The company said fiscal first quarter net sales rose 1.1% and Organic growth was 1.9%. It attributed this to +5.0% value realization and (3.1%) volume, and said net sales were $3,894 million.

1. 01

   The company said fiscal first quarter net sales rose 1.1% and Organic growth was 1.9%. It attributed this to +5.0% value realization and (3.1%) volume, and said net sales were $3,894 million.

2. 02

   The company said operating income margin for Q1 was 14.1%, down from 16.6% a year earlier. It cited a $68 million impairment charge related to its interim headquarters and restructuring-related costs as factors in the decline. Net income was $296 million, and diluted earnings per share were $0.15.

3. 03

   The company said its board approved on May 6, 2024 a multi-year plan to reduce the global workforce by a net approximately 4% and to deliver annualized pre-tax gross cost savings of approximately $350 million. The company expects the savings to be fully realized beginning in fiscal 2026, with restructuring costs of approximately $275 million each in fiscal 2024 and fiscal 2025, for a total of approximately $550 million.

4. 04

   The company reaffirmed its fiscal 2024 outlook, with reported net sales growth of 1.0% to 3.0%, Organic growth of 2.0% to 4.0%, and Adjusted diluted earnings per share of $1.10 to $1.20. The company expects foreign exchange to be a headwind of approximately one percentage point to reported net sales growth.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

You can verify the report’s figures and statements in the original filing on SEC EDGAR.