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• | Second-quarter 2018 net earnings per share (EPS) of $1.19, compared with 2017 EPS of $1.10; Adjusted 2018 EPS of $1.25, up 12.6 percent compared with 2017 adjusted EPS of $1.11 |
• | Second-quarter 2018 revenue of $704.7 million, up 12.4 percent compared to 2017, up 5.2 percent on an organic basis |
• | Second-quarter 2018 operating margin of 20.3 percent, compared with 2017 operating margin of 21.5 percent; Adjusted operating margin of 21.3 percent, declined 50 basis points compared with 2017 adjusted operating margin of 21.8 percent due to dilution from acquisitions |
• | Updating outlook for 2018 full-year revenue and full-year EPS; Full-year 2018 reported revenue growth of 12.5 to 13.5 percent and organic revenue growth of 4 to 5 percent; Full-year 2018 EPS outlook of $4.15 to $4.35 and $4.35 to $4.50 per share on an adjusted basis |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net revenues | $ | 704.7 | $ | 627.0 | $ | 1,317.8 | $ | 1,175.8 | ||||||||
Cost of goods sold | 399.1 | 345.7 | 754.4 | 653.3 | ||||||||||||
Gross profit | 305.6 | 281.3 | 563.4 | 522.5 | ||||||||||||
Selling and administrative expenses | 162.2 | 146.3 | 321.3 | 288.0 | ||||||||||||
Operating income | 143.4 | 135.0 | 242.1 | 234.5 | ||||||||||||
Interest expense | 13.4 | 16.1 | 26.3 | 32.0 | ||||||||||||
Other income, net | (1.6 | ) | (4.3 | ) | (2.0 | ) | (3.0 | ) | ||||||||
Earnings before income taxes | 131.6 | 123.2 | 217.8 | 205.5 | ||||||||||||
Provision for income taxes | 17.6 | 17.4 | 31.4 | 31.0 | ||||||||||||
Net earnings | 114.0 | 105.8 | 186.4 | 174.5 | ||||||||||||
Less: Net earnings attributable to noncontrolling interests | 0.1 | 0.3 | 0.3 | 0.6 | ||||||||||||
Net earnings attributable to Allegion plc | $ | 113.9 | $ | 105.5 | $ | 186.1 | $ | 173.9 | ||||||||
Basic earnings per ordinary share | ||||||||||||||||
attributable to Allegion plc shareholders: | ||||||||||||||||
Net earnings | $ | 1.20 | $ | 1.11 | $ | 1.96 | $ | 1.82 | ||||||||
Diluted earnings per ordinary share | ||||||||||||||||
attributable to Allegion plc shareholders: | ||||||||||||||||
Net earnings | $ | 1.19 | $ | 1.10 | $ | 1.94 | $ | 1.81 | ||||||||
Shares outstanding - basic | 95.0 | 95.2 | 95.1 | 95.3 | ||||||||||||
Shares outstanding - diluted | 95.6 | 95.9 | 95.7 | 96.0 |
June 30, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 189.6 | $ | 466.2 | |||
Accounts and notes receivables, net | 366.0 | 296.6 | |||||
Inventory | 265.4 | 239.8 | |||||
Other current assets | 31.5 | 30.1 | |||||
Total current assets | 852.5 | 1,032.7 | |||||
Property, plant and equipment, net | 272.5 | 252.2 | |||||
Goodwill | 857.0 | 761.2 | |||||
Intangible assets, net | 516.4 | 394.3 | |||||
Other noncurrent assets | 133.3 | 101.6 | |||||
Total assets | $ | 2,631.7 | $ | 2,542.0 | |||
