Matthew White

“And return on capital remained at a healthy level of 24%. The high-quality, compounding growth of our company, no matter what the environment, is a testament to the unwavering commitment of all 65,000 employees to create shareholder value.”

“Third quarter results can be found on Slide 4. Sales of $8.6 billion were up 3% from last year and 1% sequentially. Recent weakness in the U.S. dollar led to a currency tailwind of 1%.”

“Just one thing I'll add to Sanjiv's as well is when you reference it on the algorithm. We've always said the capital allocation algorithm, we expect 4% to 6%. That's been our stable contribution going back a couple of decades.”

“Fourth quarter results can be found on Slide 5. Sales of $8.3 billion are flat to prior year and down 1% sequentially. For both the prior year and sequential comparisons, foreign currency translation was a 2% headwind.”

“Slide 4 provides consolidated results for the first quarter. Sales of $8.1 billion declined 1% from the prior year and 2% sequentially. When excluding the impact of cost pass-through and engineering project timing, underlying sales increased 1% over last year but remained flat sequentially.”