Kimberly-Clark Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net sales of $4,544 million compared to $4,539 million a year ago. Operating profit was $839 million compared to $630 million a year ago. Income before income taxes and equity interests was $760 million compared to $559 million a year ago. Net income attributable to the company was $505 million or $1.40 per diluted share compared to $333 million or $0.91 per diluted share a year ago. Non-GAAP operating profit was $859 million compared to $779 million a year ago. Non-GAAP income from continuing operations before income taxes and equity interests was $780 million compared to $708 million a year ago. Non-GAAP net income attributable to the company was $520 million or $1.45 per diluted share compared to $517 million or $1.42 per diluted share a year ago. Cash provided by operations was $871 million against $665 million a year ago. Capital spending was $189 million against $258 million a year ago. The fourth quarter effective tax rate was 35.7% in 2016 compared to 45.1% in 2015, which included the impact of a $49 million charge as a result of an updated assessment of uncertain tax positions. The fourth quarter adjusted effective tax rate was 35.4% in 2016 and 30.6% in 2015.

For the year, the company reported net sales of $18,202 million compared to $18,591 million a year ago. Operating profit was $3,317 million compared to $1,613 million a year ago. Income before income taxes and equity interests was $3,009 million compared to $1,335 million a year ago. Net income attributable to the company was $2,166 million or $5.99 per diluted share compared to $1,013 million or $2.77 per diluted share a year ago. Non-GAAP operating profit was $3,341 million compared to $3,210 million a year ago. Non-GAAP income from continuing operations before income taxes and equity interests was $3,033 million compared to $2,932 million a year ago. Non-GAAP net income attributable to the company was $2,182 million or $6.03 per diluted share compared to $2,109 million or $5.76 per diluted share a year ago. Cash provided by operations was $3,232 million against $2,306 million a year ago. Capital spending was $771 million against $1,056 million a year ago. The increase in cash provided by operations was driven by improved working capital and lower pension contribution.

The company provided earnings guidance for the year 2017. For the year, the company expects net sales similar to the prior year. The company expects adjusted operating profit growth of 2% to 4%. Net income from equity companies expected to decline due to lower income at K-C de Mexico as a result of a weaker Mexican peso. Diluted net income per share is expected to be in a range of $6.20 to $6.35. Capital spending is expected to be in a range of $850 to $950 million. Effective tax rate is similar to 2016 and adjusted effective tax rate is 30.7%.