Kimberly-Clark Corporation (KMB) reported that it spent $50,000 during the second quarter 2011 on issues related to taxes and environment. Lobbying charges were same during the previous quarter but it shrunk 16.7% from $60,000 in the second quarter of 2010.
According to the filing with the House clerk's office on July 20, Kimberly-Clark lobbied the federal government and opposed proposals to increase the use of natural gas in transportation and power generation.
The company also opposes the strict government rules on emissions of mercury, carbon monoxide and other substances from industrial boilers.
Further, Kimberly-Clark lobbied for allowing companies to defer taxes on income made in foreign countries. The companies want to get rid of an excise tax on medical devices and expect the government to retain tax deductions for manufacturers.
The lobbying charges also include the issue related to tax payments by the employees working in multiple states. Kimberly-Clark wants the employees to be allowed to pay taxes in only their state of residence, until they work in the other state or states for more than 30 days in a year.
The maker of well-known household brands like Huggies diapers and Kleenex tissues – Kimberly-Clark posted adjusted earnings of $1.18 per share in the second quarter 2011, exceeding the Zacks Consensus Estimate by 3 cents.
The adjusted earnings in the second quarter of 2011 exclude the adjustment of charges related to the pulp and tissue restructuring of 15 cents per share. The results benefited from sales growth, cost savings and a lower share count.
For fiscal 2011, Kimberly-Clark has reiterated its earnings guidance in the range of $4.80 to 5.05 per share, which is consistent with the company’s previous expectations and includes higher input cost expectations, along with incremental plans to reduce costs, compared to previous assumptions.
Kimberly-Clark currently holds a Zacks #3 Rank, and competes with Procter & Gamble Co. (PG). On a long-term basis, we maintain a Neutral rating on the stock, which translates into a short-term Hold rating.
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