Kenvue updates organic revenue outlook as Q3 pring misses estimates

Investing.com -- Kenvue Inc (NYSE:KVUE) updated its annual organic revenue growth outlook on Thursday and reported third-quarter results below analyst expectations.

The company’s shares rose more than 1% in premarket trading.

The consumer health company reported Q3 earnings per share (EPS) of $0.28, missing the consensus estimates of $0.34

Revenue came in at $3.9 billion for the quarter, also below the $4.05 billion expected by analysts.

“During the third quarter, we continued to drive strong productivity and realize efficiency benefits from Our Vue Forward, which we are reinvesting behind our iconic brands to unleash the full potential of our business and fulfill our commitment to create long-term shareholder value,” said Thibaut Mongon, CEO of Kenvue.

“This reinvestment is enabling us to continue to drive share gains in Self Care, deliver broad-based growth across the Essential Health categories, and build the right foundation in Skin Health and Beauty, where we are seeing early signs of recovery.”

For full-year 2024, Kenvue anticipates EPS between $1.10 and $1.20, aligning closely with the consensus estimate of $1.14 at the midpoint.

The company expects net sales growth to be at the lower end of its 1.0%-3.0% outlook.

Organic revenue growth is also expected to come in at the low end of the previously forecasted 2%-4% range, compared to the consensus estimate of 2.74%.