Kimberly-Clark (KMB) will likely report a mixed first quarter as productivity gains and supply chain savings help offset potential topline softness, RBC Capital Markets said in an earnings preview Thursday.

RBC projects adjusted earnings of $1.92 per share on revenue of $4.87 billion, slightly below the consensus estimate of $1.90 per share on $4.89 billion in revenue.

The firm noted its topline forecast is more conservative than consensus, citing global macro uncertainty and divergence between scanner data and reported organic sales.

The firm does not expect management to revise full-year guidance, given that Kimberly-Clark is only one quarter into the year. However, it noted that the company's topline outlook is tied to category growth, which remains volatile in the current environment.

The firm believes internal improvements should allow Kimberly-Clark to meet earnings targets despite potential macro pressures.

RBC has an outperform rating on the stock with a price target of $165.

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