Kimberly-Clark’s fourth-quarter 2015 revenue and EPS came in below consensus estimates, as the company’s solid organic growth was more than offset by currency effects. The midpoints of the company’s 2016 guidance ranges are below Wall Street estimates. Fourth-quarter net sales were $4.54 billion, down 6.0% year over year and slightly below the consensus estimate of $4.57 billion. Sales declined despite 5% organic growth, as this was more than offset by an 11% decline in currency. Adjusted EPS in the fourth quarter was $1.42, missing the consensus estimate by a penny. However, it was up from $1.35 in the fourth quarter of 2014. Earnings were hurt by currency; by higher marketing, research and general spending on a local-currency basis; and by other expenses. For the full year, Kimberly-Clark reported revenues of $18.6 billion, down 5.7% from the prior year. Organic growth of 5% comprised a 4% volume increase and a 1% increase from product mix/other, but it was more than offset by a 10% currency decline. The company reported full-year adjusted EPS of $5.76, up 5% from $5.51 in 2014. Personal care segment: Fourth-quarter sales for the personal care segment were $2.2 billion, a 4% decrease from the same quarter last year. Currency rates detracted by 12%. Volumes increased by 6% and net selling prices and product mix each contributed 1%. Fourth-quarter operating profit increased by 15%, to $473 million. The comparison benefited from organic sales growth, cost savings, and lower input and other manufacturing-related costs, which were partially offset by unfavorable currency effects and increased marketing, research and general spending on a local-currency basis. Consumer tissue segment: Fourth-quarter sales in the consumer tissue segment fell by 6%, to $1.5 billion, quarter over quarter. Currency rates detracted by 9%. Volumes increased by 4%, while net selling prices were down 1%. Operating profit decreased by 6%, to $262 million. An unfavorable impact from currency was partially offset by cost savings and organic sales growth. K-C Professional segment: Sales in the K-C Professional segment decreased by 9%, to $0.8 billion, in the fourth quarter. Changes in currency rates reduced sales by 9%. Volumes were off 2% and product mix/other detracted slightly, while net selling prices rose by 2%. Operating profit increased by 4%, to $157 million. The comparison was impacted by higher net selling prices and cost savings that were partially offset by unfavorable currency effects. At the end of 2015, Kimberly-Clark deconsolidated the assets and liabilities of its Venezuelan business from its balance sheet and moved to the cost method of accounting for its operations in Venezuela. The change reflects the continued deterioration of conditions in the country, including a slowdown in the availability of foreign exchange, and resulted in an after-tax charge of $102 million in the fourth quarter. Beginning in the first quarter of 2016, the company will no longer include the results of its Venezuelan business in its consolidated financial statements. Looking into 2016, Kimberly-Clark expects revenues to range from flat to down by 3%, totalling $18.0–$18.6 billion, due to a negative foreign currency exchange rate impact of 5% to 6%. The consensus estimate is for revenues of $18.7 billion. The company expects EPS in the range of $5.95–$6.15 in 2016, up 3%–7%; the $6.05 midpoint of the guidance range is below the consensus estimate of $6.14. The company also issued guidance for capital spending of $950–$1,050 million, share repurchases of $600–$900 million and a dividend increase in the mid-single digits.