LIABILITIES AND EQUITY | |||||||
Accounts payable | $ | 210.2 | $ | 188.3 | |||
Accrued expenses and other current liabilities | 227.7 | 237.5 | |||||
Short-term borrowings and current maturities | |||||||
of long-term debt | 35.2 | 35.0 | |||||
Total current liabilities | 473.1 | 460.8 | |||||
Long-term debt | 1,425.9 | 1,442.3 | |||||
Other noncurrent liabilities | 224.0 | 233.4 | |||||
Equity | 508.7 | 405.5 | |||||
Total liabilities and equity | $ | 2,631.7 | $ | 2,542.0 |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
Operating Activities | |||||||
Net earnings | $ | 186.4 | $ | 174.5 | |||
Depreciation and amortization | 45.5 | 32.7 | |||||
Discretionary pension plan contribution | — | (50.0 | ) | ||||
Changes in assets and liabilities and other non-cash items | (113.2 | ) | (93.2 | ) | |||
Net cash provided by operating activities | 118.7 | 64.0 | |||||
Investing Activities | |||||||
Capital expenditures | (20.9 | ) | (21.4 | ) | |||
Acquisition of and equity investments in businesses, net of cash acquired | (280.5 | ) | (20.8 | ) | |||
Other investing activities, net | 0.1 | 16.3 | |||||
Net cash used in investing activities | (301.3 | ) | (25.9 | ) | |||
Financing Activities | |||||||
Net debt repayments | (18.4 | ) | (24.8 | ) | |||
Dividends paid to ordinary shareholders | (39.7 | ) | (30.4 | ) | |||
Repurchase of ordinary shares | (30.0 | ) | (60.0 | ) | |||
Other financing activities, net | (2.3 | ) | 4.7 | ||||
Net cash used in financing activities | (90.4 | ) | (110.5 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (3.6 | ) | 5.5 | ||||
Net decrease in cash and cash equivalents | (276.6 | ) | (66.9 | ) | |||
Cash and cash equivalents - beginning of period | 466.2 | 312.4 | |||||
Cash and cash equivalents - end of period | $ | 189.6 | $ | 245.5 |
ALLEGION PLC | SCHEDULE 1 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net revenues | |||||||||||||||
Americas | $ | 526.8 | $ | 468.6 | $ | 965.8 | $ | 876.2 | |||||||
EMEIA | 147.8 | 129.2 | 298.1 | 247.6 | |||||||||||
Asia Pacific | 30.1 | 29.2 | 53.9 | 52.0 | |||||||||||
Total net revenues | $ | 704.7 | $ | 627.0 | $ | 1,317.8 | $ | 1,175.8 | |||||||
Operating income (loss) | |||||||||||||||
Americas | $ | 152.0 | $ | 141.6 | $ | 261.7 | $ | 250.4 | |||||||
EMEIA | 11.2 | 8.1 | 19.7 | 14.5 | |||||||||||
Asia Pacific | 0.8 | 2.3 | (0.7 | ) | 2.9 | ||||||||||
Corporate unallocated | (20.6 | ) | (17.0 | ) | (38.6 | ) | (33.3 | ) | |||||||
Total operating income | $ | 143.4 | $ | 135.0 | $ | 242.1 | $ | 234.5 |
ALLEGION PLC | SCHEDULE 2 |
• | Adjustments to operating income, operating margin, net earnings, EPS, and EBITDA include items such as goodwill impairment charges, restructuring charges, asset impairments, and merger and acquisitions costs |
