|Reported (GAAP)||Adjusted (Non-GAAP)¹||Currency Neutral (Non-GAAP)¹|
|Sales||Operating Profit||EPS||Sales||Operating Profit||EPS||Sales||Operating Profit||EPS|
- Reported net sales for the third quarter totaled $777.0 million, an increase of 2% from $765.1 million in the third quarter of 2015. Excluding the impact of foreign exchange, currency neutral sales increased 3%, including a 1 percentage point contribution related to the acquisition of IFF | Lucas Meyer Cosmetics.
- Reported operating profit declined from $156.7 million in the third quarter of 2015 to $124.3 million in the third quarter of 2016, including a charge of $25 million related to a reserve for litigation. Excluding the impact of foreign exchange and those items that affect comparability, currency neutral adjusted operating profit decreased 4% as volume growth and the benefits associated with cost and productivity initiatives were more than offset by unfavorable mix and manufacturing performance as well as increases in research, selling and administrative costs (RSA), including planned strategic investments.
- Reported earnings per share (EPS) decreased from $1.31 per diluted share in the prior year period, to $1.12 per diluted share compared to the third quarter of 2016. Excluding the impact of foreign exchange and those items that affect comparability, adjusted currency neutral EPS declined 1%, as lower year-over-year shares outstanding and a favorable year-over-year effective tax rate were more than offset by operating profit performance.