Guidance and Outlook
The Company provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange translation and commodity mark-to-market net impacts. For 2024, the Company now expects:
• A low-single-digit increase in organic revenue (previously approximately 4% organic revenue growth). In addition, the Company continues to expect:
• At least 8 percent increase in core constant currency EPS;
• A core annual effective tax rate of 20 percent;
• Total cash returns to shareholders of approximately $8.2 billion, comprised of dividends of $7.2 billion and share repurchases of $1.0 billion; and
• An approximate 1-percentage-point foreign exchange translation headwind to impact reported net revenue and core EPS growth based on current market consensus rates.
This assumption and the guidance above imply 2024 core EPS of at least $8.15, a 7 percent increase compared to 2023 core EPS of $7.62.
