Kimberly-Clark Announces First Quarter 2014 Results

DALLAS, April 21, 2014 /PRNewswire/ -- Kimberly-Clark Corporation (NYSE: KMB) today reported first quarter 2014 results and confirmed its previous guidance for full-year 2014 adjusted earnings per share.    

Executive Summary

  • First quarter 2014 net sales of $5.3 billion decreased 1 percent compared to the year-ago period. Organic sales rose 4 percent, including a 12 percent increase in K-C International. Organic sales exclude the impact of changes in foreign currency exchange rates and lower sales as a result of European strategic changes and pulp and tissue restructuring actions.
  • Diluted net income per share for the first quarter was $1.41 in 2014 and $1.36 in 2013.
  • First quarter adjusted earnings per share were $1.48 in 2014, even with the year-ago period. Performance benefited from organic sales growth, cost savings and lower selling, general and administrative expenses. On the other hand, comparisons were negatively impacted by unfavorable foreign currency exchange rates, input cost inflation and a high level of other income in the year-ago period. Adjusted earnings per share in both years exclude certain items described later in this press release.
  • The company continues to expect that adjusted earnings per share in 2014 will be between $6.00 and $6.20.

Chairman and Chief Executive Officer Thomas J. Falk said, "We delivered a solid first quarter with good organic sales growth and cost savings.  We also launched a number of product innovations and made further progress with targeted growth initiatives.  We continue to allocate capital in shareholder-friendly ways, as our first quarter dividends and share repurchases totaled three-quarters of a billion dollars.  And although we face continued headwinds from currency exchange rates and cost inflation, we're maintaining our full-year guidance for adjusted earnings per share.  We continue to be optimistic about the opportunities we have to drive profitable growth and generate attractive returns to shareholders."    

First Quarter 2014 Operating Results

Sales of $5.3 billion in the first quarter of 2014 were down 1 percent compared to the year-ago period.  Organic sales rose 4 percent, with increased sales volumes of 3 percent and higher net selling prices of 1 percent.  Foreign currency exchange rates were unfavorable by 3 percent and lower sales in conjunction with European strategic changes and pulp and tissue restructuring actions reduced sales by 2 percent.

Operating profit was $797 million in the first quarter of 2014 versus $783 million in 2013.  Adjusted operating profit was $853 million in the first quarter of 2014 compared to $850 million in the year-ago period.  Adjusted results in 2014 exclude a $39 million charge related to a regulatory dispute in the Middle East, $10 million of restructuring costs for European strategic changes and $7 million of transaction and related costs for the company's potential spin-off of its health care business.  Adjusted results in 2013 exclude a $36 million charge for the remeasurement of the local currency-denominated balance sheet due to the February 2013 devaluation of the Venezuelan bolivar and $31 million of restructuring costs for European strategic changes.     

The year-over-year adjusted operating profit comparison benefited from organic sales growth, $70 million in cost savings from the company's FORCE (Focused On Reducing Costs Everywhere) program and $10 million of savings from pulp and tissue restructuring actions.  Total selling, general and administrative expenses were below prior-year levels, driven by lower administrative costs.  Input costs increased $65 million overall, with $35 million of increased costs for raw materials other than fiber, $20 million of higher fiber costs and $10 million of higher distribution and energy costs.  Foreign currency translation effects, as a result of the weakening of several currencies relative to the U.S. dollar, reduced operating profit by $30 million.  Currency transaction effects also negatively impacted the operating profit comparison.  On an adjusted basis, other (income) and expense, net was $18 million of expense in the first quarter of 2014 compared to $24 million of income in the prior year.  Current period results were driven by foreign currency transaction losses, while the year-ago period included a gain on the sale of some non-core assets.         

The first quarter effective tax rate was 31.0 percent in 2014 compared to 30.9 percent in 2013.  The first quarter adjusted effective tax rate, which does not include the effects of the previously mentioned items excluded from adjusted earnings per share calculations, was 29.8 percent in 2014 and 30.8 percent in 2013.  The company continues to expect a full-year 2014 adjusted effective tax rate between 31 and 32.5 percent.

