Kimberly-Clark's 2Q Sales and Profit Bolstered by Favorable Macro Backdrop; Shares Not a Bargain
CEO Michael Hsu’s first six months at the helm of narrow-moat Kimberly-Clark have been characterized by accelerating sales and margin gains. In the second quarter, Kimberly posted 5% organic sales growth (an acceleration from 3% in each of the past two quarters, entirely reflecting higher prices), a 120-basis-point increase in adjusted gross margin to 34.6%, and 40 basis points of expansion in adjusted operating margin to 17.2%. While operating margins remain generally in line with the 17%-18% p...Kimberly-Clark is principally engaged in the manufacturing and marketing of a range of products primarily made from natural or synthetic fibers using technologies in fibers, nonwovens and absorbency. The company is organized into three operating segments: Personal Care, which provides solutions and products such as disposable diapers, training and youth pants, swimpants, baby wipes, feminine and incontinence care products, and other related products; Consumer Tissue, which provides facial and bathroom tissue, paper towels, napkins and related products; and K-C Professional, which provides a range of solutions and supporting products such as wipers, tissue, towels, apparel, soaps and sanitizers.
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