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[R-BgO]

Kimberly-Clark Announces First Quarter 2010 Results

<<
1Q Net Sales Increased Approximately 8 Percent to $4.8 Billion

GAAP-basis EPS $0.92 and Adjusted EPS $1.14 Compared With EPS of $0.98 in
1Q '09

Marketing Spending Up Significantly to Support Product Launches and
Targeted Growth Initiatives

Company Reaffirms Previous Guidance for 2010 Adjusted EPS of $4.80 to
$5.00








>>
DALLAS, April 22 /CNW/ -- Kimberly-Clark Corporation (NYSE: KMB) today
reported that net sales in the first quarter of 2010 increased 7.6 percent to
$4.8 billion, including an approximate 5 percent benefit from stronger foreign
currency exchange rates. Organic sales rose 2 percent, with sales volumes and
net selling prices each up 1 percent. The combined impact of the I-Flow
Corporation and Jackson Safety acquisitions completed in 2009 added an
additional point of sales growth in the quarter. The organic volume growth was
highlighted by an 8 percent increase for the company's global Health Care
business and a 5 percent gain for K-C's international operations in Asia,
Latin America, the Middle East, Eastern Europe and Africa.

Diluted net income per share for the quarter was $0.92 and adjusted
earnings per share were $1.14 compared with diluted net income per share of
$0.98 in 2009. Bottom-line results were favorably impacted by the growth in
net sales, improved gross margin of more than 150 basis points and a lower
level of foreign currency transaction losses. On the other hand, strategic
marketing spending increased by $60 million in the quarter to support the
company's product innovation activities and targeted growth initiatives. In
addition, the company's effective tax rate in the first quarter was
significantly higher than the year-ago period, including a one-time charge
equivalent to 5 cents per share related to recent changes in tax law in
conjunction with U.S. health care reform legislation.

Adjusted earnings per share in 2010 exclude a one-time after tax charge
of $96 million for the remeasurement of the local currency balance sheet in
Venezuela as a result of the adoption of highly inflationary accounting in
that country in January 2010. Additional detail on this item and further
information about adjusted earnings per share and why the company uses this
non-GAAP financial measure are provided later in this news release.

Chairman and Chief Executive Officer Thomas J. Falk said, "We are off to
a solid start to the year with our first quarter results. Organic sales rose 2
percent, and we delivered strong improvements in gross margin and adjusted
earnings per share, including excellent contributions from our ongoing cost
savings program and last year's organization optimization initiative. In
addition, we strengthened our brands by launching a number of innovations in
the first quarter and by significantly increasing strategic marketing
spending. Our targeted growth initiatives, particularly in our K-C
International business and in Health Care, continued to progress well.
Finally, we continued to deploy cash flow in shareholder-friendly ways,
including raising our dividend by 10 percent and resuming our share repurchase
plan. All-in-all, we are off to a good start to 2010."
<<

Review of first quarter sales by business segment
>>
Sales of personal care products increased 8.1 percent compared with the
first quarter of 2009. Changes in currency rates benefited sales by 5 percent,
sales volumes rose 3 percent and net selling prices advanced 1 percent, while
product mix was off 1 percent.

Personal care sales in North America increased 4 percent versus the first
quarter of 2009. Sales volumes were up 2 percent, currency effects benefited
sales by 1 percent, and changes in net selling prices, driven by the timing of
promotional activity for Huggies diapers, added an additional point of growth.
The growth in volumes was broad-based across most categories, including a
double-digit increase in feminine care as a result of initial shipments of the
new U by Kotex line extension that was launched toward the end of the first
quarter. In addition, sales volumes for Huggies baby wipes and the company's
child care brands rose 5 percent and 4 percent, respectively, compared to soft
year-ago results that included the impacts of a slowdown in category sales. In
other areas of the business, sales volumes for adult care rose 3 percent,
including early benefits from recent innovation on both the Poise and Depend
brands. Finally, sales volumes for Huggies diapers were off about 5 percent in
the first quarter.

In Europe, personal care sales rose 6 percent in the quarter, including a
currency exchange rate benefit of 9 percent. Net selling prices declined
nearly 2 percent and changes in product mix reduced sales by about 1 percent.
Overall sales volumes were down slightly in the first quarter, as a 4 percent
decline in Huggies diapers was nearly offset by strong growth in Huggies baby
wipes and the company's child care brands.

