要な価格調整を反映しています。出来高とミックスは、豪州、韓国、西部/中部ヨーロッパを代表する先進国市場ではプラスで、北米での減少を相殺し、途上国と新興市場（D＆E）の出来高は前年並みでした。 前年同期比4%の下落で、50億ドルの第3四半期の売上高が報告され、これには外貨翻訳からの約3%のマイナス影響と2024年7月に完了したk-C Professional Personal Protective Equipment (PPE) ビジネスの売却からの約1%の影響が含まれています。有機的な売り上げは1%増加し、価格の1%上昇により、出来高とミックスは前年と同様でした。価格主導の増益は、高インフレーション経済、主にアルゼンチンの高コストに対処するための必要な価格調整を反映しています。ボリュームとミックスは、オーストラリア、韓国、西/中ヨーロッパを代表する先進国市場ではプラスであり、北米では減少しましたが、途上国および新興市場（D＆E）のボリュームは前年と同様でした。
北米では、前年比1％の有機食品の売上減少があり、K-Cプロフェッショナルが3％減少し、消費関連は1％減少し、一方、パーソナルケアは前年並みでした。
D&E市場では、ハイパーインフレーション経済を中心に価格上昇を反映し、有機売上高が8パーセント増加した。 先進国市場の有機売上高は2パーセント減少し、主に反映された低価格が原因でした。
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前年度のヨーロッパにおける一時的かつエネルギー関連の価格上昇と、低一桁の出来高による利益増加と部分的に相殺されました。
第3四半期の営業利益は12億ドルで、そのうちPPEビジネスの売却による利益が56500万ドル含まれています。currency翻訳による不利な影響4ポイントを主にハイパーインフレーション国からもたらされたものの、調整後の営業利益は5%増加しました。通貨の影響を除くと、調整後の営業利益の成長は、総生産性の向上、比較的ニュートラルな価格設定（原価インフレを差し引いたもの）、サプライチェーンに関連する投資、計画的なマーケティング、研究、一般費用の増加を反映しています。
前年比、純利息費は4900万ドルで、前年比5600万ドルでした。
調整後、第三四半期の実効税率は20.5パーセントでした。第三四半期の実効税率は、前年の22.5パーセントに対して、調整後に22.7パーセントとなりました。
持分法適用会社の当期純利益は48ドルでした 前年同期の5000万ドルと比較して
希薄化後epsは報告ベースで$2.69であり、PPE ビジネスの売却による$1.34のプラス影響、会社の変革イニシアティブに関連するコストによるマイナス$0.31の影響、および無形資産の減損によるマイナス$0.17の影響が含まれていました。調整後には、調整後の営業利益の5％の増加に主による$1.83へと5％増加しました。
年度累計結果
年の最初の9ヵ月間、151億ドルの売上高は、為替レートの影響（約4％）や売却の影響（約1％）を含め、前年比2％減少しました。 有機売上高は4％増加し、主に高インフレ経済での価格の約2％の上昇、好ましい製品ミックスからの1％、および出来高の1％増加によって推進されました。
これまでの営業利益は$ 2.7 billionであり、そのうち$ 565 millionはPPEビジネスの売却による利益、そして$ 359 millionは会社の変革イニシアチブに関連するコストです。
今年度の調整後の営業利益は前年比$26億に対して$23億でした。これは、前年比12%の増加を記録し、主に高インフレーション経済による通貨翻訳の影響による8ポイントの不利な影響を含んでいます。通貨の影響を除くと、調整後の営業利益の成長は、有機成長と強力な生産性の節約の組み合わせによって推進され、一部はD＆E市場、サプライチェーン関連の投資、売却の影響、およびマーケティング、研究、一般費用の計画による増加によって部分的に相殺されました。
今年の最初の9か月間、希薄化後の1株当たり利益は、2024年が去年の$3.70に対して$6.21でした。年初から今日までの調整後の1株当たり利益は、去年の$5.06に対して$5.80でした。
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ビジネスセグメントの純売上高結果
| 前年比のQ3変化率 (%) | 出来高 | 混合/その他 | 純価設定 | 事業売却およびビジネス撤退(a) | 通貨の翻訳 | 総計(b) | 有機(c) | |||||||||||||||||||||||||||||||||||||
| パーソナルケア | — | 1 | 3 | — | (6) | (2) | 3 | |||||||||||||||||||||||||||||||||||||
| 北米 | — | 1 | (1) | — | — | (1) | — | |||||||||||||||||||||||||||||||||||||
| D&E マーケット | — | — | 11 | — | (15) | (4) | 11 | |||||||||||||||||||||||||||||||||||||
| 先進国市場 | — | 1 | (4) | — | (1) | (4) | (3) | |||||||||||||||||||||||||||||||||||||
| 消費関連 トイレットペーパー | — | — | (1) | — | — | (2) | (1) | |||||||||||||||||||||||||||||||||||||
| 北米 | (2) | — | 1 | — | — | (1) | (1) | |||||||||||||||||||||||||||||||||||||
| D&E マーケット | 4 | — | (4) | (1) | (1) | (3) | (1) | |||||||||||||||||||||||||||||||||||||
| 先進国市場 | 3 | — | (5) | — | (1) | (3) | (2) | |||||||||||||||||||||||||||||||||||||
