Kimberly-Clark reports Q1 earnings

DALLAS Kimberly-Clark reported Wednesday that its net sales for the first quarter ended March 31 decreased 6.6%.

The company disclosed that its earnings per share for the quarter was down 6% to $0.98, compared with $1.04, and adjusted earnings of $1.08 in the prior-year.

"Business conditions in the first quarter proved to be somewhat more challenging than we predicted earlier this year, with significant headwinds from weak global economies and volatile currency fluctuations impacting our results," said Kimberly-Clark chairman and CEO Thomas Falk. "Despite the difficult environment, we made progress in several areas during the quarter. We continued to pursue our targeted growth initiatives and build our brands. We improved profitability in our Personal Care, Consumer Tissue and Health Care businesses, indicating that our focus on increasing margins is starting to pay off. We delivered continued double-digit organic top-line growth in developing and emerging markets. We also generated strong cash flow, including early benefits from our efforts to improve working capital. While this progress is encouraging, we are not yet where we need to be. We are committed to overcome the challenges facing us and deliver improved bottom-line results."

The company also said that its organic line of products increased during the quarter, the company delivered double-digit organic sales growth in developing and emerging markets. The company anticipates organic sales growth of 1 to 2%.