In K-C's international operations in Asia, Latin America, the Middle
East, Eastern Europe and Africa, personal care sales increased 15 percent, as
changes in currency rates benefited sales by 9 percent and organic sales rose
6 percent. Sales volumes were up 7 percent, while changes in product mix
reduced sales by about 1 percent. The growth in volumes was broad-based, with
particular strength in China, Turkey, South Asia and Latin America.

Sales of consumer tissue products increased 2.0 percent in the first
quarter. Favorable currency exchange rates improved sales by about 5 percent
and net selling prices were up slightly, while sales volumes were down
approximately 3 percent.

In North America, sales of consumer tissue products decreased
approximately 4 percent compared to the year-ago period. Sales volumes were
down nearly 6 percent and product mix was slightly unfavorable, while changes
in net selling prices added more than 2 points to sales, primarily due to
sheet count reductions taken in the first quarter on Cottonelle bathroom
tissue to improve net realized revenue. Although bathroom tissue sales volumes
were down about 3 percent in the quarter, overall net sales were up modestly
as a result of the sheet count reductions. Sales volumes for Kleenex facial
tissue declined 3 percent in the quarter in conjunction with a mild cold and
flu season. Finally, paper towel volumes fell at a double-digit rate and
continue to be impacted by consumer trade-down.

In Europe, consumer tissue sales rose about 3 percent compared with the
first quarter of 2009, including favorable currency effects of 8 percent. Net
selling prices decreased 3 percent, reflecting a continued competitive
environment, and sales volumes were off about 2 percent in the quarter.

In K-C's international operations in Asia, Latin America, the Middle
East, Eastern Europe and Africa, consumer tissue sales increased 12 percent,
as currency effects were favorable by 10 percent and organic sales rose 2
percent. Sales volumes advanced approximately 2 percent in the first quarter,
while a 1 percent benefit from changes in product mix was essentially offset
by slightly lower net selling prices.

Sales of K-C Professional (KCP) & other products increased 12.1 percent
compared with the first quarter of 2009. Favorable currency effects benefited
sales by 5 percent and the acquisition of Jackson Safety added 3 points of
sales growth in the quarter. In addition, net selling prices increased 2
percent and changes in product mix benefited sales by 1 percent, reflecting
the company's continued focus on increasing net realized revenue. Organic
sales volumes advanced 1 percent.

In North America, KCP sales increased 12 percent, including an
approximate 6 percent benefit from Jackson Safety. Meanwhile, net selling
prices rose 3 percent, organic sales volumes were up about 2 percent and
changes in currency rates added 1 point to sales. In Europe, KCP's sales rose
9 percent in the first quarter, including favorable currency effects of 9
percent and a benefit from Jackson Safety of more than 1 percent. Organic
sales volumes were up about 1 percent, while net selling prices fell 2
percent.

In K-C's international operations in Asia, Latin America, the Middle
East, Eastern Europe and Africa, KCP's sales increased 23 percent, including
benefits from currency rates totaling 10 percent. Sales volumes were up about
7 percent, with particular strength in South Asia and Latin America, and the
combined impact of higher net selling prices and improved product mix
increased sales by 6 percent.

Sales of health care products increased 23.2 percent in the first
quarter. Growth was driven by a 12 percent benefit from the acquisition of
I-Flow Corporation and an 8 point increase in organic sales volumes. In
addition, favorable currency exchange rates added 3 points of sales growth in
the quarter. The organic volume growth was highlighted by double-digit gains
in medical devices and in exam gloves.

In addition, increased global demand for face masks as a result of the
H1N1 flu virus was responsible for nearly 4 points of organic volume growth in
the quarter.
<<

Other first quarter operating results
>>
Operating profit was $665 million in the first quarter of 2010, up 6
percent from $628 million in 2009. Excluding the previously mentioned charge
for the balance sheet remeasurement in Venezuela, first quarter 2010 adjusted
operating profit was $763 million, up 21 percent versus operating profit in
the year-ago period.

In addition to the effect of higher net sales, there were a number of
other significant factors affecting year-over-year operating profit
comparisons. Cost savings in the quarter from the company's FORCE (Focused On
Reducing Costs Everywhere) program totaled approximately $80 million. The
company also realized benefits of about $35 million related to the 2009
organization optimization initiative that streamlined its salaried workforce.
Pension expense fell by nearly $40 million, as expected, with a majority of
the decrease reflected in cost of sales. In addition, improved manufacturing
efficiencies as a result of a lower level of production curtailment than in
the year-ago period benefited first quarter operating profit comparisons by
approximately $35 million. Meanwhile, inflation in key cost inputs amounted to
about $70 million overall versus 2009, including $50 million in higher fiber
costs, $25 million for raw materials other than fiber, and $10 million in
distribution costs, partially offset by $15 million of lower energy costs.
Marketing, research and general expenses increased in the first quarter,
reflecting the previously mentioned rise in strategic marketing, along with
higher selling, research and administrative expenses, driven by increases to
support future growth in K-C International and the I-Flow acquisition.

