Kenvue Inc. (NYSE:KVUE) Q2 2024 Earnings Conference Call August 6, 2024 8:30 AM ET
Company Participants
Jim Giannakouros - Interim Head, Investor Relations
Thibaut Mongon - Chief Executive Officer
Paul Ruh - Chief Financial Officer
Conference Call Participants
Anna Lizzul - BofA Securities, Inc.
Steve Powers - Deutsche Bank Securities, Inc.
Andrea Teixeira - JPMorgan Securities LLC
Nik Modi - RBC Capital Markets LLC
Filippo Falorni - Citigroup Global Markets, Inc.
Susan Anderson - Canaccord Genuity
Jeremy Fialko - HSBC
Peter Grom - UBS
Operator
Hello and welcome to the Kenvue Second Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and answer session. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jim Giannakouros, Interim Head of Investor Relations for Kenvue.
Jim Giannakouros
Good morning, everyone, and welcome to Kenvue's second quarter 2024 earnings conference call. I'm pleased to be joined today by Thibaut Mongon, Kenvue’s Chief Executive Officer; and Paul Ruh, our Chief Financial Officer.
Before we get started, I'd like to remind you that today's call includes forward-looking statements regarding, among other things, our operating and financial performance, market opportunities and growth. These statements represent our current beliefs or expectations about future events and are subject to various risks, uncertainties and assumptions that could cause our actual results to differ materially. For information regarding these risks and uncertainties, please refer to our earnings materials related to this call posted on our website and our filings with the SEC.
During this call, we will reference certain non-GAAP financial information. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with US GAAP. These non-GAAP financial measures should be viewed in conjunction with the most comparable GAAP financial measures. A reconciliation of these items to their respected nearest US I measure can be found in this morning’s press release and our presentation available on our IR website, investors.kenvue.com.
With that, I’ll turn it over to Thibaut.
Thibaut Mongon
Thank you, Jim. And thank you to everyone for joining us today. This quarter, we made good progress against our strategy. We drove year-over-year organic growth of 1.5% on top of 7.7% organic growth last year and increased adjusted gross profit margin by 410 basis points to 61.6%. This huge investment in our brands, while not impacting our ability to deliver EPS as per guidance. With our first and second quarter performance, we are on track to deliver our year as we continue to execute our new strategy as an independent company. Earlier this year, I committed to you that you would see a new Kenvue, the bolder company that is moving quickly to advance our three priorities to reach more consumers effectively, invest further behind our brands, and build a culture of performance and impact.