“For 2024, adjusted diluted EPS growth weighted to the second half due to the timing of the NJOY acquisition in June 2023 and the impact of two additional shipping days in the second half of the year.”

In context

“ficant progress towards our vision with in-market products and achieved important milestones to prepare for future success. We're confident in the long-term outlook for our smoke-free portfolio and we have a significant opportunity to responsibly lead the transition of adult smokers to a smoke-free future. I believe we have the appropriate strategies in place to execute our growth plans and I want to thank all of our employees who continue to work tirelessly to make our vision become a reality. I'll now turn it over to Sal to provide more detail on the business environment and our results. Sal Mancuso: Thanks, Billy. Adjusted diluted earnings per share was unchanged in the second quarter and declined by 1.6% for the first half. Our first half results were consistent with our expectations. For 2024, adjusted diluted EPS growth weighted to the second half due to the timing of the NJOY acquisition in June 2023 and the impact of two additional shipping days in the second half of the year. Therefore, we are narrowing our full year 2024 guidance range and now expect to deliver adjusted diluted EPS in a range of $5.07 to $5.15, representing a growth rate of 2.5% to 4% from a base of $4.95 in 2023. Let's turn to an update on consumer and industry dynamics. Cigarette industry shipment volumes remained pressured during the second quarter and first half, due primarily to macroeconomic factors and the growth of illegal disposable e-vapor products. While the rate of inflation has stabilized in recent months, we believe adult smokers remain under economic pressure as the cumulative impacts from prolonged inflation persists and constrained discretionary spending. Late last year, we share our estimate that the growth of illegal disposable e-vapor products contributed to cigarette indu”