Executive Summary

• Adjusted EPS was up 7.7% to $0.56, ahead of the consensus estimates of $0.55.
• Gross margin was down 50 basis points (bps) to 27.8% due to rising raw materials costs, inflationary pressure on other input costs and unfavorable foreign exchange, partially offset by the positive impact from higher net selling prices and a more favorable product mix.
• The company reiterated sales guidance of mid-single-digit growth for 2019, and adjusted EPS guidance to $1.95-2.00 from $1.90-2.00.