Kimberly-Clark's 2Q 2016 net sales of $4.6 billion decreased 1% compared to the year-ago period, as changes in foreign currency exchange rates reduced sales 4%, the company said in the press release received by Lesprom Network.
2Q operating profit was $838 million in 2016 and a loss of $544 million in 2015. Results in 2015 included $1,322 million of pension settlement charges. Adjusted operating profit of $828 million in the 2Q 2016 increased 5% compared to $790 million in the year-ago period.
Chairman and CEO Thomas J. Falk said, "We delivered a good quarter of results in a challenging environment while we continue to execute our long-term Global Business Plan strategies. In the 2Q, we achieved a 4% increase in sales volumes, with benefits from targeted growth initiatives and product innovations. We also delivered $110 million of cost savings, which helped improve our profitability and increase our adjusted earnings per share. Cash flow was strong in the quarter and we continued to allocate capital in shareholder-friendly ways. Half way through the year, we are broadly on track with our plans and are confirming our bottom-line earnings guidance for 2016."
Kimberly-Clark Corporation is an American multinational personal care corporation that produces mostly paper-based consumer products.
