Operator: Good day, ladies and gentlemen and welcome to the Third Quarter 2011 W.R. Grace & Company Earnings Conference Call. My name is Lacy and I will be your operator for today. At this time, all participants are in listen-only mode. Later, we will facilitate a question-and-answer session towards the end of the presentation. As a reminder, this conference is being recorded for replay purposes.
I would now like to turn the presentation over to your host for today's call Mr. Mark Sutherland, Vice President of Investor Relations. Please proceed.
Mark Sutherland - VP, IR: Thank you Lacy, and hello everyone and thank you for joining us today, October 25, 2011 for a discussion of Grace's third quarter results released this morning. Joining me on today's call are Fred Festa, Grace's Chairman, President and Chief Executive Officer; and Hudson La Force, our Senior Vice President and Chief Financial Officer.
Our earnings release and the corresponding presentation are available on our website. To download copies, go to grace.com and click on the Investor Information. Links are available on the upper right corner of the page.
As you know, some of our comments today will be forward-looking and are made under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected or implied due to a variety of factors. Please see our recent SEC filings for more details on the risks that could impact Grace's future operating results and financial condition.
We will also discuss certain non-GAAP financial measures, which are described in more detail in this morning's release and on our website. Reconciliations to the most directly comparable GAAP financial measures and other associated disclosures are contained in our earnings release and on our website. Our comments on forward-looking statements and non-GAAP financial measures apply both to the prepared remarks and to the Q&A.
We want to remind everyone that this webcast contains time sensitive information that is accurate only as of today. Any redistribution, retransmission or reproduction of this call without Company consent is prohibited.
With that, I'll turn the call over to Fred.
Fred E. Festa - Chairman, President and CEO: Thanks Mark. Hello everyone, and thank you for joining us for our third quarter earnings call. Q3 was a very good quarter for Grace. We grew sales 27% with a solid contribution from both businesses.
Gross profit dollars rose 29% and gross margin increased to 36.5%. Our adjusted EBIT increased 55% and adjusted EBIT margin increased 300 basis points to 16.4%. Finally, our adjusted EBIT return on invested capital increased to 34.2%. These results reflect the high value of our products and the success of our business teams in responding to changing customer requirements and changes in our operating environment. We have a balanced portfolio of businesses and a diversified geographic footprint, with great positions in the industries we serve. This coupled with a very disciplined playbook allows us to continue to deliver exceptional performance.