Adjusted diluted EPS projected at between $3.00 and $3.15, an increase of 16 to 22 percent over 2013;
EBITDA margin improves to 14 percent, up 150 basis points from the prior year;
Business continues to be on track to deliver 2015 strategic targets;
Company will launch important information technology project and complete business integration;
Core tax rate 30 percent.
Fourth Quarter of 2013:
Organic revenue increased by 3.6 percent compared to the prior year, the highest quarterly organic growth rate of the year;
Contribution margin was strong and consistent with prior quarters, but additional non-recurring manufacturing costs totaling about $4 million in the fourth quarter, primarily in facilities involved in the business integration project, caused gross profit margin to fall below the recent trend line;
Selling, General and Administrative (SG&A) expenses were tightly controlled, in line with internal plans, and about 3 percent lower than the prior year's fourth quarter;
Adjusted diluted EPS of $0.681 was up 6 percent versus last year.
Achieved record levels of net revenue, operating income and adjusted diluted EPS;
Organic revenue increased about 2 percent, despite ongoing weakness in European end-markets;
Adjusted EBITDA margin1,2 of 12.5 percent was 80 basis points above last year and in line with the Company's strategic plan to achieve 15 percent EBITDA margin in 2015;
Adjusted segment operating income1,3 increased 19 percent year-over-year;
Adjusted diluted EPS1 grew 17 percent year-over-year and, since 2010 our adjusted diluted EPS has increased at a compound annual rate of 17 percent.
Fiscal 2014 Outlook:
Our 2014 fiscal year represents the fourth year of our current, transformational five-year plan. We expect to take further significant steps toward our 2015 goals this year, following on the success of the prior three years.
Our key long-term financial objectives remain unchanged: achieve organic revenue growth of between 5 and 8 percent per annum, increase our EBITDA margin to 15 percent by 2015, grow EPS by 15 percent per annum and increase Return on Invested Capital (ROIC) to 15 percent by 2015.
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