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Now onto to slide three. Our third quarter sales grew from $666 million in 2010 to $871 million, an increase of 31%. 15% of our growth was organic, 15% was combined with the results of the Hawk acquisition and the PDT acquisition which we completed in August 1st, slightly less than 1% of our growth can be attributed to FX. We continue to see strength in the third quarter in our Construction Materials segment which grew 25%.Interconnect Technologies which grew 23% and our Braking business which grew organically 36%. Our Transportation Products segment grew 5% this quarter but their growth was mainly driven by price. Our FoodService segment whose markets continue to be negatively impacted by the economic downturn declined 4% in the quarter. Company-wide EBIT grew to $82 million from $67 million or 23% growth in the quarter. Our EBIT margin percent was down 60 basis points from last year despite strong earnings in Braking and Interconnect Technologies. The decline in margin can be attributed to a $9 million loss we reported in our Transportation Products segment, that loss was the result of severance cost and operating inefficiency. I’ll provide full color on this cost as we review the Transportation Products segment in detail. Income net of tax was $54 million up from $47 million that we earned last year in the third quarter, earnings per share from continuing operations was $0.85. Let’s turn to slide four and as you do you’ll find the sales bridge for the quarter which details the 31% sales increase, 6% of our growth came from price, 9% from volume, 15% from acquisitions and again, slightly less than 1% from FX. You turn to slide five, we’ll take a look at our margin bridge for the quarter. Margin was positively impacted 7.5% through price, volume, COS savings and acquisitions. These positives were offset by 2.3% of operating losses and restructuring charges primarily a Transportation Products and 5.8% of negative raw material cost.
We’ve been able to offset approximately 80% of raw material cost increases with price and this trend continues we should be at price parity by the end of the year. As a reminder, many of our raw materials we buy are oil-based and while the intensity of raw material price increases subsided over the last two quarters, we have not seen any significant reductions in the cost of the materials that we use.Please turn to slide six we’ll begin reviewing each business individually. Starting with Construction Materials, sales grew 25% as reroofing demand remains strong in the quarter. 21% of the growth was organic while PDT, the acquisition we made on August 1st contributed $13.4 million or 4% to our sales. Also 5% or $80 million of our growth came through price. EBIT for Construction Materials increased 11% from $54 million in the third quarter last year to $60 million this year. The PDT acquisition contributed $2.2 million to EBIT which was a 16% EBIT margin. Raw materials were negative $27 million compared to 2010. As you may recall price to raw material were negative in the first quarter and second quarter as well, while we’ve been moving close to the price parity throughout the year. The reported results for PDT during the third quarter excluded PDT’s profile’s business which has been classified held for sale and is reported in discontinued operations. Slide seven details the Transportation Products segment performance in the quarter. Our sales were up 5% with selling price being up 12% and volume down 7%. The price increase is implemented throughout the year helped offset natural rubber increases of 47% and synthetic rubber increases of 66% over last year. The third and fourth quarters are traditionally lower volume quarters in this segment, reflecting the seasonality of this business.
In the third quarter, Transportation Products was $9 million due to restructuring charges, production efficiencies and lower volumes. Early in the quarter we reacted to the higher production cost by making managerial and organizational changes within the business.Read the rest of this transcript for free on seekingalpha.com