Presenting on today's call are Greg Swienton, Chairman and Chief Executive Officer; and Art Garcia, Executive Vice President and Chief Financial Officer. Additionally, Robert Sanchez, President of Global Fleet Management Solutions; and John Williford, President of Global Supply Chain Solutions, are on the call today and available for questions following the presentation.With that, let me turn it over to Greg. Gregory T. Swienton Well thanks, Bob, and good morning, everyone. Today we'll recap our third quarter 2011 results, review the asset management area and discuss our current outlook for the business. And In addition, we're going to provide you with a brief overview of several future enhancements that we plan to make with our financial statement reporting, and after those remarks, we'll open up the call for questions. So let me get right into an overview of our third quarter results. On Page 4, for those following the presentation online, net earnings per diluted share from continuing operations were $1.10 for the third quarter 2011, up from $0.76 in the prior year period. The third quarter results included a $0.01 tax benefit from acquisition-related costs incurred in the prior year. Excluding this benefit, comparable EPS was $1.09 in the third quarter 2011, up from $0.76 in the prior year. This is an improvement of $0.33 or 43% over the prior year period. Third quarter EPS was also above our forecast range of $0.98 to $1.3. We delivered on our targets in Fleet Management, with strong results on Rental, acquisitions and Used Vehicle sales. We exceeded our plans in supply chains due to acquisitions and strong performance in both existing accounts and from new business. Total revenue grew 19% from the prior year. Operating revenue, which excludes FMS fuel in all subcontracted transportation revenue, increased 17% with double-digit growth in all 3 business segments. The increase in revenue reflects both the benefit of our recent acquisitions and organic growth.
Page 5 includes some additional financial statistics for the third quarter. The average number of diluted shares outstanding for the quarter declined by 700,000 shares to 50.8 million. During the third quarter, we repurchased approximately 203,000 shares, at an average price of $46.90 under our 2 million share anti-dilutive program. This program remains active with approximately 415,000 shares available at quarter end. As of September 30th, there were 51.1 million shares outstanding of which, 50.8 million are currently included in the diluted share calculation.The third quarter 2011 tax rate with 35%. The tax rate reflects the benefit of $600,000 from acquisition transaction costs incurred in the prior year. Excluding this item, the comparable tax rate would be 35.7% in the third quarter 2011 versus 36% in the prior year. Page 6 highlights key financial statistics for the year-to-date period. Operating revenue was up by 16%. Comparable EPS from continuing operations were $2.52, up by 61% from $1.57 in the prior year. Excluding tax law changes from earlier this year and other items, the comparable tax rate was 37.5% in 2011 versus 39.2% last year. Adjusted return on capital, which is calculated on a rolling 12-month basis was 5.5% versus 4.5% in the prior year, as growth in earnings outpaced growth in capital. We now expect a positive spread between adjusted return on capital and cost of capital of a positive 20 basis points for the full year. This is above our previous forecast, which estimated a breakeven spread for the year. It also represents an improvement of 150 basis points from last year. Read the rest of this transcript for free on seekingalpha.com