Kimberly-Clark Cuts 2021 Earnings Outlook; Q3 Profit Misses Estimates

(RTTNews) - While reporting third-quarter results on Monday, Kimberly-Clark Corporation (KMB) lowered its full year 2021 earnings outlook to reflect significantly higher input cost inflation. Also, the company said its third quarter earnings were negatively impacted by significant inflation and supply chain disruptions that increased costs beyond what it anticipated.

For full year 2021, the company now expects adjusted earnings per share in a range of $6.05 to $6.25, lowered from prior outlook of $6.65 to $6.90. Analysts polled by Thomson Reuters expect the company to report profit per share of $6.70. Analysts' estimates typically exclude special items. Organic sales are now anticipated to decline 1 to 2 percent, updated from prior outlook of between flat to decline of 2 percent.

Third quarter adjusted earnings per share were $1.62 compared to $1.72, previous year. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $1.65, for the quarter. Net profit was $469 million or $1.39 per share compared to $472 million or $1.38 per share.

Sales were $5.01 billion, up 7 percent from prior year. Organic sales growth was 4 percent, for the quarter. Analysts expected revenue of $4.99 billion, for the quarter.

Shares of Kimberly-Clark were down 2% in pre-market trade on Monday.