| ケーシープロフェッショナル | (1) | — | (1) | (7) | (2) | (10) | (1) | |||||||||||||||||||||||||||||||||||||
| 北米 | (2) | — | (1) | (9) | — | (11) | (3) | |||||||||||||||||||||||||||||||||||||
| D&Eマーケット | (6) | 1 | 9 | (4) | (9) | (9) | 4 | |||||||||||||||||||||||||||||||||||||
| 先進国市場 | 7 | — | (8) | (6) | (1) | (7) | (1) | |||||||||||||||||||||||||||||||||||||
| 統合された | — | — | 1 | (1) | (3) | (4) | 1 | |||||||||||||||||||||||||||||||||||||
| 前年比の対前年変化率 (%) | 出来高 | その他 | 純価格 | 売却および事業撤退(a) | 通貨の翻訳 | 総計(b) | 有機(c) | |||||||||||||||||||||||||||||||||||||
| パーソナルケア | 1 | 1 | 5 | — | (8) | (1) | 7 | |||||||||||||||||||||||||||||||||||||
| 北米 | 2 | 1 | — | — | — | 2 | 2 | |||||||||||||||||||||||||||||||||||||
| D＆E市場 | 2 | 1 | 14 | — | (20) | (3) | 17 | |||||||||||||||||||||||||||||||||||||
| 先進国市場 | (1) | — | (2) | — | (2) | (5) | (3) | |||||||||||||||||||||||||||||||||||||
| 消費関連ティッシュ | — | — | (1) | (2) | — | (3) | (1) | |||||||||||||||||||||||||||||||||||||
| 北米 | (1) | — | 2 | — | — | 1 | 1 | |||||||||||||||||||||||||||||||||||||
| D＆E市場 | (2) | — | (3) | (9) | (1) | (15) | (6) | |||||||||||||||||||||||||||||||||||||
| 先進国市場 | 3 | — | (5) | — | — | (2) | (2) | |||||||||||||||||||||||||||||||||||||
| k-C プロフェッショナル | (1) | 1 | — | (4) | (2) | (6) | — | |||||||||||||||||||||||||||||||||||||
| 北米 | (3) | — | — | (3) | — | (5) | (3) | |||||||||||||||||||||||||||||||||||||
| D&E マーケット | — | 1 | 11 | (11) | (11) | (10) | 13 | |||||||||||||||||||||||||||||||||||||
| 先進国市場 | 4 | 1 | (7) | (2) | (1) | (5) | (2) | |||||||||||||||||||||||||||||||||||||
| 統合された | 1 | 1 | 2 | (1) | (4) | (2) | 4 | |||||||||||||||||||||||||||||||||||||
(a) Impact of the sale of the Brazil tissue and K-C Professional business, sale of the PPE business and other exited businesses and markets in conjunction with the 2024 Transformation Initiative.
(b) Total may not equal the sum of volume, mix/other, net price, divestitures and business exits and currency due to rounding and excludes intergeographic sales.
(c) Combined impact of changes in volume, mix/other and net price excluding prior year's impact of divestitures and business exits.
Unaudited
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Personal Care Segment
Personal Care sales of $2.6 billion decreased 2 percent in the quarter, while organic sales increased 3 percent from a combination of pricing actions in hyperinflationary economies as well as mix gains while volume was in line with year ago across all markets. Product innovation and solid commercial execution resulted in Baby and Child Care gaining global weighted market share on a year-to-date basis.
