Outlook for 2025:

The Company currently estimates adjusted net income per diluted share for the full year of 2025 will be in the range of $4.00 to $4.20, a 13% increase at the midpoint of the range over adjusted net income per diluted share of $3.62 in 2024 vs. $4.13 consensus. Volumes and Adjusted EBIT in all segments for 2025 are expected to be higher than 2024 levels. Adjusted net income per diluted share excludes certain items as outlined in Table C at the back of this press release.

The Company anticipates interest and other debt expense in 2025 of approximately $185 million and an effective tax rate for 2025 of approximately 24%.

The Company currently estimates that free cash flow in 2025 will be approximately $450 million, a 15% increase as compared to $391.3 million in 2024. Capital expenditures are expected to increase to approximately $300 million in 2025 as compared to $262.8 million in 2024 primarily as a result of the Weener Packaging acquisition.

For the first quarter of 2025, the Company expects low to mid single digit organic volume increases and higher Adjusted EBIT in all segments. The Company is providing an estimate of adjusted net income per diluted share for the first quarter of 2025 in the range of $0.74 to $0.84, a 14% increase at the midpoint as compared to $0.69 in the first quarter of 2024 vs. $0.78 consensus.