First Quarter Highlights
- Net sales were $3.83 billion, in line with guidance, essentially flat on a reported basis year over year and down 1% organically.
- GAAP diluted earnings per share (EPS) from continuing operations were $5.76, including a one-time tax-related benefit, and adjusted EPS were $1.84, up 20% year over year.
- Orders were $3.8 billion, up 4% year over year, with year-over-year growth in all segments.
- Operating margins were 18.2% and adjusted operating margins were 19.1%, up 290 basis points year over year.
- Cash flow from operating activities was $719 million and free cash flow was $570 million, both first quarter records.
- Deployed approximately $1 billion of capital in the quarter, including approximately $600 million returned to shareholders and approximately $350 million used for the acquisition of Schaffner.
