Net sales for the period decreased 1.4% compared with the prior-year period, reflecting lower volumes in two segments partially offset by pricing actions taken in the second half. Foreign currency translation reduced reported sales by approximately 40 basis points.
We rely on a single source for certain critical inputs, and disruption at those suppliers could adversely affect results.
Selling, general and administrative expenses were substantially unchanged as a percentage of net sales. The Company continues to evaluate its portfolio and recorded no impairment charges during the period.
Cash provided by operating activities was consistent with the prior-year period. Capital expenditures were lower than planned, reflecting phasing of projects into the following year.
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