Outlook

The company is narrowing its fiscal 2026 guidance, reflecting:

  • Organic net sales change near the midpoint of its (1)% to 1% range, as compared to fiscal 2025
  • Adjusted operating margin near the high end of its ~11.0% to ~11.5% range
  • Adjusted EPS of approximately $1.70, at the low end of its $1.70 to $1.85 range

Additionally, the company now expects its adjusted equity earnings to be approximately $140 million for the fiscal year compared to the prior estimate of approximately $170 million, interest expense to be approximately $385 million compared to the prior estimate of approximately $390 million, and free cash flow conversion to be approximately 105% compared to the prior estimate of approximately 100%.