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Kenvue forecast its annual profit below Wall Street estimates and largely met quarterly earnings expectations on Thursday, amid a strategic review at the consumer health company.
The Band-Aid maker in July had ousted its CEO Thibaut Mongon, a move that some investors said could lay the groundwork for an eventual sale of the entire company or pieces of it.
The company had then said it created a committee, advised by investment bank Centerview Partners and consulting firm McKinsey, to weigh portfolio simplification and potential divestitures.
The review continues to advance and the board is considering a broad range of potential alternatives, it said on Thursday.
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Kenvue forecast annual adjusted profit in the range of $1.00 to $1.05 per share, below analysts’ estimate of $1.13 per share, according to data compiled by LSEG.
The company posted an adjusted profit of 29 cents per share, compared with the estimate of 28 cents per share.
Its shares were down marginally in premarket trading.
By Sneha S K; Editor: Shilpi Majumdar
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Kenvue Announces CEO Departure, Strategic Review
As Thibaut Mongon steps down, board member Kirk Perry is named interim CEO.