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News > Companies
Tissue maker gains in 3Q
October 23, 2000: 5:12 p.m. ET

Kimberly-Clark reports 12% rise in quarterly earnings, matching estimates
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NEW YORK (CNNfn) -   Kimberly-Clark Corp., maker of Kleenex tissues and Huggies diapers, posted a 12 percent gain in third-quarter operating profit Thursday, matching analysts' forecasts despite rising raw materials costs.

The Dallas-based company earned $667.9 million, or 84 cents per diluted share, up from $598.5 million, or 75 cents per share, in the 1999 third quarter. The results exclude one-time items. Sales rose 7 percent to $3.5 billion.

Earnings results matched the First Call consensus forecast of analysts.

The company credited improved manufacturing productivity and lower promotion costs for the results, saying that those factors offset higher fiber and petroleum costs.

graphicIncluding one-time items, net income fell to $642.1 million, or 81 cents per share, down from $719 million, or 89 cents per share, in the corresponding period last year. The 2000 period included a 2-cents per-share charge for a court settlement, while the 1999 results benefited from the closure of a pulp mill and an asset sale.

For the first nine months of the year, net income including special events rose 7 percent to $1.96 billion, or $2.46 per share. Sales rose 8 percent to $10.4 billion.

The results were released after Monday's market close. Kimberly-Clark  (KMB: Research, Estimates) shares finished the day down 88 cents, or 1.5 percent, at $58.94 on the New York Stock Exchange. Back to top

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