Meanwhile, other (income) and expense, net was $101 million of expense in
the first quarter of 2010 compared to $77 million of expense in the first
quarter of 2009. The 2010 result included $79 million of the one-time charge
for the balance sheet remeasurement in Venezuela. In addition, foreign
currency transaction losses totaled $21 million in the first quarter of 2010
and $76 million in the prior year.

The company's effective tax rate for the first quarter of 2010 was 39.6
percent compared to 29.1 percent in the prior year. The adjusted effective tax
rate in the first quarter of 2010, which excludes the effects of the charge
for the balance sheet remeasurement in Venezuela, was 34.4 percent and
decreased earnings by about 9 cents per share compared to 2009 results. The
first quarter adjusted rate was above the company's full-year target range of
29 to 31 percent, driven by an approximate $20 million one-time non-cash
charge related to recent changes in tax law (Medicare Part D subsidy) in
conjunction with passage of U.S. health care reform legislation.

Kimberly-Clark's share of net income of equity companies in the first
quarter increased to $43 million from $32 million in 2009, mainly as a result
of higher net income at Kimberly-Clark de Mexico, S.A.B. de C.V. (KCM). KCM
delivered double-digit growth in net sales, operating profit and net income,
as results were positively impacted by solid organic sales growth, improved
gross margin and favorable currency effects.
<<

Cash flow and balance sheet
>>
Cash provided by operations in the first quarter of 2010 totaled $464
million compared to $692 million in the prior year. The decline was driven by
a lower level of improvement in primary working capital (accounts receivable +
inventories - accounts payable) compared to the prior year and higher pension
plan contributions, partially offset by higher cash earnings. First quarter
contributions to the company's defined benefit pension plans totaled about
$175 million in 2010 versus $90 million in 2009. The company continues to
target full-year 2010 pension contributions of approximately $240 million.

Capital spending for the quarter was $184 million compared with $211
million in 2009. The company continues to target full-year 2010 spending in a
range of $1.0 to $1.1 billion. During the first quarter, the company
repurchased approximately 2.5 million shares of its common stock at a cost of
about $150 million, in line with the company's target to repurchase $500 to
$600 million worth of its shares in 2010. Total debt and redeemable securities
was $6.4 billion at March 31, 2010 compared with $6.5 billion at the end of
2009.
<<

Outlook
>>
The company updated several key planning and guidance assumptions for
2010, as follows:
<<
-- Net sales increase of 4 to 6 percent versus previous guidance for an
increase of 5 to 6 percent.
-- Organic sales are expected to grow 3 to 4 percent, up from the
previous assumption for growth of 2 to 3 percent. The company
continues to expect volume growth of 2 to 3 percent. Given its
focus on improving net realized revenue, the company is now
expecting that the combination of higher net selling prices and
improved product mix will contribute 1 point of sales growth.
That
compares to the previous assumption that price and mix would be
even with the prior year.
-- Currency rates are expected to increase sales between 0 and 1
percent versus the company's previous assumption for a benefit of
approximately 2 percent.
-- The combined impact of the 2009 acquisitions of I-Flow Corporation
and Jackson Safety should benefit 2010 sales by 1 point. This is
unchanged from the company's previous guidance.
-- Inflation in key cost inputs of $600 to $700 million compared to the
previous assumption of $300 to $400 million. This reflects estimated
average market pricing for benchmark northern softwood pulp of
approximately $920 to $940 per metric ton and oil prices averaging $80
to $85 per barrel for the year. A majority of the increased inflation
assumption is due to higher pulp costs. In addition, polymer resin
and
superabsorbent costs are also projected to be higher than previously
estimated.
-- Savings from the company's FORCE program totaling $200 to $250
million,
up from the previous assumption of $150 to $200 million. The company
continues to aggressively identify and implement incremental savings
opportunities, particularly in sourcing and supply chain activities.


>>
Commenting on the outlook, Falk said, "Despite the near-term input cost
headwinds we are facing, we will continue to strengthen our brands, pursue our
targeted growth initiatives and reinvest in our business for future growth. We
have launched a number of innovations this year and will bring more to market
as the year progresses. We will support our brands with strong marketing
programs and continue to expect that strategic marketing spending will rise at
a faster pace than sales in 2010.

