Band-Aid maker Kenvue Inc (NYSE:KVUE) saw its shares hit on Thursday morning after laying out guidance below Wall Street expectations.
Kenvue said adjusted profit would sit between US$1.10 to US$1.20 per share for the year ahead in Thursday’s fourth quarter results, lower than analysts’ estimates of US$1.26.
This came after the company, which was spun off from Johnson & Johnson in August, said softer-than-anticipated performance in its US skin health and beauty business and struggles in China hit sales over the last three months of the year.
Net sales decreased by 2.7% over the quarter to US$3.7 billion as a result, missing analyst calls for the figure to sit at US$3.8 billion.
Final-quarter adjusted per-share earnings sat at US$0.31 meanwhile, with the figure stretching to US$1.29 for the full year.
Over the year, net sales increased by 3.3% to US$15.4 billion.
“We enter 2024 with clear strategic priorities as an independent Kenvue, including strengthened plans in our US skin health and beauty business,” chief executive Thibaut Mongon commented.
“Looking ahead we’re focused on reaching more consumers, reinventing our ways of working to invest more in our brands, and fostering a culture that rewards performance and impact in our organization.”
Shares dipped 5.21% to US$19.45.