WASHINGTON (dpa-AFX) - While reporting financial results for the second quarter on Friday, consumer products firm Kimberly-Clark Corp. (KMB) slashed its adjusted earnings and sales growth guidance for the full-year 2021.
For fiscal 2021, the company now projects adjusted earnings in a range of $6.65 to $6.90 per share on net sales growth of 1 to 4 percent, with organic sales growth of flat to 2 percent.
Previously, the company expected adjusted earnings in the range of $7.30 to $7.55 per share on net sales growth of 3 to 5 percent, with organic sales growth of flat to 1 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $7.35 per share on sales growth of 2.9 percent to $19.69 billion for the year. Analysts' estimates usually exclude special items.
Kimberly-Clark said it expects the global restructuring program initiated in January 2018 to be completed in 2021. As part of the program, Kimberly-Clark expects to exit or divest some low-margin businesses that generate about 1 percent of company net sales.
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