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Mar 31, 2024
Kenvue Q1 2024 Earnings Report
Kenvue's Q1 2024 performance reflected a solid start to the year, driven by strategic priorities and strong performance in key segments.
Key Takeaways
Kenvue reported a 1.1% increase in net sales to $3.9 billion, with organic growth of 1.9%. Diluted earnings per share were $0.15, and adjusted diluted earnings per share were $0.28. The company reaffirmed its fiscal year 2024 outlook.
Net sales increased by 1.1% to $3.9 billion, with organic growth of 1.9%.
Diluted earnings per share were $0.15, while adjusted diluted earnings per share reached $0.28.
Gross profit margin expanded by 240 basis points, driven by value realization and supply chain efficiencies.
The company reaffirms its outlook for 2024, expecting net sales growth between 1.0% and 3.0%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Kenvue reaffirmed its outlook for 2024, expecting net sales growth between 1.0% and 3.0% and organic growth between 2.0% and 4.0%. Adjusted diluted earnings per share are expected to be in the range of $1.10 - $1.20.
Positive Outlook
- Net sales growth expected between 1.0% and 3.0%.
- Organic growth expected between 2.0% and 4.0%.
- Adjusted operating income margin expected to be slightly below 2023.
- Adjusted diluted earnings per share expected in the range of $1.10 - $1.20.
- Effective tax rate expected between 26.5% to 27.5%.
Challenges Ahead
- Foreign exchange is expected to be a headwind of approximately one percentage point to reported Net sales growth.
- Adjusted operating income margin expected to be slightly below 2023 due to public company costs and foreign currency headwinds.
- Interest expense, net to be approximately $400 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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