5 February 2015
DETAILS
Net income for the year ended December 31, 2014,
was $276.3 million, or $3.63 per diluted share,
compared with $256.1 million, or $3.30 per diluted share
for the prior year.
Adjusted EBIT
increased 14% to $626.2 million, and
full-year Adjusted EPS
increased 1% to $4.43 per diluted share.
Cashflow
Net cash used for operating activities
for the year ended December 31, 2014,
was $1.47 billion compared with
net cash provided by operating activities of $515.9 million
in the prior year.
The year-over-year change in cash flow primarily was due to
payments of $1.95 billion as a result of the company’s emergence
from Chapter 11 and settlement of the deferred payment obligation
to the asbestos personal injury trust.
Adjusted Free Cash Flow
was $452.2 million for the year ended December 31, 2014,
compared with $429.7 million in the prior year.
For the year ended December 31, 2014,
Sales increased 6.0% to $3.24 billion as
higher sales volumes (+6.7%) and
favorable pricing (+0.4%)
more than offset unfavorable currency translation (-1.1%).
Acquisitions contributed 3.6% to sales growth.
Segment Gross Margin (which excludes pension costs) of 38.5%
increased 140 basis points compared with the prior-year period.
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