Lastly, some of our remarks contain non-GAAP financial measures as defined by the SEC. Reconciliations of the non-GAAP financial measures to the most comparable GAAP measures are attached as an appendix to this presentation and to our press release from this morning, both of which are posted on our website.
I’ll now turn the call over to Jacque.
Thanks Jason. Good morning, good afternoon, good evening to you all and thank you for participating in this earnings call for our third quarter results. However, before we jump and describe another outstanding set of results for our third quarter 2011, I would like to kind of frame the way I see the business environments and the global context for our industry and for WABCO in particular.
We came out of this severe downturn in 2009 recognizing that we had to deal with some kind of a new world order or new world disorder call it the way you want. Anyway, the new world order recognizes fully and also integrates now fundamental structural issue in the economy. Our developed countries have year-over-year generated major deficits in their budgets leading to paramount level of debt that affects the ability for the economy to keep growing, generating unemployment.
In emerging countries, this remarkable extraordinary growth is also generating issues that need to be recognized including concerns for the environment, potential social issues also scarcity in resources that certainly contributes to the inflationary pressure over there. But nothing of this is actually new and however in the last three to four months for reasons that are really unclear to me. The political world and the press have depicted more sensationalized scenarios for the economy moving forward that are impacting the morale the sentiment from those businesses and consumers. And then turning more pessimistic obviously those businesses and consumers are revising their decisions in spending money, in investing, in hiring and this leads obviously to an impact on industrial and services activities.