DALLAS, Kimberly-Clark Corporation (NYSE: KMB) today reported year-end 2014 results and provided its 2015 outlook and related key planning assumptions.
Executive Summary
- Fourth quarter 2014 net sales of $4.8 billion decreased 1 percent compared to the year-ago period. Organic sales rose 3 percent, including a 7 percent increase in K-C International.
- Diluted net income per share for the fourth quarter was a loss of $0.22 in 2014, driven by a balance sheet remeasurement charge in Venezuela, and income of $1.40 in 2013. Full-year diluted net income per share was $4.04 in 2014 and $5.53 in 2013.
- Fourth quarter adjusted earnings per share from continuing operations were $1.35 in 2014 compared to $1.30 in the prior year. Performance benefited from organic sales growth, cost savings, reduced marketing, research and general expenses and a lower share count. Comparisons were negatively impacted by unfavorable foreign currency exchange rate effects, input cost inflation and lower net income from equity companies. Adjusted earnings per share in both years exclude certain items described later in this news release.
- Full-year adjusted earnings per share from continuing operations were $5.51 in 2014 compared to $5.24 in 2013 and the company's previous guidance of $5.46 to $5.56. Including earnings from the company's health care business (discontinued operations) that was spun off at the end of October 2014, full-year adjusted earnings per share were $6.01 in 2014 compared to the company's previous guidance of $5.93 to $6.03.
- On December 31, 2014, the company moved from measuring results in Venezuela at the official exchange rate of 6.3 bolivars per U.S. dollar to using the government's SICAD II floating exchange rate. As a result, the company recorded a non-deductible charge of $462 million for the remeasurement of its December 31, 2014 bolivar-denominated net monetary assets.
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