Third quarter operating profit of $482 million decreased 4 percent driven by a step up in advertising investment partially offset by optimization in overheads while gross profit was broadly in line with year ago.
Consumer Tissue Segment
Consumer Tissue sales of $1.5 billion decreased 2 percent, with a decline in organic sales of 1 percent. Organic decline was driven by retailer inventory reductions in North America as well as expected lower pricing in Western Europe due to lapping of temporary pricing related to energy surcharges in the prior year period.
Third quarter operating profit of $265 million decreased 1 percent, with gross productivity gains offset by higher manufacturing costs and increased advertising levels.
K-C Professional (KCP) Segment
KCP sales of $767 million decreased 10 percent due to divestitures and business exits as well as unfavorable currency impacts. Organic sales decreased 1 percent driven by 1 percent unfavorable price impact due to lapping of energy surcharges in Western Europe.
Third quarter operating profit of $161 million decreased 4 percent primarily impacted by the divestiture of the PPE business, underlying operating profit benefited from productivity gains partially offset by volume softness.
Cash Flow and Balance Sheet
Year-to-date cash provided by operations was $2.4 billion compared to $2.3 billion last year driven primarily by stronger operating results. Year-to-date capital spending was $512 million compared to $549 million last year. The company returned $2.0 billion to shareholders through dividends and repurchases of common stock. Total debt was $7.5 billion as of September 30, 2024, down from $8.0 billion as of December 31, 2023.
2024 Outlook
Based on its year-to-date results, the company has updated its 2024 outlook, with all factors compared to 2023, as follows:
Organic Net Sales are expected to grow between 3%-4% versus a mid-single digit rate previously, primarily reflecting discrete headwinds from changes in retail inventory levels. Reported Net Sales are still expected to be negatively impacted by 400 basis points of currency translation and 120 basis points from divestitures.
Adjusted Operating Profit and Adjusted Earnings Per Share are still expected to grow at a mid-to-high teens percentage rate on a constant-currency basis.
Reported Operating Profit and Reported Earnings Per Share are now expected to be negatively impacted by approximately 650 basis points from currency translation versus a previous expectation of 700 basis points.
This outlook reflects assumptions subject to change given the macro environment.
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Supplemental Materials and Live Webcast
Supplemental materials will be available at approximately 6:35 a.m. Eastern Daylight Time in the Investor Relations section of www.kimberly-clark.com. The company will host a live Q&A session with investors and analysts on October 22, 2024, at 8:00 a.m. Eastern Daylight Time. The supplemental materials and Kimberly-Clark's Q&A session can be accessed at investor.kimberly-clark.com. A replay of the webcast will be available following the event through the same website.
About Kimberly-Clark
Kimberly-Clark (NYSE: KMB) and its trusted brands are an indispensable part of life for people in more than 175 countries and territories. Fueled by ingenuity, creativity, and an understanding of people’s most essential needs, we create products that help individuals experience more of what’s important to them. Our portfolio of brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Plenitud, Sweety, Softex, Viva and WypAll, hold No. 1 or No. 2 share positions in approximately 70 countries. We use sustainable practices that support a healthy planet, build strong communities, and ensure our business thrives for decades to come. We are proud to be recognized as one of the World’s Most Ethical Companies(R) by Ethisphere for the fifth year in a row. To keep up with the latest news and to learn more about the company's 150-year history of innovation, visit kimberly-clark.com.
Copies of Kimberly-Clark's Annual Report to Stockholders and its proxy statements and other SEC filings, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, are made available free of charge on the company's website on the same day they are filed with the SEC. To view these filings, visit the Investors section of the company's website.
Forward Looking Statements
Certain matters contained in this news release concerning the business outlook, including raw material, energy and other input costs, the anticipated charges and savings from the 2024 Transformation Initiative, cash flow and uses of cash, growth initiatives, innovations, marketing and other spending, net sales, anticipated currency rates and exchange risks, including the impact in Argentina and Türkiye, effective tax rate, contingencies and anticipated transactions of Kimberly-Clark, including dividends, share repurchases and pension contributions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are based upon management's expectations and beliefs concerning future events impacting Kimberly-Clark. There can be no assurance that these future events will occur as anticipated or that our results will be as estimated. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them.
