In addition, you'll note on the cover of our PowerPoint presentation for this quarter, you'll see a barcode on the cover. You can access our DEWALT Hand Tools mobile site by downloading the free scan app available on your App Store, and you'll be able to access the site by clicking on the code from there. A replay of the call will be available beginning at 2:00 today. Replay number and access code are on the release. And as always, you can download the earnings replay as a podcast from iTunes as well, should you be interested.We will be making some forward-looking statements during this call. Such statements are based on assumptions of future events that may not prove to be accurate. And as such, they involve risks and uncertainties. It is therefore possible that actual results may differ materially from any forward-looking statements that we might make today. And we direct you to the cautionary statements in the 8-K, which we filed with the press release and in our most recent '34 Act. With that, I will now turn the call over to our CEO, John Lundgren. John F. Lundgren Thanks, Kate, and good morning, everyone. If we could focus on the first slide, I think the greatest highlight of the third quarter '11 is in the earnings number itself, which excluding merger-related charges, increased almost 40% versus the prior year. Revenues were up 11%, $2.6 billion, organically up 4% in what you'll hear is a relatively soft market. By segment, CDIY grew 5% organically, excluding Pfister and previously announced divestitures such as the Delta business. Within CDIY, our Professional Power Tools sales rose over 20% on the strengths of some very exciting and very well-received new product introductions that Jim is going to talk to you a little bit about in the segment analysis. 10% organic growth in our Industrial segment. We're seeing great strength there, both in IAR, as well as some of our Infrastructure segments. Security was flat versus prior year. There are a lot of puts and calls within Security in general and within the Mechanical Access portion of Security in particular. But despite the flat volume, our margins as you'll see in a second, were very strong in Security.
Dilutive GAAP earnings were $0.92 a share, $1.34 excluding the M&A-related charges, and repeat that, that is plus 38% versus third quarter 2010. 13.9% operating margin. That excludes Niscayah, which is included for about 3.5 weeks in our results. That's up 130 basis points from the same period a year ago. Strong margins in Security as I have suggested earlier, 20.2%. And that was within Security, our Convergent Security Solutions business posted record profitability.SFS continues to be embraced. And as a consequence, working capital turns increased 24% to 5.7. Again, excluding Niscayah, which was only part of the company for 3 weeks in September. As Don will point out in our outlook and as he looks at our balance sheet and cash flow, working capital turns and the improvement in turns and many other things as a result of the embedding of the Stanley Fulfillment System across the larger company, is a tremendous ongoing source of cash. Niscayah closed on September 9. We've made really good progress in the first 5 weeks. And per our announcement, and I'll talk about it a little bit later, we're expecting $0.20 of accretion next year, $80 million in synergies by 2013, resulting in even further accretion. $350 million share repurchase took place during the third quarter, and that's about $100 million more than we previously communicated. We bought in a total of 5.6 million shares. So the earnings was driven by a lot of things: healthy organic growth relative to the market and cost synergies from the ongoing success of the Black & Decker integration. We've had a lot of conversation on various geographies, and it is a mixed bag around the world, but generally positive as this chart will show. Organic revenues, as I mentioned, were up 4%. But if we start on the middle left in our largest market, plus 3% in the U.S. That represents more than 55% of Stanley Black & Decker's total revenue. Canada was flat, represents 7% of our total revenue. And Europe, our second largest market, was plus 3%, again with very strong performance in the Industrial segment, relative softness in CDIY, but healthy performance nonetheless relative to the market and some good, relatively good early results in Security from a margin perspective and relatively flat from a volume perspective.
Looking at Latin America. Our revenue synergies are really beginning to gain traction in Latin America. It represents 9% of our combined revenues and we had 23% organic growth in Latin America during the third quarter. Asia grew 9% organically and is becoming an increasingly large part of our portfolio. But if you see the bubble that we've highlighted, if you exclude Engineered Fastening, our Emhart business, organic sales growth in Asia was 19%, a tremendous achievement, not dissimilar to Latin America.Engineered Fastening grew sequentially. It had a very good quarter, but it's still feeling the aftereffect of the second quarter tragedies in Japan that had a tremendous effect on the automotive industry, coming back nicely but still not back to pre-tsunami and earthquake levels. And last and arguably least, representing 1% of our volume, organic sales were down 8% in Australia. We think that's a quarterly aberration rather than an ongoing trend. Australia remains a very important market for us despite its small size. So Europe is steady and emerging markets, Asia, Latin America, continuing to expand at a tremendous rate. Read the rest of this transcript for free on seekingalpha.com