We are optimistic about our ability to create sustained growth that’s either in line with or above our long-term growth objectives. Now, have to say much of the reason for this optimism is our track record and the balanced nature of our business. For the past six years, we focused on creating value for customers, consumers and shareowners, and we’re committed to continuing this in the future. We have managed and executed through dynamic and often challenging times to drive sustained and balanced operating income growth.
Our results and our actions clearly demonstrate our commitment to increasing shareowner value. We continue to create value and return cash to shareowners through increased dividends. In fact we instituted a 23% increase earlier this year.
In addition, we’ve already completed a $1 billion share repurchase program, which started in late 2010. And then in January we began a second $1 billion share repurchase program for the stated goal of at least $500 million in purchases by the end of this year.
These initiatives are made possible by our continuing strong cash flow, which we expect to be somewhere between $500 million and $525 million this year. Clearly, our primary focus is to drive sustainable, value building growth.Now let’s discuss the strategies and the initiatives that are the heart of this growth. For more than five years our work has been guided by a global operating framework, which has created a clear vision, clear strategic priorities and very clear financial objectives. Our plans and our actions are guided by three straightforward priorities. First, to be the number one or number two in every category in which we choose to compete. Second, to be our customers’ most valued supplier, third, to create a winning, inclusive culture that attracts, develops and retains a highly talented and diverse workforce. Read the rest of this transcript for free on seekingalpha.com