Consumer products company Kimberly-Clark Corp. (NYSE: KMB) reported stronger-than-expected earnings and revenues for the first quarter of 2022. The company’s stock made strong gains soon after the announcement Friday morning, after closing the previous session higher.
Adjusted earnings dropped to $1.35 per share in the March quarter from $1.80 per share in the same period of last year. Analysts were looking for a smaller number for the most recent quarter. Net income, including special items, dropped to $523 million or $1.55 per share from $584 million or $1.72 per share in the first quarter of 2021.
Meanwhile, net sales moved up 7% year-over-year to $5.1 billion during the three-month period, which also came in above the market’s consensus forecast.
Check this space to read management/analysts’ comments on Kimberly-Clark’s Q1 2022 earnings
“We’re proud of our heritage of category-defining innovation and our strong culture of care that enables our employees and communities to thrive. Today, we’re building on that foundation with conviction in our purpose of Better Care for a Better World as we continue to provide essential products to billions of consumers around the world,” said Mike Hsu, chief executive officer of Kimberly-Clark.