Personal care company Kimberly-Clark reported a -12% drop in first-quarter earnings and a -5% decrease in revenue.
For the three months ended March 31, Kimberly-Clark’s earnings came in at $1.72 a share, down from the year-ago quarter’s $1.92 a share.
Revenue fell -5% year-over-year to $4.74 billion.
"First-quarter comparisons were impacted by COVID-19 related stock up in the year-ago period, consumer tissue category softness and commodity inflation. We also experienced temporary supply chain disruptions related to severe weather conditions in the southern part of the United States," Chairman and Chief Executive Mike Hsu said.
For 2021, the company lowered its adjusted earnings per share projection to a range of $7.30 to $7.55, from $7.75 to $8. It also cut its organic sales growth outlook to flat to positive 1%, from growth of 1% to 2%. The company cited a volatile and challenging near-term environment.