Kenvue's stock slides premarket as company reports slow start to flu and cold season
Kenvue Inc.'s stock (KVUE) fell 2.4% in premarket trade Thursday, after the company posted in-line third-quarter earnings but tightened its full-year guidance after a slow start to the flu and cold season. The company, the former consumer health operations of Johnson & Johnson (JNJ), posted net income of $438 million, or 23 cents a share, for the quarter, down from $586 million, or 34 cents a share, in the year-earlier period. Adjusted per-share earnings came to 31 cents, matching the FactSet consensus. Sales rose to $3.915 billion from $3.789 billion a year ago, while FactSet expected $3.906 billion. The company is now expecting the strong dollar to present a headwind to full-year sales of about 1 to 2 percentage points, up from one percentage point previously expected. "Reflecting a softer than anticipated start to the cough, cold and flu season and increased impact of foreign exchange," the company tightened its net sales outlook for fiscal 2023 to 4.0% to 4.5%. It expects adjusted EPS of $.26 to $1.28, while FactSet is expecting $1.28. The stock has fallen 20% in the last three months, while the S&P 500 has fallen 8%.
-Ciara Linnane
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
10-26-23 0653ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Best- and Worst-Performing Stocks of Q2 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations