Operator: Ladies and gentlemen, thank you for standing by. Welcome to the 3M First Quarter Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. As a reminder, this conference is being recorded Tuesday, April 26, 2011.
I would now like to turn the call over to Matt Ginter, Vice President of Investor Relations at 3M.
Matt Ginter - IR: Hello, everyone, and welcome to our first quarter 2011 business review. With me today are George Buckley, 3M Chairman, President, and Chief Executive Officer; and David Meline, our recently appointed Senior Vice President of Finance and Chief Financial Officer. Today, we will review our first quarter results along with an updated outlook for the rest of this year. A PowerPoint presentation accompanies today's conference call, which you can access on 3M's Investor Relations website at 3m.com. Today's slide presentation and the audio replay will be archived on our website for an extended period of time.
Take a moment if you would to read the forward-looking statement on Slide 2. During today's conference call, we will make certain predictive statements that reflect our current views about our future performance and financial results. We based these statements on certain assumptions and expectations of future events that are subject to risks and uncertainties. Item 1A of our most recent Form 10-K lists some of the most important risk factors that could cause actual results to differ from our predictions.
So let's begin today's review, I'll turn to program over to George, and please turn to Slide 3.
George W. Buckley - Chairman, President and CEO: Thank you very much Matt, and good morning everybody. Thanks for joining us today. From the numbers you'll clearly see that first quarter was again a very good one for 3M. We posted over 15% top line growth and if we correct for Japan and H1N1 effects, organic growth was running at about 10.5%. So, we continue to post growth rates which are among the highest in the Company's long history.
We delivered $1.49 EPS in Q1 which is an all-time high for the Company in the first quarter, and all of this was done at a time when Japan's troubles costs us about $0.03 per share or about 70 basis net sales growth; all of which was organic, plus of course the additional challenges that we saw in the Middle East.
The unrest there cost us a little under $10 million in sales, but nothing significant. The growth rates were high across the board with E&C, Electro & Communications leading the way at 21% growth and Industrial & Transportation almost equal and (made) a 20% growth. I&TB will be about $10 billion segment for us in 2011 and see our unit grow this fast and industrial space is quite remarkable.
Five of our six reporting segments reported double-digit sales increases in the quarter, with Display and Graphics also very close to double-digit at 9% total growth.
Currency clearly helped us to be sure, but even without that four of the six reporting segments reported double-digit local currency growth. Emerging markets were again stellar, with sales up 24%, led by developing Asia. We saw double-digit sales growth in all geographic regions, including 10.2% in the United States.