Key Takeaways
- Kenvue affirmed its full-year revenue growth projection, the midpoint of which is above analysts’ expectations.
- The Band-Aid owner reported second-quarter revenue that slightly beat consensus estimates.
- Kenvue shares soared 13% in intraday trading.
Kenvue (KVUE) shares surged in intraday trading Tuesday after the company affirmed its full-year guidance that topped analysts’ expectations.
The Tylenol and Band-Aid parent, formerly the consumer healthcare unit of Johnson & Johnson (JNJ), continues to expect 2024 net sales growth between 1% and 3%, with the midpoint well above analysts’ expectations of 1.4%, per Visible Alpha.
“We are on track to deliver the financial targets we set for 2024, and while we are in the early days, our work to transform Kenvue into a bolder, more agile organization focused on profitable growth is producing results,” Chief Executive Officer (CEO) Thibaut Mongon said.
Q2 Revenue Beats Estimates, EPS Misses
In the second quarter, the company posted earnings per share (EPS) of 3 cents on revenue of $4 billion. Analysts had called for EPS of 24 cents on revenue of $3.93 billion. Adjusted EPS of 32 cents topped estimates.
Shares of Kenvue jumped 12% to $20.40 as of 1:40 p.m. ET Tuesday but remain 5% lower this year.