During the course of this presentation and in responses to your questions, you will hear certain forward-looking statements. Our actual results may differ materially. Please read our commentary on forward-looking statements in Slide #2 of our supporting materials or at the end of our news release or the statements in our quarterly and annual SEC filings.
In addition, our discussion includes certain non-GAAP financial measurements as defined under SEC rules. We have provided a reconciliation of those non-GAAP financial measures to the most directly comparable GAAP measure at the end of our press release. A copy of our for press release is available on our Investor Relations website.
Now let me turn over the call to Shane.
Shane D. FlemingThank you, Jodi, and good morning, everyone. I appreciate you taking the time to join our third quarter earnings call. I'll begin on Slide 3.Overall sales in the quarter were $778 million, an 11% increase over the prior-year quarter. The year-on-year sales growth was driven by 8% selling price increases across all of our business segments with additional support from foreign exchange. Volumes versus the prior-year quarter were down by 1%, attributal primarily to declines in Coating Resins and, to a lesser degree, in Additives Technologies and largely offset by strong volume growth in the Engineered Materials and In Process Separation segments which I'll describe in more detail in the following slides.I continue to be pleased with the pricing execution, particularly given the softening demand environment. In the quarter, we delivered $59 million in price versus $47 million in raw material increases, and year-to-date, the company achieved approximately $180 million in price, which more than offset cost increases of $157 million.Net earnings from operations in the third quarter of this year were $53.9 million or $1.10 per diluted share, excluding the special items that Dave will explain later. This represents a 72% improvement over the prior quarter's -- prior-year quarter's EPS.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV