Outlook
Second Quarter 2024
The Company expects second quarter 2024 net sales to decrease between 1% and 5% compared to the prior year. Foreign currency translation is expected to have an approximately 50 basis point favorable impact.
Adjusted EBITDA margin for the second quarter of 2024 is expected to be slightly above 19%. Non-GAAP diluted earnings per share are expected to be in the range of $2.60 to $2.90.
Full Year 2024
The Company expects full year 2024 net sales growth between 1% and 5% compared to the prior year. Foreign currency translation is expected to have a negligible impact.
Adjusted EBITDA margin for the full year 2024 is expected to be approximately 20%. Non-GAAP diluted earnings per share are expected to be in the range of $11.25 to $12.25. This assumes an adjusted effective tax rate of approximately 17%.
Free cash flow is expected to be at least $600 million and is inclusive of our final $45 million settlement payment in the first quarter.