Jul 27, 2009. Kimberly-Clark Corporation has reported that net sales in the second quarter of 2009 decreased 5.6 percent to $4.7 billion, as the effect of weaker foreign currency exchange rates more than offset organic sales growth of nearly 3 percent.
Kimberly-Clark posts 5.6% decrease in net sales
Jul 27, 2009. /Lesprom Network/. Kimberly-Clark Corporation has reported that net sales in the second quarter of 2009 decreased 5.6 percent to $4.7 billion, as the effect of weaker foreign currency exchange rates more than offset organic sales growth of nearly 3 percent, ForestTalk reports.
Diluted net income per share for the quarter was $0.97 compared with $0.99 in 2008 and prior-year adjusted earnings of $1.03. During the quarter, the company delivered continued double-digit organic sales growth in developing and emerging markets, realized improved net selling prices in North America, and also benefited from lower costs stemming from commodity cost deflation and cost savings initiatives.
Operating profit and earnings per share, however, were down compared with the prior year, mainly as a result of unfavorable currency effects of approximately 25 cents per share and severance costs to streamline the organization equivalent to about 19 cents per share. The increase in pension expense in the second quarter was equivalent to approximately 8 cents per share, as expected.
