Operating profit was $796 million in the 2Q 2013, up 6% from $754 million in 2012. Adjusted operating profit was $818 million in the 2Q 2013, up 6% compared to $773 million in the year-ago period. Adjusted results exclude $22 million of restructuring costs for European strategic changes in 2013 and $19 million of costs for pulp and tissue restructuring actions in 2012.
Chairman and CEO Thomas J. Falk said, "We delivered another solid quarter of results while we continued to execute our Global Business Plan strategies. We achieved 3% organic sales growth, as excellent results in K-C International more than offset mixed volume performance in the developed markets. We generated $80 million of cost savings, improved adjusted operating profit margin by 80 basis points and delivered an 8% increase in adjusted earnings per share. We also launched a number of product innovations and continued to allocate capital in shareholder-friendly ways. At the half way point of the year, I am encouraged by our progress overall."
Falk added, "In terms of the full year, we continue to target organic sales growth of 3% to 5%, led by K-C International. We are also reconfirming our previous guidance for adjusted earnings per share, as we expect to overcome additional currency headwinds primarily with higher FORCE cost savings. If recent spot currency rates generally hold going forward, it is less likely that adjusted earnings per share will be in the upper half of our guidance range. Although the macro environment has become more volatile recently, we continue to be optimistic about our prospects to drive profitable growth and to generate attractive returns to shareholders."
For the first six months of 2013, sales of $10.6 billion increased 1%. Organic sales rose 3%, with higher sales volumes of 2% and increased net selling prices of 1%. Changes in foreign currency rates decreased sales by 1% and lost sales in conjunction with European strategic changes and pulp and tissue restructuring actions reduced sales by 1%.
Year-to-date operating profit of $1,579 million increased 9% compared to $1,454 million in 2012. Adjusted operating profit in 2013 of $1,668 million increased 11% compared to $1,508 million in 2012. Adjusted operating profit comparisons benefited from organic sales growth and FORCE cost savings of $165 million. In addition, higher production volumes positively affected the operating profit comparison by $25 million. On the other hand, input costs were $65 million higher overall versus 2012. Overall marketing, research and general expenses also increased versus the year-ago period, driven by higher administrative costs. Foreign currency translation effects reduced operating profit by $25 million. Currency transaction effects also negatively impacted the operating profit comparison.
Through six months, diluted net income per share was $2.72 in 2013 and $2.43 in 2012. Adjusted earnings per share were $2.89 in 2013 and $2.54 in 2012. The increase in adjusted earnings per share was primarily due to higher adjusted operating profit, along with increased equity income and a lower share count, partially offset by a higher effective tax rate.
Adjusted operating profit and adjusted earnings per share in 2013 exclude restructuring costs for European strategic changes and a balance sheet remeasurement charge due to the February 2013 devaluation of the Venezuelan bolivar. Adjusted results in 2012 exclude charges for pulp and tissue restructuring actions.
Kimberly-Clark is an American corporation that produces mostly paper-based consumer products.