A reconciliation of the third quarter 2012 and 2011 results is as follows:
|Diluted earnings per share (as reported)||$0.37||($0.61||)|
|Restructuring and restructuring-related costs||$0.06||$0.06|
|CEO transition costs||$0.00||$0.01|
|Income tax – discrete contingencies, expiration of statutes of limitation and resolution of examinations||
|Loss related to the extinguishment of debt||$0.01||$0.00|
* totals may not add due to rounding
Third Quarter 2012 Operating Segment Results
The Newell Consumer segment’s net sales for the third quarter were $814.6 million, a 2.1 percent decline compared with the prior year quarter. Core sales in the segment decreased 0.4 percent. Year-to-date core sales in this segment declined 1.2 percent. The improved performance versus first half results was driven by a strong performance from the Writing and Creative Expression global business unit during the Back-to-School season. This improvement was offset by a decline in the Décor and Culinary businesses largely related to a change in merchandising strategy at a significant retail customer. Normalized operating income in the Newell Consumer segment was $141.1 million, or 17.3 percent of sales, compared with $128.8 million, or 15.5 percent of sales, in the prior year. The operating margin improvement was driven by gross margin expansion and lower SG&A expense attributable to the deferral of brand building investments from the third quarter to the fourth quarter.
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