The assumptions used as a basis for the forward-looking statements include many estimates that, among other things, depend on the achievement of future cost savings and projected volume increases. In addition, many factors outside our control, including the risk that we are not able to realize the anticipated benefits of the 2024 Transformation Initiative (including risks related to disruptions to our business or operations or related to any delays in implementation), war in Ukraine (including the related responses of consumers, customers, and suppliers and sanctions issued by the U.S., the European Union, Russia or other countries), pandemics, epidemics, fluctuations in foreign currency exchange rates, the prices and availability of our raw materials, supply chain
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disruptions, disruptions in the capital and credit markets, counterparty defaults (including customers, suppliers and financial institutions with which we do business), failure to realize the expected benefits or synergies from our acquisition and disposition activity, impairment of goodwill and intangible assets and our projections of operating results and other factors that may affect our impairment testing, changes in customer preferences, severe weather conditions, regional instabilities and hostilities (including the war in Israel), government trade or similar regulatory actions, potential competitive pressures on selling prices for our products, energy costs, general economic and political conditions globally and in the markets in which we do business, as well as our ability to maintain key customer relationships, could affect the realization of these estimates.
The factors described under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, or in our other SEC filings, among others, could cause our future results to differ from those expressed in any forward-looking statements made by us or on our behalf. Other factors not presently known to us or that we presently consider immaterial could also affect our business operations and financial results.
Non-GAAP Financial Measures
This news release and the accompanying tables include the following financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S., or GAAP, and are therefore referred to as non-GAAP financial measures:
•Adjusted earnings and earnings per share
•Adjusted gross and operating profit
•Adjusted effective tax rate
These non-GAAP financial measures exclude the following items for the relevant time periods as indicated in the accompanying non-GAAP reconciliation tables:
•2024 Transformation Initiative - In 2024, we initiated this transformation initiative to improve our focus on growth and reduce our structural cost base by reorganizing into three new business segments, making the corporate and regional overhead cost structures more efficient and optimizing our global supply chain. Results in 2024 include charges related to this program.
•Sale of PPE business - In 2024, we recognized a gain related to the sale of our PPE business.
•Impairment of intangible assets - In the third quarter of 2024 and the second quarter of 2023, we recognized charges related to the impairment of certain intangible assets related to Softex and Thinx.
•Sale of Brazil tissue and K-C Professional business - In the second quarter of 2023, we recognized a net benefit related to the sale of our Brazil tissue and K-C Professional business.
•Pension settlements - In 2023, we recognized pension settlement charges related to lump-sum distributions from pension plan assets exceeding the total of annual service and interest costs resulting in a recognition of deferred actuarial losses.
The income tax effect of these non-GAAP items is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. The impact of these non-GAAP items on the Company’s effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment on Income Before Income Taxes and Equity Interests and Provision for income taxes.
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The company provides these non-GAAP financial measures as supplemental information to our GAAP financial measures. Management and the company's Board of Directors use adjusted earnings, adjusted earnings per share and adjusted gross and operating profit to (a) evaluate the company's historical and prospective financial performance and its performance relative to its competitors, (b) allocate resources and (c) measure the operational performance of the company's business units and their managers. Management also believes that the use of an adjusted effective tax rate provides improved insight into the tax effects of our ongoing business operations.
Additionally, the Management Development and Compensation Committee of the company's Board of Directors has used certain of the non-GAAP financial measures when setting and assessing achievement of incentive compensation goals. These goals are based, in part, on the company's adjusted earnings per share.
Certain non-GAAP financial measures referenced in this news release are presented on a forward-looking basis. Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort. Please note that these items could be material to Kimberly-Clark’s results calculated in accordance with GAAP.
This news release includes information regarding organic sales growth, which describes the impact of changes in volume, net selling prices and product mix excluding prior year's impact of divestitures and business exits on net sales. Changes in foreign currency exchange rates and divestitures and business exits also impact the year-over-year change in net sales.