• | Organic revenue growth is defined as U.S. GAAP revenue growth excluding the impact of divestitures, acquisitions and currency effects |
• | Available cash flow is defined as U.S. GAAP net cash provided by operating activities less capital expenditures. |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | ||||||||||||||||||||||
Reported | Adjustments | Adjusted (non-GAAP) | Reported | Adjustments | Adjusted (non-GAAP) | ||||||||||||||||||
Net revenues | $ | 704.7 | $ | — | $ | 704.7 | $ | 627.0 | $ | — | $ | 627.0 | |||||||||||
Operating income | 143.4 | 6.7 | (1) | 150.1 | 135.0 | 1.9 | (1) | 136.9 | |||||||||||||||
Operating margin | 20.3 | % | 21.3 | % | 21.5 | % | 21.8 | % | |||||||||||||||
Earnings before income taxes | 131.6 | 6.7 | (2) | 138.3 | 123.2 | 1.9 | (2) | 125.1 | |||||||||||||||
Provision for income taxes | 17.6 | 1.5 | (3) | 19.1 | 17.4 | 0.6 | (3) | 18.0 | |||||||||||||||
Effective income tax rate | 13.4 | % | 13.8 | % | 14.1 | % | 14.4 | % | |||||||||||||||
Net earnings | 114.0 | 5.2 | 119.2 | 105.8 | 1.3 | 107.1 | |||||||||||||||||
Non-controlling interest | 0.1 | — | 0.1 | 0.3 | — | 0.3 | |||||||||||||||||
Net earnings attributable to Allegion plc | $ | 113.9 | $ | 5.2 | $ | 119.1 | $ | 105.5 | $ | 1.3 | $ | 106.8 | |||||||||||
Diluted earnings per ordinary | |||||||||||||||||||||||
share attributable to Allegion plc | |||||||||||||||||||||||
shareholders: | $ | 1.19 | $ | 0.06 | $ | 1.25 | $ | 1.10 | $ | 0.01 | $ | 1.11 |
(1) | Adjustments to operating income for the three months ended June 30, 2018 consist of $6.7 million of restructuring charges, merger and acquisition expenses, and backlog amortization related to an acquisition. Adjustments to operating income for the three months ended June 30, 2017 consist of $1.9 million of restructuring charges and merger and acquisition expenses. |
(2) | Adjustments to earnings before income taxes for the three months ended June 30, 2018 and June 30, 2017 consist of the adjustments to operating income discussed above. |
(3) | Adjustments to the provision for income taxes for the three months ended June 30, 2018 and June 30, 2017 consist of $1.5 million and $0.6 million, respectively, of tax expense related to the excluded items discussed above. |
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||||||||||||||||
Reported | Adjustments | Adjusted (non-GAAP) | Reported | Adjustments | Adjusted (non-GAAP) | ||||||||||||||||||
Net revenues | $ | 1,317.8 | $ | — | $ | 1,317.8 | $ | 1,175.8 | $ | — | $ | 1,175.8 | |||||||||||
Operating income | 242.1 | 12.2 | (1) | 254.3 | 234.5 | 3.8 | (1) | 238.3 | |||||||||||||||
Operating margin | 18.4 | % | 19.3 | % | 19.9 | % | 20.3 | % | |||||||||||||||
Earnings before income taxes | 217.8 | 12.2 | (2) | 230.0 | 205.5 | 3.8 | (2) | 209.3 | |||||||||||||||
