“Our guidance includes the impact of one fewer shipping day in 2025, which occurs in the first quarter, assumes a limited impact on combustible and e-vapor product volumes from enforcement efforts in the illicit e-vapor market and includes the reinvestment of anticipated cost savings related to our previously announced optimize and accelerate initiative.”

In context

“ity to shift millions of smokers to FDA-authorized smoke-free alternatives. Our planned investment areas include market activities in support of our smoke-free products and continued smoke-free product research, development, and regulatory preparations. We believe the external environment will remain dynamic in 2025, and we will continue to monitor the economy, including the cumulative impact of inflation, tobacco consumer dynamics, including purchasing patterns and adoption of smoke-free products, illicit product enforcement, and regulatory litigation and legislative developments. Considering these factors, we expect to deliver 2025 full year adjusted diluted EPS in a range of $5.22 to $5.37. This range represents an adjusted diluted EPS growth rate of 2% to 5% from a $5.12 base in 2024. Our guidance includes the impact of one fewer shipping day in 2025, which occurs in the first quarter, assumes a limited impact on combustible and e-vapor product volumes from enforcement efforts in the illicit e-vapor market and includes the reinvestment of anticipated cost savings related to our previously announced optimize and accelerate initiative. In addition, the guidance range includes lower expected net periodic benefit income. I'd also like to welcome Rich Stoddart to our board of directors as announced this morning. Mr. Stoddart's extensive global marketing and executive leadership experience will be a tremendous asset to Altria. I'll now turn it over to Sal to provide additional detail on our business and financial results. Sal Mancuso : Thanks, Billy. Our core tobacco businesses generated solid financial performance again this year in a challenging external environment. The smokable product segment delivered on its strategy of maximizing profitability while appropriately balancing investments in Marlboro with funding the growth of smoke-free products. The segment grew its adjusted operating company's income by 5.5% in the fo”