{"id":22770,"date":"2023-04-25T12:09:02","date_gmt":"2023-04-25T12:09:02","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/kimberly-clark-lifts-2023-profit\/"},"modified":"2023-04-25T12:12:27","modified_gmt":"2023-04-25T12:12:27","slug":"kimberly-clark-lifts-2023-profit","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/kimberly-clark-lifts-2023-profit\/","title":{"rendered":"Kimberly-Clark lifts 2023 profit forecast on higher prices"},"content":{"rendered":"<p>(Reuters) &#8211;     Kimberly-Clark Corp raised its full-year profit forecast on Tuesday as consistent price hikes helped the company post better-than-expected sales in the first quarter, despite weak volumes across all its segments.<\/p>\n<p>Like several other consumer goods companies, Kimberly-Clark has been bumping up the prices of its products to offset spiraling costs associated with labor, supply chains and raw materials like fiber.<\/p>\n<p>Kimberly-Clark&#8217;s gross margin increased 340 basis points to 33.2% in the quarter ended March 31.<\/p>\n<p>The maker of personal care products like toilet paper and sanitary napkins raised prices across all its categories by 10% in the quarter, but saw volumes fall by only 5%. <\/p>\n<p>&#8220;While inflationary pressures have yet to subside, we drove continued improvement in our gross margin this quarter,&#8221; Chief Executive Officer Mike Hsu said.<\/p>\n<p>Last week, peer Procter &amp; Gamble Co also lifted its annual sales forecast after it reported upbeat third-quarter results and higher margins, similarly benefiting from consistent price increases.<\/p>\n<p>Kimberly-Clark now expects 2023 profit between 6% and 10%, compared with its earlier forecast of 2% to 6%.<\/p>\n<p>However, it maintained its annual net sales and organic sales growth expectations.<\/p>\n<p>The Huggies diaper maker&#8217;s revenue rose 2% to about $5.20 billion in the first-quarter, beating analysts&#8217; average estimate of $5.06 billion, according to Refinitiv data.<\/p>\n<p>Net income attributable to Kimberly-Clark came in at $566 million, or $1.67 per share, compared to $523 million, or $1.55 per share, a year ago.<\/p>\n<p \/>\n<p> (Reporting by Anne Florentyna Gnanaraja Sekar and Granth Vanaik in Bengaluru; Editing by Pooja Desai)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/kimberly-clark-lifts-2023-profit\/employees-stand-outside-kimberly-clark-in-maracay\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3O0GK-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3O0GK-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; Kimberly-Clark Corp raised its full-year profit forecast on Tuesday as consistent price hikes helped the company post better-than-expected sales in the first quarter, despite weak volumes across all its segments. Like several other consumer goods companies, Kimberly-Clark has been bumping up the prices of its products to offset spiraling costs associated with labor, [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":22771,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-22770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3O0GK-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/22770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=22770"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/22770\/revisions"}],"predecessor-version":[{"id":22772,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/22770\/revisions\/22772"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/22771"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=22770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=22770"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=22770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}