Outlook for 2024
The Company is confirming its estimate of adjusted net income per diluted share for the full year of 2024 in the range of $3.55 to $3.75, a 7% increase at the midpoint of the range over adjusted net income per diluted share of $3.40 in 2023. Volumes in all segments for 2024 are expected to be higher than 2023 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 2024 of approximately $170 million and an effective tax rate for 2024 of approximately 24 - 25%.
The Company currently estimates that free cash flow in 2024 will be approximately $375 million as compared to $356.7 million in 2023. Capital expenditures are expected to be approximately $240 million in 2024.
For the second quarter of 2024, the Company expects low to mid single digit volume growth in the Dispensing and Specialty Closures segment, low single digit volume growth in the Custom Containers segment, and comparable volumes in the Metal Containers segment as compared to the prior year period. The Company is providing an estimate of adjusted net income per diluted share for the second quarter of 2024 in the range of $0.82 to $0.92, a 5% increase at the midpoint of the range as compared to $0.83 in the second quarter of 2023. Adjusted net income per diluted share excludes certain items as outlined in Table C at the back of this press release.