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KIMBERLY-CLARK CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share amounts)
| Three Months Ended September 30 | |||||||||||||||||
| 2024 | 2023 | Change | |||||||||||||||
| Net Sales | $ | 4,952 | $ | 5,132 | -4 | % | |||||||||||
| Cost of products sold | 3,168 | 3,294 | -4 | % | |||||||||||||
| Gross Profit | 1,784 | 1,838 | -3 | % | |||||||||||||
| Marketing, research and general expenses | 1,097 | 1,029 | +7 | % | |||||||||||||
| Impairment of intangible assets | 97 | — | N.M. | ||||||||||||||
| Other (income) and expense, net | (564) | 35 | N.M. | ||||||||||||||
| Operating Profit | 1,154 | 774 | +49 | % | |||||||||||||
| Nonoperating expense | (15) | (20) | -25 | % | |||||||||||||
| Interest income | 18 | 18 | — | % | |||||||||||||
| Interest expense | (67) | (74) | -9 | % | |||||||||||||
| Income Before Income Taxes and Equity Interests | 1,090 | 698 | +56 | % | |||||||||||||
| Provision for income taxes | (223) | (157) | +42 | % | |||||||||||||
| Income Before Equity Interests | 867 | 541 | +60 | % | |||||||||||||
| Share of net income of equity companies | 48 | 50 | -4 | % | |||||||||||||
| Net Income | 915 | 591 | +55 | % | |||||||||||||
| Net income attributable to noncontrolling interests | (8) | (4) | +100 | % | |||||||||||||
| Net Income Attributable to Kimberly-Clark Corporation | $ | 907 | $ | 587 | +55 | % | |||||||||||
| Per Share Basis | |||||||||||||||||
| Net Income Attributable to Kimberly-Clark Corporation | |||||||||||||||||
| Basic | $ | 2.70 | $ | 1.74 | +55 | % | |||||||||||
| Diluted | $ | 2.69 | $ | 1.73 | +55 | % | |||||||||||
| Cash Dividends Declared | $ | 1.22 | $ | 1.18 | +3 | % | |||||||||||
| Common Shares Outstanding | September 30 | ||||||||||||||||
| 2024 | 2023 | ||||||||||||||||
| Outstanding shares as of | 333.5 | 338.0 | |||||||||||||||
| Average diluted shares for three months ended | 337.2 | 338.9 | |||||||||||||||
Unaudited
N.M. - Not Meaningful
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KIMBERLY-CLARK CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per share amounts)
| Nine Months Ended September 30 | |||||||||||||||||
| 2024 | 2023 | Change | |||||||||||||||
| Net Sales | $ | 15,130 | $ | 15,461 | -2 | % | |||||||||||
| Cost of products sold | 9,625 | 10,166 | -5 | % | |||||||||||||
| Gross Profit | 5,505 | 5,295 | +4 | % | |||||||||||||
| Marketing, research and general expenses | 3,202 | 2,968 | +8 | % | |||||||||||||
| Impairment of intangible assets | 97 | 658 | -85 | % | |||||||||||||
| Other (income) and expense, net | (456) | (5) | N.M. | ||||||||||||||
| Operating Profit | 2,662 | 1,674 | +59 | % | |||||||||||||
| Nonoperating expense | (45) | (78) | -42 | % | |||||||||||||
| Interest income | 37 | 34 | +9 | % | |||||||||||||
| Interest expense | (206) | (223) | -8 | % | |||||||||||||
| Income Before Income Taxes and Equity Interests | 2,448 | 1,407 | +74 | % | |||||||||||||
| Provision for income taxes | (494) | (298) | +66 | % | |||||||||||||
| Income Before Equity Interests | 1,954 | 1,109 | +76 | % | |||||||||||||
| Share of net income of equity companies | 172 | 143 | +20 | % | |||||||||||||
| Net Income | 2,126 | 1,252 | +70 | % | |||||||||||||
| Net (income) loss attributable to noncontrolling interests | (28) | 3 | N.M. | ||||||||||||||
| Net Income Attributable to Kimberly-Clark Corporation | $ | 2,098 | $ | 1,255 | +67 | % | |||||||||||
| Per Share Basis | |||||||||||||||||
| Net Income Attributable to Kimberly-Clark Corporation | |||||||||||||||||
| Basic | $ | 6.23 | $ | 3.71 | +68 | % | |||||||||||
| Diluted | $ | 6.21 | $ | 3.70 | +68 | % | |||||||||||
