Fiscal 2024 sales growth was largely flat year over year as a negative foreign currency impact offset volume growth across several businesses, which benefitted from the company lapping the prior year?s destocking that plagued the entire industry. Moreover, its S&P Global Ratings-adjusted EBITDA margin rebounded just over 200 basis points (bps) in fiscal 2024 to 20.3%, with margin expansion across its four business segments due to the volume rebound, productivity gains, and the divestitures of lower margin businesses. Although free operating cash flow declined about $330 million year over year, discretionary cash flow (DCF) after dividends remained modestly positive as the company had cut its dividend by 50% in February of last year. Its recently announced $0.40 per share dividend
