Kimberly-Clark Corp. posted a higher quarterly profit as the maker of Kleenex tissues and Huggies diapers trimmed costs to deal with some weakness in the United States.
The company also stood by its forecast for the year, calling for earnings of $5 (U.S.) to $5.15 per share on an adjusted basis, which excludes restructuring costs.
First-quarter profit rose to $468-million, or $1.18 per share, from $350-million, or 86 cents per share, a year earlier. Adjusted earnings per share rose to $1.24 from $1.09.
Sales increased 4.2 per cent to $5.24-billion.
Earlier this year, Kimberly-Clark had low expectations for 2012 as it faced some weak economic conditions, especially in the developed markets where it does the bulk of its business. North America accounts for 50 per cent of sales and Europe makes up another 16 per cent. Kimberly-Clark has seen its Huggies business pressured by consumers switching to less expensive diapers