Kenvue Inc.’s stock (KVUE) fell by 3.2% in premarket trading on Thursday after reporting lower fourth-quarter profit. As the household products spin-off of Johnson & Johnson, Kenvue stated that its earnings for 2024 would also fall short of the FactSet consensus estimate. Additionally, the company missed its revenue target for the fourth quarter.
Financial Highlights
- Net income for the three months ended Dec. 31 fell to $327 million, or 17 cents a share, compared to $361 million, or 21 cents a share, in the year-ago quarter.
- Adjusted fourth-quarter profit was 31 cents a share, beating the analyst estimate of 28 cents a share.
- Revenue fell by 2.7% to $3.67 billion, falling short of the analyst mark of $3.78 billion.
Future Outlook
Kenvue expects its full year 2024 adjusted earnings to be in the range of $1.10 to $1.20 per share, which is below the analyst estimate of $1.26 per share. The company stated, “While we are confident in our plans, our guidance prudently reflects the potential for a continued challenging macro-backdrop and the possibility for unknowns in our seasonal businesses.”
