Kimberly-Clark Posts Lower Profit, Sales almost 10% drop

Kimberly-Clark Corp. said Wednesday first-quarter net income fell 9.5% to $431 million, or 98 cents a share, from $476 million, or $1.04 a share in the year-ago period. Revenue fell 6.6% to $4.49 billion. Analysts expected net income of 97 cents a share on revenue of $4.49 billion, according to a survey by FactSet Research. The Dallas-based paper products giant reiterated its 2009 earnings target of $4 to $4.20 a share, compared to the Wall Street target of $4.16 a share.

Disclosure I am long KMB.