Kimberly-Clark's share of net income of equity companies in the first quarter was $43 million in 2014 and $53 million in 2013 as a result of lower net sales and unfavorable currency exchange rates, partially offset by lower input costs and cost savings.

Cash Flow and Balance Sheet

Cash provided by operations in the first quarter of 2014 was $437 million compared to $607 million in 2013.  The decrease was driven by higher pension contributions and increased working capital.  First quarter pension contributions were $180 million in 2014 and $55 million in 2013.   

Capital spending for the first quarter was $258 million in 2014 and $274 million in 2013.  First quarter 2014 share repurchases were 4.3 million shares at a cost of $464 million.  Total debt and redeemable securities was $6.9 billion at March 31, 2014 and $6.3 billion at the end of 2013.

First Quarter 2014 Business Segment Results

Personal Care Segment

First quarter sales of $2.4 billion decreased 1 percent.  Currency rates were unfavorable by 5 percent and lower sales as a result of European strategic changes reduced sales by 3 percent.  Organic sales volumes increased 6 percent and net selling prices rose 1 percent.  First quarter operating profit of $457 million increased 4 percent.  The comparison benefited from organic sales growth and cost savings, partially offset by unfavorable currency rates, input cost inflation and higher manufacturing-related costs. 

Sales in North America were even with the year-ago period.  Volumes were up 2 percent, while changes in net selling prices and currency rates each reduced sales by 1 percent.  Adult care volumes increased mid-single digits, including benefits from product innovation on the Depend brand.  Huggies baby wipes and diaper volumes were up mid- and low-single digits, respectively, while child care volumes fell mid-single digits compared to a strong year-ago performance. 

Sales in K-C International increased 3 percent despite a 9 point negative impact from changes in currency rates.  Sales volumes were up 10 percent and net selling prices improved 3 percent.  Volumes increased in China, Russia, Vietnam and throughout most of Latin America, including Brazil and Venezuela.  The higher net selling prices were driven by increases in Latin America and Eastern Europe/The Middle East/Africa in response to unfavorable currency rates and cost inflation.

Sales in Europe decreased 36 percent, including a 39 point negative impact from lower sales in conjunction with European strategic changes.  Organic sales volumes were even with year-ago levels, as growth in baby wipes and child care was offset by declines in other products.  Currency rates were favorable by 2 percent.

Consumer Tissue Segment

First quarter sales of $1.7 billion decreased 2 percent.  Lower sales in conjunction with European strategic changes and pulp and tissue restructuring actions reduced sales by 2 percent and currency rates were unfavorable by 2 percent.  Net selling prices rose 2 percent and product mix was up slightly.  First quarter operating profit of $257 million decreased 1 percent.  The comparison was negatively impacted by input cost inflation and other manufacturing cost increases, mostly offset by benefits from organic sales growth and cost savings. 

Sales in North America were down 1 percent.  Sales volumes fell 4 percent as comparisons were impacted by a soft cold and flu season that affected Kleenex facial tissue sales, along with strong year-ago shipments for Cottonelle bathroom tissue.  Net selling prices improved 2 percent, with benefits from sheet count reductions accompanying product innovations launched in 2013, and product mix advanced 1 percent.  

Sales in K-C International increased 2 percent despite an 8 point negative impact from changes in currency rates.  Sales volumes rose 6 percent, net selling prices improved 2 percent and product mix was favorable by 1 percent.  The organic growth was driven by increases in Latin America, primarily in Brazil and Venezuela.   

Sales in Europe decreased 9 percent, including a 12 point negative impact from lower sales in conjunction with European strategic changes and pulp and tissue restructuring actions.  Currency rates were favorable by 3 percent, while net selling prices were down 1 percent. 

K-C Professional (KCP) Segment

First quarter sales of $0.8 billion increased 1 percent.  Organic sales volumes and net selling prices each improved 2 percent, while changes in currency rates reduced sales by 3 percent.  First quarter operating profit of $136 million decreased 5 percent.  The comparison was negatively impacted by input cost inflation, unfavorable currency rates and higher marketing, research and general spending, partially offset by benefits from organic sales growth and cost savings.

Sales in North America decreased 3 percent.  Changes in volumes, product mix and currency rates each reduced sales by 1 percent.  Although safety product volumes increased mid-single digits, washroom product volumes fell mid-single digits.        