Provision for income taxes | 31.4 | 2.6 | (3) | 34.0 | 31.0 | 1.2 | (3) | 32.2 | |||||||||||||||
Effective income tax rate | 14.4 | % | 14.8 | % | 15.1 | % | 15.4 | % | |||||||||||||||
Net earnings | 186.4 | 9.6 | 196.0 | 174.5 | 2.6 | 177.1 | |||||||||||||||||
Non-controlling interest | 0.3 | — | 0.3 | 0.6 | — | 0.6 | |||||||||||||||||
Net earnings attributable to Allegion plc | $ | 186.1 | $ | 9.6 | $ | 195.7 | $ | 173.9 | $ | 2.6 | $ | 176.5 | |||||||||||
Diluted earnings per ordinary share | |||||||||||||||||||||||
attributable to Allegion plc | |||||||||||||||||||||||
shareholders: | $ | 1.94 | $ | 0.10 | $ | 2.04 | $ | 1.81 | $ | 0.03 | $ | 1.84 |
(1) | Adjustments to operating income for the six months ended June 30, 2018 consist of $12.2 million of restructuring charges, merger and acquisition expenses, and backlog amortization related to an acquisition. Adjustments to operating income for the six months ended June 30, 2017 consist of $3.8 million of restructuring charges and merger and acquisition expenses. |
(2) | Adjustments to earnings before income taxes for the six months ended June 30, 2018 and June 30, 2017 consist of the adjustments to operating income discussed above. |
(3) | Adjustments to the provision for income taxes for the six months ended June 30, 2018 and June 30, 2017 consist of $2.6 million and $1.2 million, respectively, of tax expense related to the excluded items discussed above. |
ALLEGION PLC | SCHEDULE 3 |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | ||||||||||||
As Reported | Margin | As Reported | Margin | ||||||||||
Americas | |||||||||||||
Net revenues (GAAP) | $ | 526.8 | $ | 468.6 | |||||||||
Operating income (GAAP) | $ | 152.0 | 28.9 | % | $ | 141.6 | 30.2 | % | |||||
Restructuring charges | (0.1 | ) | — | % | 0.2 | 0.1 | % | ||||||
Merger and acquisition costs | 0.5 | 0.1 | % | — | — | % | |||||||
Backlog amortization | 3.4 | 0.6 | % | — | — | % | |||||||
Adjusted operating income | 155.8 | 29.6 | % | 141.8 | 30.3 | % | |||||||
Depreciation and amortization | 9.2 | 1.7 | % | 6.7 | 1.4 | % | |||||||
Adjusted EBITDA | $ | 165.0 | 31.3 | % | $ | 148.5 | 31.7 | % | |||||
EMEIA | |||||||||||||
Net revenues (GAAP) | $ | 147.8 | $ | 129.2 | |||||||||
Operating income (GAAP) | $ | 11.2 | 7.6 | % | $ | 8.1 | 6.3 | % | |||||
Restructuring charges | 0.8 | 0.5 | % | 0.9 | 0.7 | % | |||||||
Merger and acquisition costs | 0.1 | 0.1 | % | — | — | % | |||||||
Adjusted operating income | 12.1 | 8.2 | % | 9.0 | 7.0 | % | |||||||
Depreciation and amortization | 7.8 | 5.3 | % | 6.6 | 5.1 | % | |||||||
Adjusted EBITDA | $ | 19.9 | 13.5 | % | $ | 15.6 | 12.1 | % | |||||
Asia Pacific | |||||||||||||
Net revenues (GAAP) | $ | 30.1 | $ | 29.2 | |||||||||
Operating income (GAAP) | 0.8 | 2.7 | % | 2.3 | 7.9 | % | |||||||
Adjusted operating income | 0.8 | 2.7 | % | 2.3 | 7.9 | % | |||||||
