Fourth Quarter - Sales increased during the quarter by a full 22 percent, including 4 percent organic growth, and totaled $ 1740 million (1430). - Strong growth in Asia, Africa, Global Technologies and Entrance Systems, while the markets in Europe and North America were stable. - Acquisitions of Albany Door Systems and Securistyle were completed and agreement signed for the acquisition of Dynaco.-...
Fourth Quarter
- Sales increased during the quarter by a full 22 percent, including 4 percent organic growth, and totaled $ 1740 million (1430).
- Strong growth in Asia, Africa, Global Technologies and Entrance Systems, while the markets in Europe and North America were stable.
- Acquisitions of Albany Door Systems and Securistyle were completed and agreement signed for the acquisition of Dynaco.
- The combined annualized sales from these companies are $ 274 million representing 5 percent growth.
- Operating income (EBIT) amounted to $280 million [1] (240), an increase of 17 percent. The operating margin was 16.0 percent [1] (16.6).
- Net income amounted to $17 million [2] (160).
- Earnings per share rose by 20 percent to $0.51[3] (0.42).
- The restructuring program was expensed with $210 million.
- Operating cash flow reached a record high $414 million (309).
Full year
Sales increased by 13 percent, including 4 percent organic growth, and totaled $6191million (5456).
Operating income (EBIT) amounted to $981 million [1] (895), representing an increase of 10 percent.
The operating margin was 15.9 percent [1] (16.4).
Net income amounted to $ 573 million [2] (604).
Earnings per share rose by 13 percent to $ 1.82[3] (1.61).
Strong operating cash flow amounted to $ 901 million(931).
The Board of Directors proposes a dividend of $ 0.67 per share (0.59).
[1] Excluding restructuring costs in 2011 amounting to $-210 M for the quarter and for the year.
[2] If restructuring and one-time items are excluded, net income in 2011 was $190 M for the quarter and $682 M for the year.
[3] Excluding restructuring and one-time items in 2011 amounting to $-173 M for the quarter and $ -109 M for the year.