Sales in K-C International increased 7 percent despite a 9 point drag from unfavorable currency rates.  Net selling prices rose 8 percent, volumes improved 7 percent and product mix advanced 1 percent.  The organic growth was driven by broad-based increases in Latin America, along with solid performance in Asia.

Sales in Europe were up 2 percent.  Currency rates were favorable by 3 percent, organic sales volumes increased 2 percent and product mix was favorable by 1 percent.  Net selling prices were off 2 percent and lower sales in conjunction with European strategic changes and pulp and tissue restructuring actions reduced sales by 1 percent.        

Health Care Segment

First quarter sales of $0.4 billion were even with the year-ago period.  Sales volumes rose 4 percent, while net selling prices decreased 2 percent and changes in currency rates and product mix each reduced sales by 1 percent.  First quarter operating profit of $72 million increased 64 percent, driven by lower marketing, research and general spending, input cost deflation and cost savings.  

Medical device volumes were up double-digits, with strong growth in pain management products and a solid increase in digestive health offerings.  Surgical and infection prevention volumes were down low-single digits, as declines in exam gloves were mostly offset by increases in other surgical product categories.

Potential Health Care Business Spin-Off Update 

In November 2013, Kimberly-Clark announced that it was pursuing a tax-free spin-off of its health care business.  A spin-off would create a stand-alone, publicly traded health care company with approximately $1.6 billion in annual net sales and leading market positions in both surgical and infection prevention products and medical devices.  Company management continues to analyze the potential spin-off and expects to seek approval from the Board of Directors to file a Form 10 registration statement with the SEC in early May.  Kimberly-Clark expects that the spin-off will be completed at the end of the third quarter or potentially in the fourth quarter of 2014, assuming Board approval and subject to market, regulatory and other conditions. 

Western and Central European Businesses Strategic Changes Update

In October 2012, Kimberly-Clark initiated strategic changes to its Western and Central European businesses, including the exit of the diaper category, with the exception of the Italian market, divestiture or exit of some lower-margin businesses in certain markets, primarily in the consumer tissue segment, and streamlining of its manufacturing footprint and administrative organization.  The impacted businesses previously generated annual net sales of approximately $0.5 billion and negligible operating profit.  Total related restructuring costs will be incurred through 2014.  The company continues to expect that total after tax charges will be between $300 and $350 million, while pre-tax charges are expected to be slightly higher than the previously communicated range of $350 to $400 million.  Cash costs are projected to be 50 to 55 percent of total charges.  First quarter 2014 restructuring costs were $10 million pre-tax ($5 million after tax), bringing cumulative costs to $390 million pre-tax ($313 million after tax).  

Non-GAAP Financial Measures

This press release and the accompanying tables include the following financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S., or GAAP, and are therefore referred to as non-GAAP financial measures:

  • Adjusted earnings and earnings per share
  • Adjusted gross and operating profit
  • Adjusted other (income) and expense, net
  • Adjusted effective tax rate

These non-GAAP financial measures exclude the following items for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures: 

  • Charge related to regulatory dispute in the Middle East. In the first quarter of 2014, the company recorded a non-deductible charge as a result of an adverse court ruling regarding the treatment of capital contributions in prior years to a majority-owned affiliate in the Middle East. Kimberly-Clark is appealing the ruling.
  • Transaction and related costs for the company's potential spin-off of its health care business. (See previous discussion in this press release.)
  • Western and Central Europe strategic changes and related restructuring charges. (See previous discussion in this press release.)
  • Balance sheet remeasurement charge due to devaluation of Venezuelan bolivar. In the first quarter of 2013, the company recorded a charge for the remeasurement of the local currency-denominated balance sheet due to the February 2013 devaluation of the Venezuelan bolivar.

In addition, this press release includes information regarding organic sales, which exclude the impact of changes in foreign currency rates and lower sales in conjunction with European strategic changes and pulp and tissue restructuring actions.

The company provides these non-GAAP financial measures as supplemental information to our GAAP financial measures.  Management and the company's Board of Directors use adjusted earnings, adjusted earnings per share and adjusted gross and operating profit to (a) evaluate the company's historical and prospective financial performance and its performance relative to its competitors, (b) allocate resources and (c) measure the operational performance of the company's business units and their managers.  Management also believes that the use of adjusted effective tax rate provides improved insight into the tax effects of our ongoing business operations.

