2025 OUTLOOK
We continue to expect to achieve the following key financial targets for full year 2025 and we anticipate being at the low end of the range for certain of those key metrics:
- Net sales (high to low end of range): 3% to 4% decline on a constant currency basis anticipating being at the low end of the range.
- Underlying (Non-GAAP) income (loss) before income taxes (high to low end of range): 12% to 15% decline on a constant currency basis anticipating being at the low end of the range.
- Underlying (Non-GAAP) diluted earnings per share (high to low end of range): 7% to 10% decline anticipating being at the low end of the range.
- Underlying (Non-GAAP) net interest expense: $225 million, plus or minus 5%.
- Capital expenditures: $650 million incurred, plus or minus 5%.
- Underlying (Non-GAAP) free cash flow: $1.3 billion, plus or minus 10% anticipating being at the low end of the range.
- Underlying (Non-GAAP) depreciation and amortization: $675 million, plus or minus 5%.
- Underlying (Non-GAAP) effective tax rate: in the range of 22% to 24%.