“We continue to expect high single-digit growth off a 2023 base that includes developed market gum.”

In context

“targeted approach to managing costs by focusing on non-working media, overheads and productivity. We will not take shortcuts or make temporary moves that disturb the business, but rather focus on areas where we can make lasting changes. We will also not sacrifice key investments or product quality. Net, we are confident that we have a strong plan to navigate the headwinds presented by cocoa next year. We will focus on what we can control and will remain agile as needed to ensure the long term health of this category while positioning ourselves to emerge stronger when cocoa prices settle at more sustainable levels. Turning to our outlook. Our outlook for 2024 remains unchanged. We continue to expect on algo delivery for revenue, earnings per share, growth and cash flow. Just a word on EPS. We continue to expect high single-digit growth off a 2023 base that includes developed market gum. When you look at year-to-date margins, two things are clear aside from strong operating performance. First, we procure cocoa at much better prices than the market. And second, we priced a replacement cost. Thus, profit growth has been quite good. On the other side, Q4 is a bit of an anomaly as we booked your cocoa for Q4 close to peak, if not at peak prices, while at the same time, we will not yet have the benefits of either additional pricing or planned cocoa savings initiatives in Q4. While next year cocoa will be significantly higher than the average of 2024, it is projected to be lower than Q4 2024. Most of our other key assumptions remain consistent with what we shared with you on our last call, with the exception of interest expenses, which is now estimated at $250 million for the y”