Third quarter 2013 financial highlights:
- Adjusted earnings per share of $1.20, up $0.08 from the prior quarter
- Adjusted EBIT margin of 17.1 percent, up 110 basis points from the prior quarter
- Deployed $96 million of cash, repurchasing approximately 2 million shares at an average price of $48.74
- Cash on hand consistent with prior quarter at $1.1 billion
- GAAP earnings per share of $1.07, up $0.24 from the prior quarter
Third Quarter Business Segment Overview
Advanced Engineered Materials
Advanced Engineered Materials' third quarter segment income margin decreased sequentially to 23.4 percent, on segment income of $81 million. The 100 basis point decrease in segment income margin was primarily due to the impact of turnaround activity at the company's Middle East affiliate, which resulted in approximately $15 million of lower affiliate earnings, on a sequential basis.
Operating profit, which excludes affiliate earnings, increased to $48 million from $39 million in the prior quarter demonstrating the continued success of the company's engineered materials business in penetrating the automotive space with its highly engineered polymers.
Volumes were down 2 percent in the quarter, despite lower sequential auto builds in Europe and the United States of 13 percent and 9 percent, respectively. An improved mix of higher-value medical applications, lower raw material costs and focused spending initiatives contributed to the increase in operating profit this quarter.
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