"Given recent input cost changes and expectations for additional
near-term increases, particularly with pulp, we are now experiencing
significantly higher cost inflation in 2010 than previously estimated. So, we
are aggressively looking for ways to increase revenue realization and focusing
on generating incremental cost savings and controlling discretionary spending.
These actions, coupled with the flexibility we built into our original 2010
plan, will help offset nearly all of the higher-than-expected input costs.

"In summary, we are continuing to target adjusted earnings per share in
2010 in a range of $4.80 to $5.00 per share. With what we know now, it's more
likely that adjusted EPS will be toward the low end of that range. We are
firmly convinced that we are executing the right strategies to drive
sustainable growth and long-term shareholder value."

[R-BgO]

Kimberly-Clark to Open First Russian Factory
31 May 2010
Reuters

Kimberly-Clark will open its first Russian personal care products plant this week, a facility that will become its biggest in Eastern Europe and allow it to boost exposure to the high-growth market.

The company, known for Kleenex tissues and Huggies diapers, said Friday that its investments in the plant's first phase, which will produce diapers, has totaled $170 million.

Emerging markets are key for consumer product makers because they have largely saturated developed markets like the United States, and local manufacturing allows them to offer more affordable products.

Kimberly-Clark, whose main rival in the diapers category is Procter & Gamble, said the plant would manufacture products for Russia, Belarus and Ukraine, and would supply other East European markets in the future.

The company began to build the plant in 2008 to support its growing consumer business in Russia and Eastern Europe. A local ministry said overall investments in the plant would amount to $490 million. The factory, which now employs 200 people, is located in the town of Stupino, southwest of Moscow.

[R-BgO]

Kimberly-Clark: Investing in a Dirty Business
4 comments | by: Charles Lewis Sizemore September 08, 2010 | about: KMB


From the title of this article, you might think that I’m recommending a “sin stock." While I generally like sin stocks (particularly tobacco stocks) as long-term investments, today’s recommendation has nothing to do with vice. It is certainly a dirty industry, however, and one that stands to make record profits in the years ahead.

So, what might this dirty business be? I’ll give you some hints. It’s something used by millions of Americans multiple times per day, and an estimated four million new users will be added in 2010.

I’m talking, of course, about disposable diapers.

NEW BOOM

With the focus in recent years on the precarious state of the economy, most investors are not aware that American births are near all-time highs—even greater than during the post World War II baby boom. There is a New American Baby Boom underway, driven by the children of those original Baby Boomers —the Echo Boomers—who are now becoming parents themselves by the millions.

INELASTIC DEMAND

The diaper industry is unique in that it is driven almost entirely by demographic trends. During a rough economy, some families might opt for traditional cloth diapers or cheaper generic brands. But for most parents, a box of Huggies or Pampers is a luxury that they simply cannot live without.

According to the Clean Air Council, Americans throw away 570 diapers per second and 49 million diapers per day. Given the number of Americans entering their peak child bearing years in the next five years, I see these numbers only increasing.

THE STOCK

Dallas-based Kimberly-Clark Corporation (KMB) is the second largest producer of diapers in the world after Procter & Gamble though its iconic Huggies brand familiar to all American parents.

Kimberly-Clark is not what most investors would consider a “growth” stock.

It’s a conservative consumer staple stock, selling well-known brands such as Pull-Ups, Kleenex, Scott, Kotex, Depends, and most importantly, Huggies. The company’s brands are sold in more than 150 countries and hold the number one or number two market share positions in more than 80 countries.

This is exactly the kind of stock I like for this economic climate. Kimberly-Clark sells products that are highly predictable based on demographic trends. Perhaps most importantly the stock is reasonably priced, trading at a price/earnings ratio of only 13 and a dividend yield of 4.1 percent.

For income-oriented investors, what makes more sense today: to buy a “safe” 10-year Treasury note that yields 2.5 percent from the debt-plagued U.S. government or to buy the shares of a premier global consumer products company that yields 4.1 percent and also offers the potential for continued dividend growth? The company actually raised its dividend in both 2008 and 2009—two of the worst years in American economic history.

Given its brand diversity, Kimberly-Clark is not a pure play on the New American Baby Boom, but it is close enough for our purposes. Sales of Huggies diapers represent roughly one fourth of the company’s total revenues of $19.6 billion.

THE TRADE

Buy shares of KMB at market. Enjoy an income stream better than what can be found in the bond market while profiting from the New American Baby Boom.