Depreciation and amortization | 0.7 | 2.3 | % | 0.6 | 2.0 | % | |||||||
Adjusted EBITDA | $ | 1.5 | 5.0 | % | $ | 2.9 | 9.9 | % | |||||
Corporate | |||||||||||||
Operating loss (GAAP) | $ | (20.6 | ) | $ | (17.0 | ) | |||||||
Merger and acquisition costs | 2.0 | 0.8 | |||||||||||
Adjusted operating loss | (18.6 | ) | (16.2 | ) | |||||||||
Depreciation and amortization | 1.0 | 1.0 | |||||||||||
Adjusted EBITDA | $ | (17.6 | ) | $ | (15.2 | ) | |||||||
Total | |||||||||||||
Net revenues | $ | 704.7 | $ | 627.0 | |||||||||
Adjusted operating income | 150.1 | 21.3 | % | 136.9 | 21.8 | % | |||||||
Depreciation and amortization | 18.7 | 2.7 | % | 14.9 | 2.4 | % | |||||||
Adjusted EBITDA | $ | 168.8 | 24.0 | % | $ | 151.8 | 24.2 | % |
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||||||
As Reported | Margin | As Reported | Margin | ||||||||||
Americas | |||||||||||||
Net revenues (GAAP) | $ | 965.8 | $ | 876.2 | |||||||||
Operating income (GAAP) | $ | 261.7 | 27.1 | % | $ | 250.4 | 28.6 | % | |||||
Restructuring charges | (0.1 | ) | — | % | 0.1 | — | % | ||||||
Merger and acquisition costs | 1.4 | 0.1 | % | 0.2 | — | % | |||||||
Backlog amortization | 6.3 | 0.6 | % | — | — | % | |||||||
Adjusted operating income | 269.3 | 27.8 | % | 250.7 | 28.6 | % | |||||||
Depreciation and amortization | 17.9 | 1.9 | % | 13.2 | 1.5 | % | |||||||
Adjusted EBITDA | $ | 287.2 | 29.7 | % | $ | 263.9 | 30.1 | % | |||||
EMEIA | |||||||||||||
Net revenues (GAAP) | $ | 298.1 | $ | 247.6 | |||||||||
Operating income (GAAP) | $ | 19.7 | 6.6 | % | $ | 14.5 | 5.9 | % | |||||
Restructuring charges | 1.0 | 0.4 | % | 2.5 | 1.0 | % | |||||||
Merger and acquisition costs | 0.4 | 0.1 | % | — | — | % | |||||||
Adjusted operating income | 21.1 | 7.1 | % | 17.0 | 6.9 | % | |||||||
Depreciation and amortization | 16.1 | 5.4 | % | 13.5 | 5.4 | % | |||||||
Adjusted EBITDA | $ | 37.2 | 12.5 | % | $ | 30.5 | 12.3 | % | |||||
Asia Pacific | |||||||||||||
Net revenues (GAAP) | $ | 53.9 | $ | 52.0 | |||||||||
Operating income (loss) (GAAP) | $ | (0.7 | ) | (1.3 | )% | $ | 2.9 | 5.6 | % | ||||
Restructuring charges | 0.5 | 0.9 | % | — | — | % | |||||||
Adjusted operating income (loss) | (0.2 | ) | (0.4 | )% | 2.9 | 5.6 | % | ||||||
Depreciation and amortization | 1.3 | 2.4 | % | 1.3 | 2.5 | % | |||||||
Adjusted EBITDA | $ | 1.1 | 2.0 | % | $ | 4.2 | 8.1 | % | |||||
Corporate | |||||||||||||
Operating loss (GAAP) | $ | (38.6 | ) | $ | (33.3 | ) | |||||||
Merger and acquisition costs | 2.7 | 1.0 | |||||||||||
Adjusted operating loss | (35.9 | ) | (32.3 | ) | |||||||||
Depreciation and amortization | 2.1 | 2.0 | |||||||||||
Adjusted EBITDA | $ | (33.8 | ) | $ | (30.3 | ) | |||||||
Total | |||||||||||||
Net revenues | $ | 1,317.8 | $ | 1,175.8 | |||||||||
Adjusted operating income | 254.3 | 19.3 | % | 238.3 | 20.3 | % | |||||||
