Net income, as reported, was $299.4 million, or $1.02 per diluted share. This compares with $44.8 million, or $0.15 per diluted share, in the prior year.
The company generated operating cash flow of $357.2 million during the first nine months of 2012 compared with $279.8 million in the prior year. Capital expenditures were $130.2 million, compared with $151.2 million in the prior year.
A reconciliation of the first nine months 2012 and 2011 results is as follows:
|Q3 YTD 2012||Q3 YTD 2011*|
|Diluted earnings per share (as reported)||$1.02||$0.15|
|Restructuring and restructuring-related costs||$0.18||$0.12|
|CEO transition costs||$0.00||$0.01|
|Income tax – discrete contingencies, expiration of statutes of limitation and resolution of examinations||$0.07||($0.17||)|
|Loss related to the extinguishment of debt||$0.01||$0.01|
|* totals may not add due to rounding|
2012 Full Year OutlookThe company reaffirmed its full year expectation for core sales growth of 2 to 3 percent. The company now expects foreign currency translation to have between 1.5 and 2 percentage points of negative impact on net sales. This compares with its previous expectation of a negative 2 percent impact. Net sales are projected to be flat to up 1.5 percent. The company continues to expect 2012 normalized operating margin improvement of up to 20 basis points and full year normalized earnings per share of $1.63 to $1.69.
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