Operator: Welcome to the Ecolab's Third Quarter 2012 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. This call is being recorded. If you have any objections, you may disconnect at this time.
Now, I would like to turn the call over to Mr. Michael Monahan, Senior Vice President, External Relations. Sir, you may begin.
Michael J. Monahan - SVP, External Relations: Thank you. Hello everyone, and welcome to Ecolab's third quarter conference call. We also want to extend a special welcome to those affected by Hurricane Sandy. Thanks for joining us and we hope all of you are safe. With me today is Doug Baker, Ecolab's Chairman and CEO. A copy of our earnings release and accompanying slides referenced in this teleconference are available on Ecolab's website at ecolab.com/investor.
Please take a moment to read the cautionary statements on Slide 2 stating this teleconference and the slides include estimates of future performance. These are forward-looking statements and actual results could differ materially from those projected. Factors that could cause actual results to differ are described in the section of our most recent Form 10-Q under Item 1A Risk Factors, in our third quarter earnings release, and on Slide 2. We also refer you to the supplemental diluted earnings per share information in the release.
In addition as mentioned on Slide 2 this conference call does not constitute an offer to sell or the solicitation of an offer to buy any securities. Also please note that in order to provide a meaningful comparison of our results of operations where applicable, actual results for the third quarter of 2012 are compared against pro forma results for the third quarter of 2011. The pro forma results are based on historical consolidated financial statements of Nalco and Ecolab, and were prepared to illustrate the benefits or the effects of our merger with Nalco. These pro forma statements are available on our website at ecolab.com/investor, as well as our Form 8-K filed April 27, 2012, and selected portions are contained in our slides and press release.
Starting with an overview in Slide 3, we delivered strong results in the third quarter reaching the top end of our earnings forecast range despite currency and continuing economic headwinds. We leveraged improved sales volume growth, pricing and our synergy and cost efficiency work to produce yet another strong double-digit increase in our adjusted earnings per share.
Looking ahead, we expect to continue to outperform our markets and show strong double digit earnings gains in the fourth quarter and for the full year, as solid sales growth, appropriate pricing, innovation, synergies, and margin leverage more than offset more moderate increases in delivered product costs, as well as the impact of higher depreciation and amortization charges from last year's Nalco merger. Further, we expect 2012 will be our 10th year of double-digit adjusted EPS growth in the last 11, and we will do so while setting up strong growth for the years ahead.