Kenvue sees FY23 adjusted EPS $1.26-$1.31, consensus $1.23

Kenvue introduced its outlook for FY23. Sees FY23 net sales growth 4.5%-5.5%; organic growth 5.5%-6.5%, which reflects the benefit of unique items impacting the first half of FY23, including the one-time restocking benefit realized in the Q1 and high cold and flu incidence rates which benefited the Self Care portfolio through the first half of 2023. Based on current spot rates, foreign exchange is expected to be a headwind of approximately one percentage point to reported Net sales growth. Sees FY23 reported interest expense, net to be approximately $270M; adjusted interest expense, net, $300M; reported effective tax rate 34.5%-35.5% and Adjusted effective tax rate 24.5%-25.5%.