- Core sales increase of 2 to 4 percent.
- Net sales are expected to grow 1 to 3 percent
- Currency rates are expected to decrease sales by about 100 basis points
- Normalized operating margin improvement of up to 20 basis points
- Normalized EPS growth of 5 to 8 percent, or $1.78 to $1.84
- The company’s 2013 normalized EPS expectation excludes between $90 and $110 million of restructuring and restructuring-related costs associated with Project Renewal. (A reconciliation to normalized results is included below.)
- The company is on track to realize cumulative annualized cost savings of approximately $270 to $325 million by the second quarter of 2015 related to Project Renewal, with cumulative annualized savings of $90 to $100 million expected by the first half of 2013. The company intends to reinvest the majority of Project Renewal savings in the business to strengthen brand building and selling capabilities and accelerate growth.
- Operating cash flow of between $575 and $625 million
- This operating cash flow guidance includes a U.S. pension plan contribution of approximately $100 million, approximately $50 million higher than the 2012 contribution, and
- restructuring and restructuring-related cash payments of approximately $70 to $90 million.
- The company plans to fund capital expenditures of $175 to $200 million during the year.
|Diluted earnings per share||$1.54 to $1.60|
|Restructuring and restructuring-related costs||$0.21 to $0.27|
|Normalized EPS||$1.78 to $1.84|