Additionally, the Management Development and Compensation Committee of the company's Board of Directors has used certain of the non-GAAP financial measures when setting and assessing achievement of incentive compensation goals.  These goals are based, in part, on the company's adjusted earnings per share and improvement in the company's adjusted return on invested capital and adjusted operating profit return on sales determined by excluding certain of the charges that are used in calculating these non-GAAP financial measures.

Conference Call

A conference call to discuss this news release and other matters of interest to investors and analysts will be held at 9 a.m. (CDT) today.  The conference call will be simultaneously broadcast over the World Wide Web.  Stockholders and others are invited to listen to the live broadcast or a playback, which can be accessed by following the instructions set out in the Investors section of the company's Web site (www.kimberly-clark.com).

About Kimberly-Clark

Kimberly-Clark and its well-known global brands are an indispensable part of life for people in more than 175 countries.  Every day, nearly a quarter of the world's population trust K-C brands and the solutions they provide to enhance their health, hygiene and well-being.  With brands such as Kleenex, Scott, Huggies, Pull-Ups, Kotex and Depend, Kimberly-Clark holds No. 1 or No. 2 share positions in more than 80 countries.  To keep up with the latest K-C news and to learn more about the company's 142-year history of innovation, visit www.kimberly-clark.com.

Copies of Kimberly-Clark's Annual Report to Stockholders and its proxy statements and other SEC filings, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, are made available free of charge on the company's Web site on the same day they are filed with the SEC.  To view these filings, visit the Investors section of the company's Web site.

Certain matters contained in this news release concerning the outlook, anticipated financial and operating results, anticipated currency rates and exchange risks, raw material, energy and other input costs, growth initiatives, the effective tax rate, the anticipated costs, scope, timing and financial and other effects of the potential spin-off of the health care business and the Western and Central Europe strategic changes, sources and uses of cash, contingencies and anticipated transactions of the company constitute forward-looking statements and are based upon management's expectations and beliefs concerning future events impacting the company.  There can be no assurance that these future events will occur as anticipated or that the company's results will be as estimated.  Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them.  For a description of certain factors, such as currency rates and exchange risks, cost savings and reductions, raw material, energy and other input costs, competition, market demand and economic and political conditions, that could cause the company's future results to differ from those expressed in any such forward-looking statements, see Item 1A of the company's Annual Report on Form 10-K for the year ended December 31, 2013 entitled "Risk Factors."

KIMBERLY-CLARK CORPORATION

CONSOLIDATED INCOME STATEMENT

(Millions, except per share amounts)



Three Months Ended March 31




2014


2013


Change

Net Sales

$

5,278


$

5,318


-0.8%

Cost of products sold

3,453


3,496


-1.2%

Gross Profit

1,825


1,822


+0.2%

Marketing, research and general expenses

971


1,027


-5.5%

Other (income) and expense, net

57


12


N.M.

Operating Profit

797


783


+1.8%

Interest income

3


5


-40.0%

Interest expense

(71)


(67)


+6.0%

Income Before Income Taxes and Equity Interests

729


721


+1.1%

Provision for income taxes

(226)


(223)


+1.3%

Income Before Equity Interests

503


498


+1.0%

Share of net income of equity companies

43


53


-18.9%

Net Income

546


551


-0.9%

Net income attributable to noncontrolling interests

(8)


(20)


-60.0%

Net Income Attributable to Kimberly-Clark Corporation

$

538


$

531


+1.3%







Per Share Basis






Net Income Attributable to Kimberly-Clark Corporation






Basic

$

1.42


$

1.37


+3.6%

Diluted

$

1.41


$

1.36


+3.7%

Cash Dividends Declared

$

0.84


$

0.81


+3.7%



















Common Shares Outstanding

March 31




2014


2013



Outstanding shares as of

377.2


384.7



Average diluted shares for three months ended

382.1


390.5















N.M. – Not Meaningful

Unaudited

 

KIMBERLY-CLARK CORPORATION

NON-GAAP RECONCILIATIONS

(Millions, except per share amounts)