[R-BgO]

Dividende auf 70c erhöht; derzeit 4,3% p.a.

[R-BgO]

Kimberly-Clark zahlt seit 78 Jahren eine Dividende
Gespeichert von Redaktion MyDiv... am/um 16. November 2012 - 15:22

Der amerikanische Konsumgüterhersteller Kimberly-Clark (ISIN: US4943681035, NYSE: KMB) kündigt eine Ausschüttung von 0,74 US-Dollar für das Quartal an. Zahltag ist der 3. Januar 2013. Im Februar dieses Jahres erhöhte der Hersteller von Hygieneprodukten wie Kleenex, Hakle oder auch Camelia die Dividende um 5,7 Prozent.

Dies war bereits die 40. jährliche Dividendenerhöhung in Folge. Seit 78 Jahren erhalten die Investoren nun schon eine Dividende. Derzeit werden auf das Jahr hochgerechnet 2,96 US-Dollar ausbezahlt. Dies entspricht beim aktuellen Börsenkurs von 83,83 US-Dollar einer Dividendenrendite von 3,53 Prozent. Seit Jahresanfang hat die Aktie an der Wall Street 13,96 Prozent an Wert zugelegt.

Nach Firmenangaben nutzen jeden Tag weltweit 1,3 Milliarden Menschen Produkte von Kimberly-Clark. Im Jahr 2011 steigerte der Konzern aus Dallas den Umsatz um 6 Prozent auf 20,8 Milliarden US-Dollar. Der Nettoertrag betrug 1,68 Milliarden US-Dollar.

[R-BgO]

Kimberly-Clark erhöht die Ausschüttung - 41. Dividendensteigerung in Folge

Der amerikanische Konsumgüterhersteller Kimberly-Clark (ISIN: US4943681035, NYSE: KMB) erfreut seine Aktionäre mit einer Anhebung der Ausschüttung um 9,5 Prozent auf 0,81 US-Dollar je Quartal. Dies war bereits die 41. jährliche Dividendenerhöhung in Folge. Damit werden künftig auf das Jahr hochgerechnet 3,24 US-Dollar ausbezahlt.

Dies entspricht beim aktuellen Börsenkurs von 91,86 US-Dollar einer Dividendenrendite von 3,52 Prozent. Seit 79 Jahren zahlt der Hersteller von Hygieneprodukten wie Kleenex, Hakle oder auch Camelia eine Dividende aus.

Aktionäre erhalten die nächste Dividende am 2. April 2013. Nach Firmenangaben nutzen jeden Tag weltweit 1,3 Milliarden Menschen Produkte von Kimberly-Clark. Im Jahr 2012 wurde ein Umsatz von 21,06 Mrd. US-Dollar erzielt. Der Gewinn je Aktie lag bei 4,42 US-Dollar.

[R-BgO]

verkauft bis auf ein Erinnerungsstück

[harenberg77]

erscheint mir vernünftig. bewertung m M nach sehr hoch.

[R-BgO]

Jahreszahlen kamen heute:

Gewinnrückgang und Teilnahme am all-american-Vernichtungsfeldzug gegen bilanzielles Eigenkapital

=> bis auf 5% ist es ausgemerzt

[R-BgO]

Antwort auf Beitrag Nr.: 48.868.166 von R-BgO am 23.01.15 18:08:18

mission completed

per heutiger Veröffentlichung ist das EK erfolgreich eliminiert, -174 MUSD stehen zu Buche

die letzten Rückkäufe erfolgten auf einem aktuellen KGV-Niveau von 43, also ganz sicher "unterbewertet"

=> wer macht so einen Mist?

[leone2]

14.09.16 22:01:36 Uhr 121,87 USD -0,42% [-0,52]

KGVe: 20,1891

DIVe: 2,99%

[R-BgO]

Antwort auf Beitrag Nr.: 51.583.368 von R-BgO am 26.01.16 17:30:22

der 2016er Gewinn war dann deutlich höher,

so dass das KGV nun nicht mehr ganz so schrecklich ist;

EK trotzdem negativ

[R-BgO]

Antwort auf Beitrag Nr.: 55.517.154 von R-BgO am 13.08.17 21:13:56

Revolutionär!

sie haben wieder positives EK...


und KGV 18 ist fast schon "value"...

[R-BgO]

Antwort auf Beitrag Nr.: 56.819.734 von R-BgO am 24.01.18 23:28:29

in 2018

dürften sie wieder gen Null gerutscht sein,

Gewinn auch mau

[R-BgO]

YES; EK nun wieder negativ

KGV 27