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Kimberly Clark Corp (NYSE: KMB) reported better-than-expected Q1 earnings earlier on Tuesday. Adjusted EPS for the company came at $1.42, above analysts' estimate of $1.33.
Thomas Falk, Kimberly-Clark CEO, was on CNBC following the result declaration to weigh in on the company's earnings.
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Other Markets Played The Key Role
"More of the beat was outside the U.S.," Falk said. "We have very strong results in emerging markets. Places like China – our diaper business was up 35 percent. Femcare [Feminine Care] was up 30 percent in China."
He continued, "Russia was up 55 percent in the first quarter, which is not sustainable obviously, but a very good start in organic growth. And then Latin America – places like Brazil had a very solid start to the year as well. So, pretty widespread, good execution, good innovation happening in the market."
Currency Headwind
On the currency headwind the company faced, Falk said, "Currency was a 9 point drag in the quarter. So, organic sales were up 5, about 3 volume and 1 price, 1 mix."
Falk was asked how big a currency headwind could be for the rest of the year. He replied, "It was a 9 point drag on the top line and the first quarter we are saying 9 to 10 for the full year. So, not much worse from here on out, and if you look at what spot rates are today relative to our guidance, they are pretty similar in most cases.
"Bigger impact on the bottom line, though, and in the first quarter the bottom-line impact was 25 cents a share, almost 18 point drag. And so we are saying this could be as much as a 20 percent drag for the full year," Falk concluded.
Image Credit: Public DomainCrypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.