For the 8 months of this year that we owned the Aerospace Hardware business revenue was $123.2 million with an EBITDA of $17 million, of which $29.1 million of revenue and $4.9 million of EBITDA was realized in the third quarter. The results for the Aerospace business, including the loss on the sales, are included in discontinued operations for this quarter, with all prior periods adjusted to exclude Aerospace from continuing operations. For your reference, our third quarter 10-Q will include more detail regarding both P&L and balance sheet restatements. Also, this morning, we posted the revised historical performance by quarter on the Investors page of our website to assist in adjusting your models.
Moving on, let's now talk about our third quarter results from continuing operations. We are very pleased to report another strong performance, which resulted in a 100 basis point improvement in the year-on-year operating margin, as well as the sequential 40 basis point improvement. In addition, we delivered our sixth consecutive quarter of double-digit leverage, with a 12% incremental operating margin on increased sales. The third quarter of 2011 also marks our highest quarterly revenue in our history.
Now let's begin with a more detailed discussion of our third quarter sales results. In the third quarter, we reported a 20% increase in year-on-year sales. After adjusting for $30.7 million of sales from the acquisition of Clark Security Products in the fourth quarter 2010, an estimated $33 million of favorable effective copper prices and $35 million of favorable foreign exchange effects, organic sales still grew by 13% over the prior-year period.
All 3 of our end markets, as well as each of our 3 geographic segments, delivered strong year-on-year growth during the quarter. Similar to Q2, the 3% sequential quarter increase in reported sales more closely approximates longer-term historical seasonality trends. All geographic segments reported sequential growth from the second quarter of 2011. We believe our positive sales results, which are well in excess of broader GDP growth rates, reflect the combined impact of moderately improving macroeconomic factors and the success of our global strategic growth initiatives, which Bob will discuss in more detail later on in the call.Read the rest of this transcript for free on seekingalpha.com
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 + 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