Outlook
2025 Outlook(in millions, except per share amounts)
| 2024 | 2025 Outlook | |||
| Actual | Low End | High End | ||
| Net sales | $ 3,818 | $ 3,800 | $ 3,900 | |
| Diluted earnings per share | $ 3.63 | $ 3.60 | $ 3.90 | |
| Adjusted earnings per share | $ 3.73 5 | $ 3.60 | $ 3.90 | |
| 5 | Excludes restructuring and impairment expenses. See accompanying GAAP to Non-GAAP reconciliations |
"Our outlook for 2025 projects our consolidated sales to be flat to up 2% compared to 2024. We expect our full-year EPS to be between $3.60 and $3.90, slightly higher than 2024 at the mid-point. In North America, we anticipate water heater industry unit volumes to be flat year-over-year with less first half versus second half volatility compared to 2024. In our Rest of World segment, we expect a single-digit sales decline in China as consumer demand remains low. We project continued double-digits sales growth in India," stated Wheeler.
"We believe our strong balance sheet and free cash flow continue to provide us the liquidity to focus on our capital allocation priorities of organic growth, acquisitions, dividends and share repurchases, which we believe will enable us to execute our strategy to invest and grow profitably."
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