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Kenvue’s stock slides premarket as company reports slow start to flu and cold season

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Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.

Kenvue Inc.’s stock KVUE, -1.25% fell 2.4% in premarket trade Thursday, after the company posted in-line third-quarter earnings but tightened its full-year guidance after a slow start to the flu and cold season. The company, the former consumer health operations of Johnson & Johnson JNJ, +0.22%, posted net income of $438 million, or 23 cents a share, for the quarter, down from $586 million, or 34 cents a share, in the year-earlier period.

789 billion a year ago, while FactSet expected $3.906 billion. The company is now expecting the strong dollar to present a headwind to full-year sales of about 1 to 2 percentage points, up from one percentage point previously expected. “Reflecting a softer than anticipated start to the cough, cold and flu season and increased impact of foreign exchange,” the company tightened its net sales outlook for fiscal 2023 to 4.0% to 4.5%. It expects adjusted EPS of $.26 to $1.

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