2025 First Quarter (dollars in millions, except per share amounts) | Guidance | ||
| Revenue | $1,155 | to | $1,180 |
| Reported Net Income | $13 | to | $41 |
| Adjusted EBITDA | $240 | to | $260 |
| Reported Income per Share | $0.03 | to | $0.08 |
| Adjusted Earnings per Share | $0.29 | to | $0.34 |
In the first quarter, the company expects a headwind to revenue of approximately $40 million from the unfavorable impact of foreign exchange rates compared to prior year. Excluding the unfavorable impact of foreign exchange rates and the aqua divestiture, the company expects 2% to 4% revenue growth.
The company expects operating expenses up 6% to 8% year over year in constant currency with strategic investment in the global launches of the innovation portfolio. First quarter adjusted EBITDA includes an expected foreign exchange rate impact of approximately $15 million compared to prior year.
The company expects first quarter adjusted effective tax rate to be in the mid-single digit range as a result of a discrete tax item that will also benefit the full-year expected tax rate of 21% to 22%.