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 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 fourth quarter earnings call. I'm very pleased with our finish to 2011, and the momentum we built going into 2012. I'll begin on Slide 3.Overall sales in the quarter was $731 million, a 4% increase over the prior-year quarter. The year-on-year sales growth was driven by 3% selling price increases across all of our business segments. I continue to be pleased with our pricing execution particularly given the softening demand environment.In the quarter, we delivered $48 million in price versus $33 million in raw material increases. And year-to-date, the company achieved approximately $217 million in price, more than offsetting cost increases. Volumes versus the prior-year quarter were down by 2%, attributable primarily to volume declines in Coating Resins and to a lesser degree, in Additives Technologies. This was largely offset by strong volume growth in the Engineered Materials and In Process Separation segments, which I will describe in more detail in the following slides.Net earnings from operations in the fourth quarter this year were $40.3 million, or $0.86 per diluted share, excluding the special items that Dave will explain. This represents a 25% improvement over the prior-year quarter's EPS and a clear indication of our progress to leverage sales growth and a stronger earnings for the company.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV