2011 indeed was a very good year for us and we are confident that we'll deliver another record year in 2012.
Moving to our fourth quarter 2011 results. Sales of $909 million increased by 17% last year excluding the prior year impact of exited businesses. Adjusted earnings of $1.58 per diluted share increased 44% versus the year quarter ago. This stable adjusted earnings is well above the $1.30 to $1.40 range in the guidance we issued last quarter as we benefited from lower tax rate than projected in our previous guidance. We do expect this lower tax rate to be a sustaining contributor to our highest earnings profile going forward. Kim will review the details of this lower tax rate later in our call.
Our gross margin of $294 million increased by 11% versus last year, while on a percent basis our percent gross margin essentially equaled that of last year.
SG&A spend of $115 million was leveled to a year ago despite the significant sales gain. Adjusted earnings before interest and taxes of $145 million increased 24% versus last year. On a regional basis looking at the result, excluding the prior year impact of exited business, we have clearly demonstrated our continued success in penetrating rapidly developing economies. Asia has the highest sales growth, up 15%, as Specialty Chemicals nearly doubled. Latin America, grew 30%, driven by robust growth in ag product and soda ash while EMEA increased 11%.Let's take a more detailed look at the performance of operating segments in the quarter. First in Agricultural Products. First quarter sales of $409 million increased 22% versus the year ago quarter led by robust sales growth in Latin America. The sales gain in Latin America were driven by strong demand in key Brazilian market segments, such as cotton and sugar cane, as well as the new product in production and sales from a new venture in Argentina. Sales in EMEA increased significantly based on the strength of insecticide and herbicide sales in France and Italy. In North America, sales were lower than a year ago due to a shift into turning of fall application sales, where we recorded in the third quarter of this year versus the fourth quarter of last year. In Asia, sales were essentially leveled to a year ago as higher insecticide volumes in China, Indonesia and Korea were offset by lower lower herbicide volumes due to less favorable weather conditions in China, Pakistan and India, which impacted the regions with crops. 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 Plus 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