Depreciation and amortization | 37.4 | 2.8 | % | 30.0 | 2.5 | % | |||||||
Adjusted EBITDA | $ | 291.7 | 22.1 | % | $ | 268.3 | 22.8 | % |
ALLEGION PLC | SCHEDULE 4 |
Six Months Ended June 30, | |||||||
2018 | 2017 (1) | ||||||
Net cash used in operating activities | $ | 118.7 | $ | 64.0 | |||
Capital expenditures | (20.9 | ) | (21.4 | ) | |||
Available cash flow | $ | 97.8 | $ | 42.6 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net earnings (GAAP) | $ | 114.0 | $ | 105.8 | $ | 186.4 | $ | 174.5 | |||||||
Provision for income taxes | 17.6 | 17.4 | 31.4 | 31.0 | |||||||||||
Interest expense | 13.4 | 16.1 | 26.3 | 32.0 | |||||||||||
Backlog amortization | 3.4 | — | 6.3 | — | |||||||||||
Depreciation and amortization | 18.7 | 14.9 | 37.4 | 30.0 | |||||||||||
EBITDA | 167.1 | 154.2 | 287.8 | 267.5 | |||||||||||
Other income, net | (1.6 | ) | (4.3 | ) | (2.0 | ) | (3.0 | ) | |||||||
Merger and acquisition costs and restructuring charges | 3.3 | 1.9 | 5.9 | 3.8 | |||||||||||
Adjusted EBITDA | $ | 168.8 | $ | 151.8 | $ | 291.7 | $ | 268.3 |
ALLEGION PLC | SCHEDULE 5 | |||||||||||
RECONCILIATION OF GAAP REVENUE GROWTH TO NON-GAAP ORGANIC REVENUE GROWTH BY REGION | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||
Americas | ||||||||||||
Revenue growth (GAAP) | 12.4 | % | 7.4 | % | 10.2 | % | 9.6 | % | ||||
Acquisitions and Divestitures | (5.6 | )% | (1.5 | )% | (5.2 | )% | (1.6 | )% | ||||
Currency translation effects | (0.2 | )% | 0.2 | % | (0.2 | )% | — | % | ||||
Organic growth (non-GAAP) | 6.6 | % | 6.1 | % | 4.8 | % | 8.0 | % | ||||
EMEIA | ||||||||||||
Revenue growth (GAAP) | 14.4 | % | 6.3 | % | 20.4 | % | 3.1 | % | ||||
Acquisitions and Divestitures | (5.7 | )% | (3.4 | )% | (5.7 | )% | (3.2 | )% | ||||
Currency translation effects | (7.3 | )% | 3.4 | % | (11.1 | )% | 3.9 | % | ||||
Organic growth (non-GAAP) | 1.4 | % | 6.3 | % | 3.6 | % | 3.8 | % | ||||
Asia Pacific | ||||||||||||
Revenue growth (GAAP) | 3.1 | % | 9.0 | % | 3.7 | % | 9.2 | % | ||||
Acquisitions and Divestitures | — | % | (1.3 | )% | — | % | (1.5 | )% | ||||
Currency translation effects | (2.4 | )% | 0.1 | % | (3.2 | )% | (1.2 | )% | ||||
Organic growth (non-GAAP) | 0.7 | % | 7.8 | % | 0.5 | % | 6.5 | % | ||||
Total | ||||||||||||
Revenue growth (GAAP) | 12.4 | % | 7.2 | % | 12.1 | % | 8.1 | % | ||||
Acquisitions and Divestitures | (5.4 | )% | (1.9 | )% | (5.1 | )% | (1.9 | )% | ||||
Currency translation effects | (1.8 | )% | 0.9 | % | (2.7 | )% | 0.8 | % | ||||
Organic growth (non-GAAP) | 5.2 | % | 6.2 | % | 4.3 | % | 7.0 | % |
ALLEGION PLC | SCHEDULE 6 | ||||||||||||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF 2017 PENSION RESTATEMENT BY QUARTER | |||||||||||||||||||||||||||||||||||||||||||||||||
Allegion plc | |||||||||||||||||||||||||||||||||||||||||||||||||
