Shares of Kenvue Inc. (KVUE) tacked on 0.5% in premarket trading Thursday, after the consumer health company, with brands including Band-Aid and Tylenol, topped third-quarter profit expectations and affirmed its full-year outlook. Net income fell to $383 million, or 20 cents a share, from $438 million, or 23 cents a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share of 28 cents was above the FactSet consensus of 27 cents. Net sales slipped 0.4% to $3.899, just why of the FactSet consensus of $3.920 billion, as a 1.6% decline in volume, driven by weakness in the skin health and beauty and self care business lines, offset a 2.5% increase in price and mix. For 2024, the company said it expects sales growth toward the low end of the previously provided guidance range of 1% to 3%, but still expects adjusted EPS of $1.10 to $1.20. The stock has gained 4.5% year to date through Wednesday, while the S&P 500 has run up 24.3%.
-Tomi Kilgore
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(END) Dow Jones Newswires
November 07, 2024 06:57 ET (11:57 GMT)
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