Wed. 21 Feb 2024, 7:41am ET
Benzinga
News, Guidance
2024 Outlook
As announced in its fourth quarter and full year 2023 earnings, the Company reiterates its expectation to deliver:
- Organic Net Sales(1) growth of 0% to 2% versus the prior year. The Company expects a positive contribution from price throughout the year, with volumes inflecting positive in the second half of the year.
- Adjusted Operating Income(1) growth of 2% to 4% versus the prior year. Adjusted Gross Profit Margin(1) is expected to expand modestly, in the range of 25 to 75 basis points versus the prior year.
- Adjusted EPS(1) growth of 1% to 3% versus the prior year, or in the range of $3.01 to $3.07. The Company expects an effective tax rate on Adjusted EPS to be in the range of 20% to 22%. Additionally, the Company expects an unfavorable impact of approximately $45 million within interest expense and other expense/(income) versus the prior year, primarily driven by foreign currency headwinds and debt refinancing that will come at a higher rate. The outlook does not include the possibility of additional share buyback in 2024.