Kenvue Inc.’s stock
KVUE,
fell by 3.2% in premarket trading on Thursday after the household products spin-off of Johnson & Johnson
JNJ,
reported lower fourth-quarter profit and said its 2024 earnings would fall short of the FactSet consensus estimate. It also missed its revenue target for the fourth quarter. Kenvue said its net income for the three months ended Dec. 31 fell to $327 million, or 17 cents a share, from $361 million, or 21 cents a share, in the year-ago quarter. Adjusted fourth-quarter profit of 31 cents a share beat the analyst estimate of 28 cents a share. Revenue fell 2.7% to $3.67 billion, short of the analyst mark of $3.78 billion. Kenvue expects full year 2024 adjusted earnings of $1.10 a share to $1.20 a share, below the analyst estimate of $1.26 a share. “While we are confident in our plans, our guidance prudently reflects the potential for a continued challenging macro-back drop and the possibility for unknowns in our seasonal businesses,” the company said.
Kenvue’s stock slides 2.6% as J & J spinoff’s revenue and guidance fall short of expectations
