CHICAGO (Reuters) - Kimberly-Clark Corp posted a lower quarterly profit on Wednesday as it tried to offset higher raw material costs by increasing its prices and marketing spending.
The maker of Huggies diapers and Kleenex tissues also cut its full-year profit forecast, partly because it expects pressure in the current quarter from recent changes in currency exchange rates.
Kimberly-Clark earned $413.1 million, or 99 cents per share, in the third quarter, compared with $453.1 million, or $1.04 a share, a year earlier.
Excluding charges for cost-cutting measures, earnings were $1.02 a share, while analysts expected $1.01, according to Reuters Estimates.
Sales rose 8.2 percent to $5 billion.
In July, the company initiated its second set of price increases this year across most of its consumer brands to offset higher costs for oil and other raw materials. Kimberly-Clark has also been shutting facilities and cutting staff to save money.
The company said it now expects to earn $4.15 to $4.20 per share this year, excluding certain items, versus a previous forecast of $4.20 to $4.30. Analysts, on average, had expected $4.23.
(Reporting by Jessica Wohl; editing by John Wallace)
