Kimberly-Clark Corporation (NYSE:KMB) Q3 2023 Earnings Conference Call October 24, 2023 8:30 AM ET
Company Participants
Christina Cheng - Investor Relations
Michael Hsu - Chairman & Chief Executive Officer
Nelson Urdaneta - Chief Financial Officer
Conference Call Participants
Chris Carey - Wells Fargo
Anna Lizzul - Bank of America
Javier Escalante - Evercore
Steve Powers - Deutsche Bank
Operator
Good day and welcome to the Kimberly-Clark Third Quarter 2023 Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Christina Cheng. Ma'am, the floor is yours.
Christina Cheng
Welcome, everyone, to our third quarter 2023 earnings conference call.
Before we begin, please note today's presentation will include forward-looking statements. Actual results may vary materially from those expressed or implied in our forward-looking statements and you should not place any undue reliance on our forward-looking statements. Please refer to our SEC filings for a list of factors that could cause our actual results to deviate materially from our expectations. Our remarks today refer to adjusted results which exclude certain items described in our news release. We use non-GAAP financial measures to help investors understand our ongoing business performance. Please consult our press release for a discussion of our non-GAAP financial measures and reconciliations to comparable GAAP financial measures. We have published supplemental materials which are found in the Investor Relations section of our website.
Participating in today's call are our Chairman and Chief Executive Officer, Mike Hsu; and our Chief Financial Officer, Nelson Urdaneta. Mike will start the discussion with our strategic priorities and provide an overview of our performance for the quarter. Nelson will provide a detailed discussion on our Q3 results and our outlook before we open the floor to Q&A.
With that, I will turn the call over to Mike.
Michael Hsu
Thank you, Christina. We delivered another quarter of strong results. I'm proud of how our teams around the world are executing our growth strategy. Our innovation and commercial programs are contributing to the top line momentum with improving volume and market share trends and strong gross margin expansion.
Based on the strength of our year-to-date performance, we are raising our full year outlook. Third quarter and year-to-date organic sales increased 5%, with growth across all segments. Personal Care, our largest business, led the way with 7% organic growth and importantly, 2% volume growth. Further gains in price and mix were enabled by strong revenue growth management capability, while volume improved sequentially for a third consecutive quarter. We expect volume trends to continue improving as we cycle prior pricing actions and continue to invest in our brands. We also continue to make excellent progress on margin recovery.