For a discussion of these risks and uncertainties, please see the discussion in our recent Form 8-K. All of the forward-looking statements are qualified in their entirety by reference to the factors discussed under the caption "Factors Affecting Our Future Operating Results" and in the "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our Form 10-K.
One other item. On today's call, we may use non-GAAP financial measures. More detailed information with respect to the use of and differences between the non-GAAP financial measure and the most directly comparable GAAP measure is provided in the 8-K.
Let me now turn the call over to Olivier.
Olivier FilliolThank you, Mary, and good evening, everyone. I am pleased to welcome you to the call. I will start with a summary of the quarter, and then Bill will provide details on our financial results and our updated guidance. I will then discuss our end-markets and outlook for 2012. As always, we will have time for Q&A at the end.We are very pleased with the results for the fourth quarter. The highlights for the quarter are on Page 2 of the presentation. Local currency sales growth of 8% was very strong, better than expected in almost all regions. Asia and particularly China, continues to be very robust.Despite challenging currency headwinds, we achieved a 5% increase in adjusted operating profit. Adjusted EPS was up 13% in the quarter, as the impact of a lower effective tax rate helps to offset negative currency headwind. We are pleased with the lower tax rate, which we will further comment on in a moment.We are very pleased with our full year results. With local currency sales up 13%, operating profit up 13% and adjusted EPS up 20%. These exceptional results for the full year were driven by healthy end-markets and diligent execution.
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