Q1'17 | Q2'17 | Q3'17 | Q4'17 | FY2017 | |||||||||||||||||||||||||||||||||||||||||||||
As Reported | Adj | Restated | As Reported | Adj | Restated | As Reported | Adj | Restated | As Reported | Adj | Restated | As Reported | Adj | Restated | |||||||||||||||||||||||||||||||||||
Sales | $ | 548.8 | $ | — | $ | 548.8 | $ | 627.0 | $ | — | $ | 627.0 | $ | 609.4 | $ | — | $ | 609.4 | $ | 623.0 | $ | — | $ | 623.0 | $ | 2,408.2 | $ | — | $ | 2,408.2 | |||||||||||||||||||
Operating income (GAAP) | 98.8 | 0.7 | 99.5 | 134.1 | 0.9 | 135.0 | 126.1 | $ | 1.0 | 127.1 | 129.2 | 1.8 | $ | 131.0 | 488.2 | 4.4 | 492.6 | ||||||||||||||||||||||||||||||||
% of Sales | 18.0 | % | 18.1 | % | 21.4 | % | 21.5 | % | 20.7 | % | 20.9 | % | 20.7 | % | 21.0 | % | 20.3 | % | 20.5 | % | |||||||||||||||||||||||||||||
Other income (expense), net | (0.6 | ) | (0.7 | ) | (1.3 | ) | 5.2 | (0.9 | ) | 4.3 | 3.7 | (1.0 | ) | 2.7 | 5.0 | (1.8 | ) | 3.2 | 13.2 | (4.4 | ) | 8.8 | |||||||||||||||||||||||||||
Earnings before tax (GAAP) | $ | 82.3 | $ | — | $ | 82.3 | $ | 123.2 | $ | — | $ | 123.2 | $ | 112.0 | $ | — | $ | 112.0 | $ | 78.2 | $ | — | $ | 78.2 | $ | 395.7 | $ | — | $ | 395.7 |
Americas' | |||||||||||||||||||||||||||||||||||||||||||||||||
Q1'17 | Q2'17 | Q3'17 | Q4'17 | FY2017 | |||||||||||||||||||||||||||||||||||||||||||||
As Reported | Adj | Restated | As Reported | Adj | Restated | As Reported | Adj | Restated | As Reported | Adj | Restated | As Reported | Adj | Restated | |||||||||||||||||||||||||||||||||||
Sales | $ | 407.6 | $ | — | $ | 407.6 | $ | 468.6 | $ | — | $ | 468.6 | $ | 455.2 | $ | — | $ | 455.2 | $ | 436.1 | $ | — | $ | 436.1 | $ | 1,767.5 | $ | — | $ | 1,767.5 | |||||||||||||||||||
Operating income (GAAP) | 107.6 | 1.2 | 108.8 | 140.3 | 1.3 | 141.6 | 131.8 | 1.4 | 133.2 | 123.6 | 1.2 | 124.8 | 503.3 | 5.1 | 508.4 | ||||||||||||||||||||||||||||||||||
% of Sales | 26.4 | % | 26.7 | % | 29.9 | % | 30.2 | % | 29.0 | % | 29.3 | % | 28.3 | % | 28.6 | % | 28.5 | % | 28.8 | % |
EMEIA | |||||||||||||||||||||||||||||||||||||||||||||||||
Q1'17 | Q2'17 | Q3'17 | Q4'17 | FY2017 | |||||||||||||||||||||||||||||||||||||||||||||
As Reported | Adj | Restated | As Reported | Adj | Restated | As Reported | Adj | Restated | As Reported | Adj | Restated | As Reported | Adj | Restated | |||||||||||||||||||||||||||||||||||
Sales | $ | 118.4 | $ | — | $ | 118.4 | $ | 129.2 | $ | — | $ | 129.2 | $ | 125.1 | $ | — | $ | 125.1 | $ | 150.8 | $ | — | $ | 150.8 | $ | 523.5 | $ | — | $ | 523.5 | |||||||||||||||||||
Operating income (GAAP) | 6.9 | (0.5 | ) | 6.4 | 8.5 | (0.4 | ) | 8.1 | 9.1 | (0.5 | ) | 8.6 | 20.7 | 0.3 | 21.0 | 45.2 | (1.1 | ) | 44.1 | ||||||||||||||||||||||||||||||
% of Sales | 5.8 | % | 5.4 | % | 6.6 | % | 6.3 | % | 7.3 | % | 6.9 | % | 13.7 | % | 13.9 | % | 8.6 | % | 8.4 | % |
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