Kenvue Earnings: Solid Results Despite Market Uncertainty and Destocking, Shares Fairly Valued

Wide-moat Kenvue reported solid first-quarter earnings to start the year on good footing. Total revenue of $3.7 billion was down 3.9% year over year but outperformed our expectations by about $0.1 billion. Price and mix were down during the three months by 0.3% and volume was down 0.9%. We reiterate our fair value estimate of $24.50 per share, and shares look about fairly valued.