| Cash Dividends Declared | $ | 3.66 | $ | 3.54 | +3 | % | |||||||||||
| Common Shares Outstanding | September 30 | ||||||||||||||||
| 2024 | 2023 | ||||||||||||||||
| Average diluted shares for nine months ended | 337.9 | 338.8 | |||||||||||||||
Unaudited
N.M. - Not Meaningful
-10-
KIMBERLY-CLARK CORPORATION
NON-GAAP RECONCILIATIONS
(Millions, except per share amounts)
| Three months ended September 30, 2024 | ||||||||||||||||||||||||||||||||
| As Reported | 2024 Transformation Initiative | Sale of PPE Business | Impairment of Intangible Assets | As Adjusted Non-GAAP | ||||||||||||||||||||||||||||
| Cost of products sold | $ | 3,168 | $ | 31 | $ | — | $ | — | $ | 3,137 | ||||||||||||||||||||||
| Gross Profit | 1,784 | (31) | — | — | 1,815 | |||||||||||||||||||||||||||
| Marketing, research and general expenses | 1,097 | 93 | 1 | — | 1,003 | |||||||||||||||||||||||||||
| Impairment of intangible assets | 97 | — | — | 97 | — | |||||||||||||||||||||||||||
| Other (income) and expense, net | (564) | — | (566) | — | 2 | |||||||||||||||||||||||||||
| Operating Profit | 1,154 | (124) | 565 | (97) | 810 | |||||||||||||||||||||||||||
| Provision for income taxes | (223) | 18 | (112) | 40 | (169) | |||||||||||||||||||||||||||
| Effective tax rate | 20.5 | % | — | — | — | 22.7 | % | |||||||||||||||||||||||||
| Net Income Attributable to Kimberly-Clark Corporation | 907 | (106) | 453 | (57) | 617 | |||||||||||||||||||||||||||
Diluted Earnings per Share(a) | 2.69 | (0.31) | 1.34 | (0.17) | 1.83 | |||||||||||||||||||||||||||
| Three Months Ended September 30, 2023 | ||||||||||||||||||||
| As Reported | Pension Settlements | As Adjusted Non-GAAP | ||||||||||||||||||
| Nonoperating expense | $ | (20) | $ | (4) | $ | (16) | ||||||||||||||
| Provision for income taxes | (157) | 1 | (158) | |||||||||||||||||
| Effective tax rate | 22.5 | % | — | 22.5 | % | |||||||||||||||
| Net Income Attributable to Kimberly-Clark Corporation | 587 | (3) | 590 | |||||||||||||||||
Diluted Earnings per Share(a) | 1.73 | (0.01) | 1.74 | |||||||||||||||||
(a)"As Adjusted Non-GAAP" may not equal "As Reported" plus "Adjustments" as a result of rounding.
Unaudited
-11-
KIMBERLY-CLARK CORPORATION
NON-GAAP RECONCILIATIONS
(Millions, except per share amounts)
| Nine Months Ended September 30, 2024 | ||||||||||||||||||||||||||||||||
| As Reported | 2024 Transformation Initiative | Sale of PPE Business | Impairment of Intangible Assets | As Adjusted Non-GAAP | ||||||||||||||||||||||||||||
| Cost of products sold | $ | 9,625 | $ | 76 | $ | — | $ | — | $ | 9,549 | ||||||||||||||||||||||
| Gross Profit | 5,505 | (76) | — | — | 5,581 | |||||||||||||||||||||||||||
| Marketing, research and general expenses | 3,202 | 208 | 1 | — | 2,993 | |||||||||||||||||||||||||||
| Impairment of intangible assets | 97 | — | — | 97 | — | |||||||||||||||||||||||||||
| Other (income) and expense, net | (456) | 75 | (566) | — | 35 | |||||||||||||||||||||||||||
| Operating Profit | 2,662 | (359) | 565 | (97) | 2,553 | |||||||||||||||||||||||||||
| Provision for income taxes | (494) | 102 | (112) | 40 | (524) | |||||||||||||||||||||||||||
| Effective tax rate | 20.2 | % | — | — | — | 22.4 | % | |||||||||||||||||||||||||
| Net Income Attributable to Kimberly-Clark Corporation | 2,098 | (257) | 453 | (57) | 1,959 | |||||||||||||||||||||||||||
Diluted Earnings per Share(a) | 6.21 | (0.76) | 1.34 | (0.17) | 5.80 | |||||||||||||||||||||||||||
| Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||
| As Reported | Sale of Brazil Tissue and K-C Professional Business | Impairment of Intangible Assets | Pension Settlements | As Adjusted Non-GAAP | ||||||||||||||||||||||||||||
