“Combined, foreign exchange and commodities are projected to be a headwind of $0.20 per share for fiscal ’25, or a 3 percentage point drag on core EPS growth.”

In context

“e markets in which we compete to deliver local currency sales growth in the range of 3% to 4% for the year. Our objective is to grow organic sales modestly ahead of the underlying growth in these markets. This translates to an organic sales growth guidance range of 3% to 5% for the fiscal year - apologies, I had my mic muted. On the bottom line, our algorithm calls for mid to high single digit core earnings per share growth. Our core EPS guidance range for fiscal ’25 starts the year at 5% to 7% versus fiscal ’24 core EPS of $6.59. This guidance equates to a range of $6.91 to $7.05 per share, $6.98 up 6% at the center of the range. This outlook includes a commodity cost headwind of approximately $300 million after tax and a foreign exchange headwind of approximately $200 million after tax. Combined, foreign exchange and commodities are projected to be a headwind of $0.20 per share for fiscal ’25, or a 3 percentage point drag on core EPS growth. In addition, the prior fiscal year included benefits from several minor brand divestitures, and we expect a somewhat higher tax rate in the new fiscal year. Combined, these are an additional $0.10 to $0.12 headwind to core EPS. We expect adjusted free cash flow productivity of 90% for the year. This includes an increase in capital spending as we add capacity in several categories. We expect to pay around $10 billion in dividends and to repurchase $6 billion to $7 billion of common stock, combined a plan to return $16 billion to $17 billion of cash to share owners this fiscal year. While we are clear eyed on the challenges in the market and the work needed to continue to drive the business, fiscal ’25 guidance for top line, bottom line and cash are each consistent with our long term algori”