https://assets.capyfin.com/instruments/678fdc13234e27009c5d59d5.png avatar
Kenvue
🇺🇸 NYSE:KVUE
View Company
OverviewEarningsDividends
•
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%.

Total Revenue
$3.89B
Previous year: $3.85B
+1.1%
EPS
$0.28
Previous year: $0.27
+3.7%
Organic Revenue Growth
1.9%
Previous year: 11.2%
-83.0%
Organic Price/Mix Growth
5%
Gross Profit
$2.24B
Previous year: $2.1B
+6.7%
Cash and Equivalents
$1.2B
Previous year: $1.23B
-2.5%
Free Cash Flow
$100M
Previous year: $747M
-86.6%
Total Assets
$27.3B
Previous year: $27.3B
-0.1%

Kenvue

Kenvue

Kenvue Revenue by Segment

Kenvue 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.
  • Company expects to incur approximately $275 million of pre-tax restructuring costs in each of fiscal year 2024 and fiscal year 2025.
  • Approximately two points of the volume contraction was attributed to the expected lapping of one-time retailer inventory re-builds in the first quarter of 2023 and impacts of retailer inventory reduction in the first quarter of 2024, which the Company expects to continue through the second quarter of 2024.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Kenvue