| Cost of products sold | $ | 10,166 | $ | 15 | $ | — | $ | — | $ | 10,151 | ||||||||||||||||||||||
| Gross Profit | 5,295 | (15) | — | — | 5,310 | |||||||||||||||||||||||||||
| Marketing, research and general expenses | 2,968 | 15 | — | — | 2,953 | |||||||||||||||||||||||||||
| Impairment of intangible assets | 658 | — | 658 | — | — | |||||||||||||||||||||||||||
| Other (income) and expense, net | (5) | (74) | — | — | 69 | |||||||||||||||||||||||||||
| Operating Profit | 1,674 | 44 | (658) | — | 2,288 | |||||||||||||||||||||||||||
| Nonoperating expense | (78) | — | — | (31) | (47) | |||||||||||||||||||||||||||
| Provision for income taxes | (298) | (18) | 175 | 8 | (463) | |||||||||||||||||||||||||||
| Effective tax rate | 21.2 | % | — | — | — | 22.6 | % | |||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | 3 | — | 20 | — | (17) | |||||||||||||||||||||||||||
| Net Income Attributable to Kimberly-Clark Corporation | 1,255 | 26 | (463) | (23) | 1,715 | |||||||||||||||||||||||||||
Diluted Earnings per Share(a) | 3.70 | 0.08 | (1.36) | (0.07) | 5.06 | |||||||||||||||||||||||||||
(a)"As Adjusted Non-GAAP" may not equal "As Reported" plus "Adjustments" as a result of rounding.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures, and they should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. There are limitations to these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items being excluded. The company compensates for these limitations by using these non-GAAP financial measures as a supplement to the GAAP measures and by providing reconciliations of the non-GAAP and comparable GAAP financial measures.
Unaudited
-12-
KIMBERLY-CLARK CORPORATION
CONSOLIDATED BALANCE SHEETS
(Millions)
| September 30, 2024 | December 31, 2023 | ||||||||||
| ASSETS | |||||||||||
| Current Assets | |||||||||||
| Cash and cash equivalents | $ | 1,111 | $ | 1,093 | |||||||
| Accounts receivable, net | 2,229 | 2,135 | |||||||||
| Inventories | 1,937 | 1,955 | |||||||||
| Other current assets | 570 | 520 | |||||||||
| Total Current Assets | 5,847 | 5,703 | |||||||||
| Property, Plant and Equipment, Net | 7,703 | 7,913 | |||||||||
| Investments in Equity Companies | 362 | 306 | |||||||||
| Goodwill | 2,058 | 2,085 | |||||||||
| Other Intangible Assets, Net | 97 | 197 | |||||||||
| Other Assets | 1,098 | 1,140 | |||||||||
| TOTAL ASSETS | $ | 17,165 | $ | 17,344 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current Liabilities | |||||||||||
| Debt payable within one year | $ | 569 | $ | 567 | |||||||
| Trade accounts payable | 3,643 | 3,653 | |||||||||
| Accrued expenses and other current liabilities | 2,449 | 2,316 | |||||||||
| Dividends payable | 405 | 394 | |||||||||
| Total Current Liabilities | 7,066 | 6,930 | |||||||||
| Long-Term Debt | 6,882 | 7,417 | |||||||||
| Noncurrent Employee Benefits | 641 | 669 | |||||||||
| Deferred Income Taxes | 355 | 374 | |||||||||
| Other Liabilities | 751 | 860 | |||||||||
| Redeemable Preferred Securities of Subsidiaries | 26 | 26 | |||||||||
| Stockholders' Equity | |||||||||||
| Kimberly-Clark Corporation | 1,285 | 915 | |||||||||
| Noncontrolling Interests | 159 | 153 | |||||||||
| Total Stockholders' Equity | 1,444 | 1,068 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 17,165 | $ | 17,344 | |||||||
2024 Data is Unaudited
-13-
KIMBERLY-CLARK CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions)
| Nine Months Ended September 30 | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Operating Activities | ||||||||||||||
| Net income | $ | 2,126 | $ | 1,252 | ||||||||||
| Depreciation and amortization | 564 | 566 | ||||||||||||
