Kimberly-Clark Lowers Forecast as Profit Declines 19%
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Kimberly-Clark Corp., the maker of Huggies diapers and Viva paper towels, posted a 19 percent drop in third-quarter profit and lowered its full-year earnings forecast on higher materials costs and lower demand from other businesses.
The stock fell the most in almost two years. Net income declined to $469 million, or $1.14 a share, from $582 million, or $1.40, a year earlier, the Dallas-based company said in a statement. Twelve analysts surveyed by Bloomberg estimated average profit of $1.28 a share.