UPDATE: Kimberly-Clark Posts Downbeat Q2 Earnings, Lowers FY14 Forecast

Kimberly-Clark

reported weaker-than-expected second-quarter earnings and reduced the high end of its FY14 earnings forecast. Kimberly-Clark now projects 2014 earnings of $6.00 to $6.15 per share, versus its earlier forecast of $6.00 to $6.20 per share. The Dallas, Texas-based company posted a quarterly profit of $509 million, or $1.35 per share, versus a year-ago profit of $526 million, or $1.36 per share. Excluding certain items, its earnings rose to $1.49 per share from $1.41 per share. Its sales rose 1.4% to $5.34 billion, while organic sales gained 5%. However, analysts were projecting earnings of $1.50 per share on sales of $5.32 billion. Kimberly-Clark's product costs increased 1.9%. Its sales at the personal-care segment rose 2.2% to $2.44 billion, while sales at the consumer-tissue segment rose 0.8% to $1.64 billion. Kimberly-Clark's sales in its K-C Professional segment also climbed 2% to $858 million. Kimberly-Clark shares fell 0.87% to close at $112.31 yesterday.