And with that, I'll turn it over to Steve.Stephen Roell Well, thank you, Glen, and good morning. As you saw in our press release that we issued earlier today, we had a good quarter, aided by a combination of recovering markets and market share gains. So let me just go through a couple of the highlights. We were able to capitalize on the recovery of the global automotive industry in both of the Automotive Experience and Power Solution businesses. That was also further benefited by the fact that we just had strong aftermarket demand from our Battery business. That combination then drove our sales growth to 22% in the quarter. We also saw strong growth in our new orders in our Building Efficiency business. It was led by a 50% growth in North America and 70% growth in Asia, the Middle East and South America. I would continue to see weakness in Europe and that, in fact, the demand there was actually, less than a year ago. And so that's what resulted in the net 9% growth in orders for our entire sector. Our Building Efficiency backlog at $4.4 billion was up 1% over last year. Again, most regions were up 4% to 7% with the exception being Europe. We feel good though about the demand that we saw particularly, around the orders that came through and the backlog that was built up in our Solutions business. Across our businesses, we see good growth opportunities, continuing in the emerging markets, and we believe we are extentially [extensively] well positioned to take advantage of those regions. The restructuring actions that we initiated in 2008 and 2009 continued to yield significant benefits for us. The strong cash flow continued in the quarter and for the first nine months, as a result of very strong balance sheet, and that will provide us with the opportunity and the ability to consider investments that will accelerate our growth over the next 12 months.
So now just turning to the numbers themselves, our sales of $8.5 billion compared to last year's $7 billion, up 22%. If you adjust that for foreign exchange, the number actually improves to 23%. We had good growth in income, as I mentioned earlier. Our segment income of $496 million was up compared to $282 million in Q3 of 2009. Our net income of $367 million was up from $154 million a year ago, and that resulted in earnings per share of $0.54 compared to $0.25 in Q3 of 2009.And just a couple of comments about that. We did highlight the fact that the impact of currencies, primarily the euro, was $10 million negative impact in the quarter on our earnings, and we had a non-cash impairment charge on our Automotive Experience Japanese business of $11 million. Those two items contributed roughly to about a 3% impact in the quarter, just to give you a sense of that. Up on the right hand side of the exhibit that you might be looking at, we also talked about tax items, non-recurring tax items. We have highlighted the fact that we expected to have those to hit us in Q3 and Q4, both are positive, I should mention. In the current quarter, it was $51 million or roughly a $0.07 per share impact. And at Q4, we haven't sized that, but we recognized at this point, that there will also be a positive impact in Q4 from some valuation reserve releases probably. The point is that neither one of those are included in the guidance that we provided. We just want to make sure that, that was clear. I want to now spend just some time talking about our investing. And this really is not so much a third quarter discussion, but just sort of the progress we're making and some of the things that we're doing, investments we're making both from a capital perspective, from an M&A perspective, as well as some joint ventures. These are all investments that are going to pay off in future periods. And I thought I'd spend some time just highlighting that by business. Read the rest of this transcript for free on seekingalpha.com