Resolute Forest Products announces production cuts to their paper business in Calhoun. The company will close paper machines #3 & #5 at the Calhoun plant. That will cost 222 jobs to the operation on the Hiwassee River at the McMinn/Bradley line. The company says they are still committed to the remaining operations at the plant. 491 workers will remain. Resolute has recently expanded operations there, investing in a tissue machine and converting operation, and a continuous pulp digester. Both will remain in operation. Click Read More below for more of the story.
Second quarter 2022 net sales of $5.1 billion increased 7 percent compared to the year-ago period, including organic sales growth of 9 percent.
Diluted net income per share for the second quarter was $1.29 in 2022 and $1.19 in 2021.
Second quarter adjusted earnings per share were $1.34 in 2022, down 9 percent compared to $1.47 in 2021. Adjusted earnings per share exclude certain items described later in this news release.
Diluted net income per share for 2022 is expected to be $5.67 to $6.10.
The company is now targeting full-year 2022 organic sales growth of 5 to 7 percent compared to prior outlook of 4 to 6 percent and maintains adjusted earnings per share range of $5.60 to $6.00.
“I’m pleased to close the first half of the year with another quarter of excellent execution by our teams who delivered strong organic sales growth, with increases in all our segments. Our growth strategy is working,” said Mike Hsu, Chairman and CEO, Kimberly-Clark. “Our results also reflect ongoing market volatility and significant input cost inflation. We continue to be thoughtful with our response to inflation, focusing on providing value to our consumers while leveraging price and cost discipline to mitigate macro headwinds for margin improvement over time.”
Hsu continued, “As we manage our business prudently in the near-term, we’re committed to investing in our people, brands and capabilities to ensure we continue to be well positioned to deliver balanced and sustainable growth over the long-term.”
Second Quarter 2022 Operating Results
Sales of $5.1 billion in the second quarter of 2022 increased 7 percent compared to the year-ago period. Changes in foreign currency exchange rates reduced sales 2 percent. Organic sales increased 9 percent as net selling prices rose 9 percent, product mix increased sales 1 percent and volumes declined 1 percent. In North America, organic sales increased 11 percent in consumer products and increased 8 percent in K-C Professional. Outside North America, organic sales rose 8 percent in developing and emerging (D&E) markets and 9 percent in developed markets.
Second quarter operating profit was $621 million in 2022 and $613 million in 2021. Excluding the charges related to the 2018 Global Restructuring Program, 2021 adjusted operating profit was $676 million.
details at: https://investor.kimberly-clark.com/news-releases/news-release-details/kimberly-clark-announces-second-quarter-2022-results