The company closed the fourth quarter, achieving sales of $949 million, and EPS, excluding onetime items of $0.73, beating the high end of the company's guidance. On an as-reported basis, EPS was $0.69, and included an $8.6 million or $0.03 charge relating to the impact of the previously reported flood, and a charge of $2 million or $0.01 relating to acquisition transaction expenses for the acquisition of FEP, closed in the quarter.
Sales were flat in U.S. dollars and local currencies compared to Q4 of 2010. From an organic standpoint excluding both acquisitions and foreign exchange, sales in Q4 2011 were down 3% from last year. Sequentially, sales were down 8% in both U.S. dollars and organically from Q3.
For the full year 2011, sales grew 11% over 2010. Breaking down sales into our 2 major components, our Cable business, which comprise 6% of our sales, was up 4% from last year and down 19% from last quarter. The Interconnect business, which comprise 94% of our sales, was flat with last year and down 7% sequentially. Adam will comment further on trends by market in a few minutes.
Operating income for the quarter, excluding onetime items, was $175 million compared to $191 million last year. Operating margin was 8.5%, a little better than our expectations, reflecting a negative conversion margin of approximately 28% from Q3, on an 8% sequential sales decline. The Q4 2011 ROS of 18.5% compared to a record Q4 2010 ROS of 20.1%, and a Q3 2011 ROS of 19.3%. For the full year, ROS, excluding onetime items, is 19.2% compared to 19.7% for the full year 2010.The year-over-year margin reduction in Q4 of 1.6% is mainly attributable to lower margins in the Interconnect business, which were 20.8% in the quarter compared to 22.4% last year, and 21.5% last quarter. In addition, stock option expense is higher in the quarter on flat sales, reducing overall ROS by 10 basis points or 0.1%.
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