| Asset impairments | 114 | 676 | ||||||||||||
| Stock-based compensation | 110 | 131 | ||||||||||||
| Deferred income taxes | (86) | (297) | ||||||||||||
| Net (gains) losses on asset and business dispositions | (474) | (77) | ||||||||||||
| Equity companies' earnings (in excess of) less than dividends paid | (93) | (74) | ||||||||||||
| Operating working capital | 154 | 111 | ||||||||||||
| Postretirement benefits | 10 | 34 | ||||||||||||
| Other | (8) | 5 | ||||||||||||
| Cash Provided by Operations | 2,417 | 2,327 | ||||||||||||
| Investing Activities | ||||||||||||||
| Capital spending | (512) | (549) | ||||||||||||
| Proceeds from asset and business dispositions | 649 | 219 | ||||||||||||
| Investments in time deposits | (456) | (545) | ||||||||||||
| Maturities of time deposits | 428 | 605 | ||||||||||||
| Other | (15) | 4 | ||||||||||||
| Cash Provided by (Used for) Investing | 94 | (266) | ||||||||||||
| Financing Activities | ||||||||||||||
| Cash dividends paid | (1,220) | (1,189) | ||||||||||||
| Change in short-term debt | 2 | (336) | ||||||||||||
| Debt proceeds | — | 357 | ||||||||||||
| Debt repayments | (554) | (350) | ||||||||||||
| Proceeds from exercise of stock options | 128 | 97 | ||||||||||||
| Acquisitions of common stock for the treasury | (752) | (95) | ||||||||||||
| Cash paid for redemption of common securities of Thinx | — | (48) | ||||||||||||
| Cash dividends paid to noncontrolling interests | (19) | (16) | ||||||||||||
| Other | (65) | (40) | ||||||||||||
| Cash Used for Financing | (2,480) | (1,620) | ||||||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (13) | (54) | ||||||||||||
| Change in Cash and Cash Equivalents | 18 | 387 | ||||||||||||
| Cash and Cash Equivalents - Beginning of Period | 1,093 | 427 | ||||||||||||
| Cash and Cash Equivalents - End of Period | $ | 1,111 | $ | 814 | ||||||||||
Unaudited
-14-
KIMBERLY-CLARK CORPORATION
BUSINESS SEGMENT RESULTS
(Millions)
| Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||||||
| NET SALES | ||||||||||||||||||||||||||||||||||||||
| Personal Care | $ | 2,635 | $ | 2,700 | -2 | % | $ | 8,040 | $ | 8,089 | -1 | % | ||||||||||||||||||||||||||
| Consumer Tissue | 1,539 | 1,567 | -2 | % | 4,624 | 4,750 | -3 | % | ||||||||||||||||||||||||||||||
| K-C Professional | 767 | 854 | -10 | % | 2,431 | 2,588 | -6 | % | ||||||||||||||||||||||||||||||
| Corporate & Other | 11 | 11 | N.M. | 35 | 34 | N.M. | ||||||||||||||||||||||||||||||||
| TOTAL NET SALES | $ | 4,952 | $ | 5,132 | -4 | % | $ | 15,130 | $ | 15,461 | -2 | % | ||||||||||||||||||||||||||
| OPERATING PROFIT | ||||||||||||||||||||||||||||||||||||||
| Personal Care | $ | 482 | $ | 502 | -4 | % | $ | 1,567 | $ | 1,461 | +7 | % | ||||||||||||||||||||||||||
| Consumer Tissue | 265 | 267 | -1 | % | 800 | 707 | +13 | % | ||||||||||||||||||||||||||||||
| K-C Professional | 161 | 168 | -4 | % | 535 | 514 | +4 | % | ||||||||||||||||||||||||||||||
Corporate & Other(a) | (318) | (128) | N.M. | (696) | (1,013) | N.M. | ||||||||||||||||||||||||||||||||
Other (income) and expense, net(a) | (564) | 35 | N.M. | (456) | (5) | N.M. | ||||||||||||||||||||||||||||||||
| TOTAL OPERATING PROFIT | $ | 1,154 | $ | 774 | +49 | % | $ | 2,662 | $ | 1,674 | +59 | % | ||||||||||||||||||||||||||
(a)Corporate & Other and Other (income) and expense, net include income and expense not associated with the ongoing operations of the business segments, including adjustments as indicated in the Non-GAAP Reconciliations.
Unaudited
N.M. - Not Meaningful
Investor Relations contact: Christopher Jakubik, CFA, KC.InvestorRelations@kcc.com
Media Relations contact: David Kellis, media.relations@kcc.com
[KMB-F]
###