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Excluding restructuring and impairment charges and acquisition-related expenses, non-GAAP operating income increased from $191.7 million in the third quarter of 2011 to $201.9 million in the third quarter of 2012 and non-GAAP operating margin improved 90 basis points, from 7.1 percent in the third quarter of 2011 to 8.0 percent in the third quarter of 2012. Lower variable compensation expense, lower pension expense, lower depreciation and amortization and productivity improvements more than offset lower volume, an unfavorable product mix, continued pricing pressure and unfavorable pricing on by-products.
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- People:
- Thomas J. Quinlan III
- Places:
- Chicago
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