Unit volumes were flat to positive across the majority of the company and the strongest growth continuing -- with the strongest growth continuing to come from our automotive and adjustable bed businesses. EBIT increased and EBIT margins improved both year-over-year and sequentially to 9.2% during the quarter. Earnings are benefiting, as expected, from higher unit volumes and the cost savings associated with the restructuring activities we initiated in late 2011. In addition, the Western Pneumatic Tube acquisition that we completed in January is exceeding our expectation for strong operating performance. We are very pleased with the return we're generating on this investment.Reflecting our broad focus on returns, we ended the quarter with working capital at 12% of annualized sales. Current liabilities include $41 million associated with an interest rate swap that we entered in 2010. Excluding this item, working capital was 13.1% of annualized sales, well below our 15% target. Cash from operations was strong during the quarter at $81 million. We expect operating cash for the full year of approximately $350 million, which had once again comfortably exceed the amount required to fund capital expenditures and dividends.
Leggett & Platt, Incorporated Management Discusses Q2 2012 Results - Earnings Call Transcript
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