Kenvue Inc (KVUE)

[DewDiligence]

KVUE reports 3Q23 results—lowers 2023 guidance slightly:

https://investors.kenvue.com/financial-news/news-details/2023/Kenvue-Reports-Healthy-Third-Quarter-2023-Results/default.aspx

3Q23 sales of $3.9B were +3.3% YoY. Organic sales YoY growth (which excludes the effects of FX, acquisitions, and divestitures) was +3.6%, consisting of +7.1% from price/mix and -3.5% from volume, due mainly to lower sales in China.

3Q23 non-GAAP net income was $438M, -25% YoY due in large part to a higher effective tax rate. 3Q23 GAAP and non-GAAP EPS were $0.23 and $0.31, respectively.

Guidance for the full 2023 calendar year is: YoY sales growth of 4.0-4.5% (from the prior range of 4.5-5.5%); and YoY organic sales growth of 5.5-6.0% (from the prior range of 5.5-6.5%); and GAAP EPS of $1.26-1.28 (from the prior range of $1.26-1.31). The reductions are due to a late start to the cold/flu season as well as continued weakness in China.

CC slides:
https://s202.q4cdn.com/991673667/files/doc_financials/2023/q3/2023-Q3-QuarterlyEarningsReport-FINAL_Website_10-26-23.pdf