RTTNews | Oct 22, 2020 10:46AM EDT

10:46 Thursday, October 22, 2020 (RTTNews.com) - Shares of personal care and consumer tissue products maker Kimberly-Clark Corporation (KMB) are falling more than 5% Thursday morning after the company's third-quarter earnings missed the Street view.

Adjusted earnings per share in the third quarter were $1.72 compared with $1.84 last year. On average, 11 analysts polled by Thomson Reuters were expecting the company to report earnings of $1.75 per share.

Third quarter 2020 net sales of $4.7 billion increased 1 percent compared to the year-ago period. The consensus estimate was for $4.58 billion.

"While earnings in the quarter were down as expected, we're raising our full-year outlook and now expect adjusted earnings per share will grow 9 to 11 percent this year," said Mike Hsu, Kimberly-Clark Chairman and Chief Executive Officer.

The company sees full-year earnings outlook to be in the range of $7.50 to $7.65, up from $7.40 to $7.60 provided earlier.

Kimberly Clark is trading at $140.54. It has traded in the range of $110.66- $160.16 in the last one year.

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