|$ in millions except per share amounts|
|Thirteen Weeks Ended||Thirty-nine Weeks Ended|
|Sep 28,||Sep 30,||%||Sep 28,||Sep 30,||%|
|Net Sales||$||256.5||$||227.3||13 %||$||758.8||$||679.7||12 %|
|Net Earnings||37.1||36.6||2 %||106.9||111.9||(5)%|
|Diluted Net Earnings|
|per Common Share||$||0.60||$||0.60||0 %||$||1.73||$||1.82||(5)%|
- Sales for the quarter increased 13 percent, all from the addition of Powder Finishing operations. Year-to-date sales increased 12 percent, with 9 percentage points from Powder Finishing.
- Changes in currency translation rates decreased sales by approximately $6 million for the quarter and $14 million year-to-date, and decreased net earnings by approximately $2 million for the quarter and $5 million year-to-date.
- For the quarter, sales at consistent translation rates and before acquisitions were up 5 percent in the Americas, up 4 percent in Europe and down 10 percent in Asia Pacific. On the same basis, year-to-date sales were up 7 percent in the Americas, up 3 percent in Europe and down 1 percent in Asia Pacific.
- On April 2, 2012, the Company completed the purchase of the finishing businesses of Illinois Tool Works Inc., including Powder Finishing and Liquid Finishing equipment operations. Costs and expenses related to the acquisition included:
- Acquisition and divestiture-related expenses included in operating expenses were $4 million for the quarter and $15 million year-to-date, compared to $3 million and $6 million for the comparable periods last year, respectively.
- Interest expense increased $2 million for the quarter and $9 million year-to-date.
- Non-recurring charges totaling $7 million related to inventory that reduced gross margin percentages for the year-to-date.
- Other expense (income) includes dividend income of $4 million for the quarter and $8 million year-to-date, received from the Liquid Finishing business held as a cost-method investment.