LONDON (ShareCast) - (ShareCast News) - Personal healthcare products company Kimberly-Clark fell in pre-market trading on Monday after releasing a third quarter earnings report which narrowly missed analyst estimates.
The company, which counts on such brands as Kleenex and Huggies, also cut its guidance for the year.

Kimberly-Clark had net income of $550m for $1.52 per share on a diluted basis, above last year's corresponding quarterly figures of $517m, or $1.41 per share.

However, analysts had expected the company to reach adjusted earnings per share of $1.54.

Net sales declined 2.6% to $4.6bn.

Year-to-date, sales were running at $13.7bn, or about 3% below the year-ago period, as foreign exchange headwinds lopping off more than 4% from its top line growth.

In a statement, Kimberly-Clark also said that it was reducing its full-year 2016 organic sales growth guidance from the low of end of between 3% to 5% to 2%.

As a result, adjusted earnings per share were now seen at between $5.95 and $6.05, down from the previous range of between $5.95 to $6.15 towards which the company had guided.

Total costs associated with the restructuring programme put in place in October 2015 were also now expected to come in at the high end of its previously communicated range of between $130m and $160m on after tax basis.

Chairman and chief executive officer Thomas Falk acknowledged that it had been a difficult quarter for the healthcare firm.

"We experienced a more challenging economic and competitive environment in the third quarter. Nonetheless, our market share positions are broadly healthy," Falk said.

"Our focus remains on continuing to compete effectively in the near-term as we execute our Global Business Plan strategies for long-term success," he added.

The Dallas-based outfit lifted its quarterly cash dividend by 4.5% to 92 cents.

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