In Water Management, we delivered 1% core growth in the quarter, our adjusted EBITDA margins grew 210 basis points over the prior year and we built substantial backlog in the quarter. We are pleased with the momentum and execution of our strategy across the platform and are well positioned to deliver strong growth moving forward while our end markets continue to improve.”
Fourth Quarter Outlook
Mr. Adams continued, “Looking ahead to our fourth quarter, we anticipate sales to be in the range of $535 million to $555 million (+1% core growth at the mid-point) and adjusted EBITDA to be in the range of $110 million to $120 million resulting in fiscal 2013 sales in the range of $2 billion to $2.020 billion and fiscal 2013 adjusted EBITDA in the range of $400 million to $410 million. Our outlook excludes the impact of any future acquisitions or divestiture transactions, non-cash actuarial pension gains or losses, future restructuring actions or future other non-recurring costs, including any potential costs associated with the Board of Directors review of strategic alternatives that was disclosed on an 8-K today. We will provide additional details regarding our fiscal 2013 outlook during our earnings call.”
Third Quarter Fiscal 2013 Segment Highlights
Process & Motion Control
Process & Motion Control ("PMC") net sales of $303 million in the third quarter of fiscal 2013 contracted 4% from the third quarter of fiscal 2012. Excluding the 1% unfavorable impact of foreign currency translation, core net sales decreased 3% year-over-year as growth in sales to mining (non-U.S.) and energy end-markets were more than offset by softness in the North American short-cycle MRO portion of our business.
PMC Adjusted EBITDA in the third quarter was $75 million and Adjusted EBITDA as a percentage of sales increased 60 basis points from the prior year period to 24.7% of sales.