-Third quarter 2013 net sales of $5.3 billion were even with the year-ago period. Organic sales rose 5 percent, including a 10 percent increase in K-C International. Organic sales exclude the impact of changes in foreign currency exchange rates and lost sales as a result of European strategic changes and pulp and tissue restructuring actions.
-Diluted net income per share for the third quarter of 2013 was $1.42 versus $1.30 in 2012.
-Third quarter adjusted earnings per share were $1.44 in 2013 compared to $1.34 in the prior year. The improvement was driven by organic sales growth, cost savings, a lower effective tax rate and a lower share count, partially offset by input cost inflation and unfavorable foreign currency rates. Third quarter 2013 adjusted earnings per share exclude restructuring costs for European strategic changes. Adjusted earnings per share in the third quarter of 2012 exclude costs for pulp and tissue restructuring actions.
-Full-year 2013 adjusted earnings per share are anticipated to be $5.65 to $5.75 compared to the company's previous guidance range of $5.60 to $5.75. Estimated 2013 adjusted earnings per share exclude restructuring costs for European strategic changes and a balance sheet remeasurement charge due to the February 2013 devaluation of the Venezuelan bolivar.
Third Quarter 2013 Operating Results
Sales of $5.3 billion in the third quarter of 2013 were even with the year-ago period. Organic sales rose 5 percent, with increased sales volumes of 3 percent, higher net selling prices of 1 percent and improved product mix of 1 percent. Changes in foreign currency exchange rates, and lost sales in conjunction with European strategic changes and pulp and tissue restructuring actions, each reduced sales by more than 2 percent.
Operating profit was $807 million in the third quarter of 2013, up 3 percent from $783 million in 2012. Adjusted operating profit was $821 million in the third quarter of 2013, up 1 percent compared to $814 million in the year-ago period. Adjusted results exclude $14 million of restructuring costs for European strategic changes in 2013 and $31 million of costs for pulp and tissue restructuring actions in 2012.
The increase in year-over-year adjusted operating profit included benefits from organic sales growth and $70 million in cost savings from the company's FORCE (Focused On Reducing Costs Everywhere) program. Input costs increased $55 million overall versus 2012, with $30 million of higher costs for raw materials other than fiber, $15 million of increased fiber costs and $10 million of higher distribution costs.
Foreign currency translation effects, as a result of the weakening of several currencies relative to the U.S. dollar, reduced operating profit by $25 million. Currency transaction effects also negatively impacted the operating profit comparison.
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