Gardner Denver does not undertake or plan to update these forward-looking statements, even though the company's situation may change. Therefore, you should not rely on these forward-looking statements as representing the company's or its management's view as of any date subsequent to today.As a reminder, this call is being broadcast in listen-only mode through a live webcast. This free webcast will be available for replay up to 90 days, following the call through the Investor Relations page on the Gardner Denver website, at gardnerdenver.com or the Thomson StreetEvents site at earnings.com. And with that, I’d like to turn the meeting over to Barry. Barry L. Pennypacker Thanks, Michael. Gardner Denver had a good first quarter and a more challenging and dynamic environment. In fact we had our best quarter ever in terms of orders and backlog and the team had its first best first quarter ever in terms of revenue, adjusted operating income and adjusted diluted earnings per share, as we delivered diluted earnings per share at the high end of our February guidance range of $1.40, an increase of 22% year-over-year. In terms of earnings, this was our third best quarter ever. That said, we've identified areas in the business that continue to improve and need improvement right because I know and my team knows that despite the progress we've made in our lean journey over the past four years, there are so much opportunity left for us to improve the business as we continue to transform Gardner Denver based on the principles of the Gardner Denver way. The good news is that many of these opportunities are within our control and I will talk a lot about them. Some of the bigger opportunities that will exist over the next 18 to 24 months most notably are European restructuring efforts. However, there are also some things outside of our control, such as the rapidly changing dynamics in an end market that represents about 13% of our 2011 revenues, the pressure pumping industry in North America. We'll discuss in more detail than we have before. What we're actually seeing currently and what we're doing to mitigate the impact to Gardner Denver going forward.
Finally, we had some terrific additions to our senior leadership team this quarter and I’d like to spend a few minutes giving you an update on the organization, but first the financials.I am pleased with the organic revenue growth in the first quarter of 2012, as revenues were up 14% to $604 million, up 11% organically. Our orders for the first quarter were $680 million, up 11% versus prior year for our book-to-bill of greater than 1.1. Organically, orders were up 7% year-over-year and sequentially from fourth quarter to first quarter our orders increased 13%. Our backlog is now a record $755 million, up 17% year-over-year, 15% organically which gives us improved visibility to the next six months. In the quarter, order cancellations were $4.8 million, of which $500,000 was in EPG, a fairly normal rate. By segment, in Industrial Products Group, year-over-year orders were up 11%, including nine points from Robuschi and one point of FX headwind resulting in a 3% organic growth rate. As expected, this segment's growth rates continue to moderate versus prior year as all three regions, North America, Europe and Asia-Pac including China, experienced single-digit year-over-year growth rates in the quarter. In terms of revenue, IPG revenues increased 14% to $326 million, 8% organically as our business outside of Europe grew double-digits year-over-year offset by mid single-digit growth rates in Europe. A number of regions stood out as we had very strong performance in our Americas business, up approximately 15% year-over-year and Asia-Pac up in excess of 40%. China grew in excess of 10% year-over-year. Read the rest of this transcript for free on seekingalpha.com