The company's operating profit margin excluding actions was 11.2 percent in the quarter and 10.0 percent in the first six months. A year ago, the operating profit margin excluding actions was 8.4 percent in the second quarter and 9.1 percent in the six-month period.
“We are pleased with the operating profit margin excluding actions for the first six months of the year,” Noll said. “Our ability to exert tight cost controls and execute on our improvement and streamlining plans is delivering results. We are seeing the benefits of past cost-reduction efforts, including moving production to lower-cost countries as part of our long-term supply chain globalization initiative.”
• Diluted earnings per share were $0.26 in the quarter, compared with $0.62 a year ago. For the six-month period, diluted EPS was $0.39 compared with $1.39 a year ago. The decrease in earnings per share reflected increased interest expense and a higher effective income tax rate as a result of the company's independent structure, as well as higher restructuring and related charges.
Diluted EPS excluding actions was $0.54 in the quarter compared with $0.73 a year ago, and for the six-month period was $0.81 versus $1.55 a year ago.
• Using cash flow from operations, the company paid down long-term debt by $53 million, of which $50 million was a prepayment, and repurchased $16 million of company stock.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
