Control Products & Solutions
Control Products & Solutions fiscal 2014 first quarter sales were $895.8 million, an increase of 8 percent from $831.7 million in the same period last year. Organic sales increased 9 percent and currency translation reduced sales by 1 percentage point. Segment operating earnings were $116.1 million in the first quarter of fiscal 2014 compared to $92.8 million in the first quarter of fiscal 2013. Segment operating margin increased to 13.0 percent in the first quarter of fiscal 2014 from 11.2 percent a year ago, primarily due to higher sales.
Free cash flow was $178.6 million in the first quarter of fiscal 2014. Cash flow provided by operating activities was $203.5 million in the first quarter of fiscal 2014. Return on invested capital was 31.4 percent.Fiscal 2014 first quarter general corporate-net expense was $21.7 million compared to $18.5 million in the first quarter of fiscal 2013. The effective tax rate in the first quarter of fiscal 2014 was 27.4 percent compared to 25.7 percent in the first quarter of fiscal 2013. The Adjusted Effective Tax Rate for the first quarter of fiscal 2014 was 27.8 percent compared to 26.6 percent a year ago. The Company now expects the full-year Adjusted Effective Tax Rate for fiscal 2014 to be in the range of 26 to 27 percent. During the first quarter of fiscal 2014, the Company repurchased 1.0 million shares of its common stock at a cost of $110.7 million. At December 31, 2013, $424.4 million remained available under the $1.0 billion share repurchase authorization. Organic sales, total segment operating earnings, total segment operating margin, Adjusted Income, Adjusted EPS, Adjusted Effective Tax Rate, free cash flow and return on invested capital are non-GAAP measures that are reconciled to GAAP measures in the attachments to this release.