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Replies to #19 on Kenvue Inc (KVUE)

DewDiligence

05/07/24 11:31 AM

#21 RE: DewDiligence #19

KVUE reports 1Q24 results—cuts workforce 4%:

https://investors.kenvue.com/financial-news/news-details/2024/Kenvue-Reports-First-Quarter-2024-Results/default.aspx

2024 guidance remains as follows:

• Sales growth of 1-3%

• Organic sales growth of 2-4% (with a 1% headwind from currency)

• Non-GAAP EPS of $1.10-1.20. This excludes 2024 restructuring costs related to the 4% layoff of $275M or $0.14/sh. (A similar amount of restructuring costs is expected in 2025.) If the 2024 restructuring costs were included in the non-GAAP EPS guidance, the range would be $0.96-1.06. At the midpoint of this range, the current share price ($20.05) represents a P/E ratio of about 20x.

CC slides:
https://s202.q4cdn.com/991673667/files/doc_financials/2024/q1/KVUE-Q1-2024-Earnings-Presentation_FINAL_WEBSITE.pdf