Revenue outlook includes the benefit of approximately 60 basis points of foreign currency translation
and equates to constant currency revenue growth of 8.
The sales increase consisted of 2 percent growth in organic sales partially offset by a 1 percent decline from negative currency translation
The company said the 2% decrease over the prior year quarter was largely the result of a 3% decrease due to foreign currency translation
impact and a 1% decrease in organic volume, partially offset by a 1% increase each from pricing and acquisitions.
Operating expenses at $104 million remained at the same level as last year, with some reduction benefiting from currency translation
Growth in 2015 reflected acquired sales, higher net selling prices and increased shipments of Technical Products that more than offset negative impacts from currency translation
and lower Fine Paper & Packaging shipments.
61 per diluted share, which was reduced by 3 cents due to balance sheet currency translation
impact, compared to non-GAAP net income of $25.
The year-over-year increase of five percent (seven percent on a constant-currency basis) was driven primarily by growth in property, insurance, international and underwriting solutions which was partially offset by adverse foreign currency translation
impacts and lower project-related volumes.
Foreign currency translation
, and hedges at Pratt & Whitney Canada, had an adverse impact of $0.
Solely because of the change in the exchange rate, the company's intercompany accounts (prior to any currency translation
adjustments) no longer balance, as shown in Exhibit 2.
Sales increased 7 percent, excluding the impact of currency translation
, primarily due to organic growth recorded in all divisions for the quarter.
8 million in the first six months due primarily to volume gains, selling price increases, currency translation
impact and acquisitions.
Excluding the impact of foreign currency translation
, net sales rose 9% for the year.