Kenvue Inc (NYSE:KVUE) shares moved higher after the Tylenol-maker posted first-quarter earnings on Tuesday that were better than expected.
Shares of the Johnson & Johnson (NYSE:JNJ) consumer healthcare spin-off company – whose brands also include Neutrogena, Listerine, Band-Aid and Aveeno – added 5.1% at $19.84 late morning.
A year after it was spun off, Kenvue net sales for the quarter were up 1.1% year-on-year at $3.9 billion, above the $3.8 billion expected.
Adjusted earnings per share (EPS) came in at $0.28, topping Wall Street estimates of $0.24.
"We entered 2024 with clear strategic priorities to reach more consumers, reinvent our ways of working to invest more behind our brands, and to foster a culture that rewards performance and impact," CEO Thibaut Mongon said in a statement.
"We began executing against these priorities during the quarter, enabling a solid start to the year and advancing Kenvue forward in our ambition to become the undisputed leader in consumer health."
The company also reaffirmed its 2024 outlook. It continues to expect full-year net sales growth in the range of 1% to 3%.
It projects adjusted EPS in the range of $1.10 to $1.20.
Both figures are in line with Wall Street estimates of 1.4% sales growth and EPS of $1.15, respectively.