Three Months Ended March 31, 2014



As

Reported


Charges for

European

Strategic

Changes


Charges Related to

Health Care

Spin-off


Charge Related to Regulatory Dispute in Middle East


As

Adjusted

Non-GAAP

Cost of products sold


$

3,453



$

6



$



$



$

3,447


Gross profit


1,825



(6)







1,831


Marketing, research and general expenses


971



4



7





960


Other (income) and expense, net


57







39



18


Operating profit


797



(10)



(7)



(39)



853


Income before income taxes and equity interests


729



(10)



(7)



(39)



785


Provision for income taxes


(226)



5



3





(234)


Effective tax rate


31.0%









29.8%


Income before equity interests


503



(5)



(4)



(39)



551


Net income


546



(5)



(4)



(39)



594


Net income attributable to noncontrolling interests


(8)







20



(28)


Net income attributable to Kimberly-Clark Corporation


538



(5)



(4)



(19)



566


Diluted earnings per share


1.41



(0.01)



(0.01)



(0.05)



1.48
























Three Months Ended March 31, 2013







As

Reported


Charges for European Strategic Changes


Charge for Venezuelan Bolivar Devaluation


As

Adjusted

Non-GAAP

Cost of products sold






$

3,496



$

20



$



$

3,476


Gross profit






1,822



(20)





1,842


Marketing, research and general expenses






1,027



11





1,016


Other (income) and expense, net






12





36



(24)


Operating profit






783



(31)



(36)



850


Income before income taxes and equity interests






721



(31)



(36)



788


Provision for income taxes






(223)



10



10



(243)


Effective tax rate






30.9%







30.8%


Income before equity interests






498



(21)



(26)



545


Net income






551



(21)



(26)



598


Net income attributable to Kimberly-Clark Corporation






531



(21)



(26)



578


Diluted earnings per share






1.36



(0.05)



(0.07)



1.48


 

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures, and they should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP.  There are limitations to these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items being excluded.  The company compensates for these limitations by using these non-GAAP financial measures as a supplement to the GAAP measures and by providing reconciliations of the non-GAAP and comparable GAAP financial measures.


Unaudited

 

KIMBERLY-CLARK CORPORATION

CONSOLIDATED BALANCE SHEET

(Millions)



March 31,

 2014


December 31,

 2013

ASSETS




Current Assets




Cash and cash equivalents

$

1,165



$

1,054


Accounts receivable, net

2,618



2,545


Inventories

2,285



2,233


Other current assets

580



718


Total Current Assets

6,648



6,550


Property, Plant and Equipment, Net

7,841



7,948


Investments in Equity Companies

419



382


Goodwill

3,210



3,181


Other Intangible Assets

232



243


Other Assets

652



615


TOTAL ASSETS

$

19,002



$

18,919






LIABILITIES AND STOCKHOLDERS' EQUITY




Current Liabilities




Debt payable within one year

$

927



$

375


Redeemable preferred securities of subsidiary

506



506


Trade accounts payable

2,553



2,598


Accrued expenses

1,955



2,060


Dividends payable

318



309


Total Current Liabilities

6,259



5,848


Long-Term Debt

5,385



5,386


Noncurrent Employee Benefits

1,133



1,312


Deferred Income Taxes

894



817


Other Liabilities

334



344


Redeemable Preferred and Common Securities of Subsidiaries

72



72


Stockholders' Equity




Kimberly-Clark Corporation

4,668



4,856


Noncontrolling Interests

257



284


Total Stockholders' Equity

4,925



5,140


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

19,002



$

18,919


 

2014 Data is Unaudited

 

KIMBERLY-CLARK CORPORATION

CONSOLIDATED CASH FLOW STATEMENT

(Millions)



Three Months Ended

March 31


2014


2013

Operating Activities




Net income

$

546



$

551


Depreciation and amortization

218



221


Stock-based compensation

9



30


Deferred income taxes

51



14


Net (gains) losses on asset dispositions

7



(13)


Equity companies' earnings in excess of dividends paid

(43)



(53)


(Increase) decrease in operating working capital

(210)



(121)


Postretirement benefits

(156)



(55)


