|$ in millions except per share amounts|
|Thirteen Weeks Ended||Twenty-six Weeks Ended|
|Jun 28,||Jun 29,||%||Jun 28,||Jun 29,||%|
|Diluted Net Earnings per Common Share||$||0.92||$||0.56||64||%||$||1.76||$||1.13||56||%|
- Contractor segment sales drove the 7 percent sales increase for the quarter.
- Year-to-date sales increased 11 percent, driven by a 6 percentage point increase from the first quarter impact of the April 2012 acquisition of the Powder Finishing operations and strong Contractor segment sales.
- Gross margin rates remained strong at 55½ percent for the quarter and year-to-date, up from 52 percent for the second quarter last year, which included non-recurring inventory charges related to the acquisition of Powder Finishing.
- All segments generated double-digit percentage growth in operating earnings for the quarter.
- Operating expenses included acquisition and divestiture costs of $1 million, a decrease from the prior year of $7 million for the quarter and $10 million for the year-to-date.
- Other expense (income) included dividend income of $11 million for the quarter and $15 million for the year-to-date, up from $4 million for the quarter and year-to-date last year, received from the Liquid Finishing businesses held as a cost-method investment.
- Changes in currency translation rates did not have a significant effect on operating results.
- Cash flow from operations remained strong, with $91 million applied to reduction of long-term debt since the end of 2012.