Operator: Good day, ladies and gentlemen and welcome to the Third Quarter 2011 Cummins Incorporated Earnings Conference Call. My name is Jasmine, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of today’s conference. As a reminder, this conference is being recorded for replay purposes.
I would now like to turn the conference over to your host for today, Mr. Mark Smith, Executive Director, Investor Relations. Please proceed.
Mark A. Smith - Executive Director, IR: Thank you, Jasmine. Good morning, everyone, and welcome to our teleconference today to discuss Cummins’ results for the third quarter of 2011.
Participating with me today are our Chairman and Chief Executive Officer; Tim Solso, our President and Chief Operating Officer, Tom Linebarger, and our Chief Financial Officer, Pat Ward. We will all be available to your questions at the end of the teleconference.
Before we start, please note that some of the information you will hear or be given today will consist of forward-looking statements within the meanings of the Securities Exchange Act of 1934.
Such statements express our forecasts, expectations, hopes, beliefs and intentions on strategies regarding the future. Our actual results could differ materially from those projected in such forward-looking statements because of a number of risks and uncertainties.
More information regarding such risks and uncertainties is available in the forward-looking disclosure statement in the slide deck and our filings with the Securities and Exchange Commission, particularly the Risk Factors section of our most recently filed Annual Report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.
During the course of this call, we will be discussing certain non-GAAP financial measures and we refer you to our website for the reconciliation of those measures to GAAP financial measures. Our press release with a copy of the financial statements and a copy of today’s webcast presentation are available on our website at www.cummins.com under the heading of Investor and Media.
With that out of the way, we’ll begin with our President and Chief Operating Officer, Tom Linebarger.
Tom Linebarger - President and COO: Good morning. I will start this morning by sharing some thoughts on our performance in the third quarter and our outlook for the remainder of the year. I will also update you on our long-term profitable growth plans. Pat will then provide greater detail on the quarter and our updated 2011 guidance.
We delivered strong results in the third quarter. We continued to generate good revenue growth and gross margins with incremental gross margins of 30% year-over-year. All four businesses delivered double-digit operating margins.
Sales for the third quarter of $4.6 billion were 36% higher than the same period in 2010. All four business segments reported higher sales, lead in percent terms by the Engine and Distribution segments, which increased sales by 43% and 37% respectively. The Components business also delivered very strong growth of 32% year-over-year.