Other

15



33


Cash Provided by Operations

437



607


Investing Activities




Capital spending

(258)



(274)


Proceeds from dispositions of property

5



74


Investments in time deposits

(38)




Maturities of time deposits

157



20


Other



1


Cash Used for Investing

(134)



(179)


Financing Activities




Cash dividends paid

(309)



(289)


Change in short-term borrowings

654



335


Debt proceeds

1



59


Debt repayments

(101)



(38)


Cash paid on redeemable preferred securities of subsidiaries

(7)



(7)


Proceeds from exercise of stock options

37



50


Acquisitions of common stock for the treasury

(441)



(486)


Other

(14)



(10)


Cash Used for Financing

(180)



(386)


Effect of Exchange Rate Changes on Cash and Cash Equivalents

(12)



(39)


Increase (Decrease) in Cash and Cash Equivalents

111



3


Cash and Cash Equivalents - Beginning of Period

1,054



1,106


Cash and Cash Equivalents - End of Period

$

1,165



$

1,109


 

Unaudited

 

KIMBERLY-CLARK CORPORATION

SELECTED BUSINESS SEGMENT DATA

(Millions)




Three Months Ended

March 31





2014


2013


Change

NET SALES














Personal Care


$

2,382



$

2,397



-0.6%

Consumer Tissue


1,689



1,718



-1.7%

K-C Professional


800



793



+0.9%

Health Care


397



397



Corporate & Other


10



13



N.M.

TOTAL NET SALES


$

5,278



$

5,318



-0.8%








OPERATING PROFIT














Personal Care


$

457



$

441



+3.6%

Consumer Tissue


257



260



-1.2%

K-C Professional


136



143



-4.9%

Health Care


72



44



+63.6%

Corporate & Other(a)


(68)



(93)



N.M.

Other (income) and expense, net


57



12



N.M.

TOTAL OPERATING PROFIT


$

797



$

783



+1.8%

 

(a)

For the three months ended March 31, 2014 and 2013, Corporate & Other includes charges related to the European strategic changes of $10 and $31, respectively, and for the three months ended March 31, 2014, includes $7 for transaction and related costs associated with the potential spin-off of our health care business.



N.M. – Not Meaningful

Unaudited

 

KIMBERLY-CLARK CORPORATION

SELECTED BUSINESS SEGMENT DATA


PERCENTAGE CHANGE IN NET SALES VERSUS PRIOR YEAR




Three Months Ended March 31, 2014



Total


Organic

Volume


Restructuring

Impact(a)


Net

Price


Mix/

Other(b)


Currency














Consolidated


(0.8)



3



(2)



1





(3)


Personal Care


(0.6)



6



(3)



1





(5)


Consumer Tissue


(1.7)





(2)



2





(2)


K-C Professional


0.9



2





2





(3)


Health Care




4





(2)



(1)



(1)


 

(a)

Lower sales related to the European strategic changes and pulp and tissue restructuring actions.

(b)

Mix/Other includes rounding.



Unaudited

 

KIMBERLY-CLARK CORPORATION

OUTLOOK FOR 2014


ESTIMATED FULL YEAR 2014 DILUTED EARNINGS PER SHARE




Estimated Range








Adjusted earnings per share


$

6.00



-


$

6.20


Adjustments for:







Transaction and related costs associated with potential spin-off of health care business(a)


(0.01)



-


(0.01)


Charge related to regulatory dispute in Middle East


(0.05)



-


(0.05)


Charges for European strategic changes


(0.07)



-


(0.06)


Per share basis – diluted net income attributable to Kimberly-Clark Corporation


$

5.87



-


$

6.08











ESTIMATED FULL YEAR 2014 EFFECTIVE TAX RATE






Adjusted effective tax rate



31.0%



-



32.5%


Adjustments for:









Transaction and related costs associated with potential spin-off of health care business(a)





-




Charge related to regulatory dispute in Middle East



0.4



-



0.4


Charges for European strategic changes



0.1



-



0.2


Effective tax rate



31.5%



-



33.1%


 


The company's 2014 projections include a full-year estimate for the operations of the health care segment.


(a)

Represents costs through March 31, 2014.

 

[KMB-F]

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SOURCE Kimberly-Clark Corporation



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