Kimberly-Clark sees eight percent drop in profit
February 2, 2009
IRVING, TX — Towel and tissue manufacturer Kimberly-Clark announced that its fourth-quarter profits dropped by eight percent, according to an Associated Press story hosted by Google.com.
Earnings were $419 million, as compared to $456 million in the year-ago quarter, the story stated.
Total sales slipped three percent from $4.76 billion to $4.6 billion, the story noted.
Deutsche Bank analyst Bill Schmitz Jr. said: "Management is doing right to guide expectations well below the Street as currency, pension and negative manufacturing variances weigh on earnings in 2009."
Kimberly-Clark may cut prices on certain items due to poor sales in North American in Europe, the story added.
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