CHICAGO - APRIL 27: Kimberly-Clark-brand Huggies diapers sit in a shopping cart in a grocery store April 27, 2005 in Chicago, Illinois. The price of diapers is set to rise this summer as manufacturers pass on higher production costs including such unique diaper materials as adhesives and super absorbents. (Photo by Tim Boyle/Getty Images)
Consumer products maker Kimberly-Clark says its second-quarter profit fell 18 percent, dragged down by higher commodity costs and an increased tax rate.
The Dallas company also said Monday that it expects 2011 adjusted earnings will likely be in the lower half of its previous range, but raised its full-year revenue guidance.
The maker of Kleenex tissues, Huggies diapers and other goods reported net income of $408 million, or $1.03 per share, for the period ended June 30. That's down from $498 million, or $1.20 per share, a year ago.
Adjusted earnings were $1.18 per share. Analysts expected $1.14 per share
Revenue rose 8 percent to $5.26 billion on increased prices. Wall Street expected $5.11 billion.
Kimberly-Clark maintained full-year guidance of between $4.80 to $5.05 per share. Analysts expected $4.85 per share.
Its shares fell 79 cents to $67.11 in premarket trading.