foreign or X% was organic with will turn of million Thanks during I headwind growth and few quarter of consolidated partially expectations the we'll offset X% and $XXX was four results. third organic good a address regional growth approximately a the Reported up discuss Please to by $X Consolidated our in million slide morning exchange performance as and were everyone. our X% line quarter. in Bob sales minutes. of
XX.X%, Adjusted drivers up X%. last restructuring savings and by quarterly partially of was investments for inflation, volume, record This the record points an versus and operating margin operating of million, an translated increase year were an XX productivity, company. $XX higher profit all-time into adjusted offset margin in including basis the main Price, of the performance.
invest to and growth continue in initiatives. productivity We
third the on our had smart spent and investments, the in connected million we more about than million on half $X spend $X we quarter, of investment fact, In More anticipated. approximately was total than focused initiatives.
new Adjusted and share for third quarter the were was foreign was share earnings in record year net prior XX.X%, neutral. by a dilution $X.XX per increase were earnings Adjusted the and a driven adjusted quarter operations. per Negative last rate $X.XX year. of with each tax company. exchange and The the consistent increase share over was positive X% effective
last quarter a period increase income, for the due tax mainly to to well. trend to as a reduced Turning fourth lower was this The continue Historically, and a free is year-to-date same expect spending. reduced company was cash the capital million, as on the payments, that cash, levels, flow year basis, year. flow increase higher inventory XX% to cash we $XX compared strong and quarter
for Our goal is to cash conversion attain XXX% year. free flow the
a capital at of total cash. $X approximately million, pay down repatriated part a quarter, to repatriated $XX to debt XX,XXX we of Year-to-date, cost of share a our third and debt. we stock In repurchases we Year-to-date, million. purchased $XX common strategy. dividends balanced the quarter, approximately our third of million majority using returned in shareholders shares we've have $X.X about deployment million of in the as During
some at have classified incurred corporate which been quarter, special this also items. costs We as
and of simplify legal and including restructuring with million a incurred tax fees pan-European professional align optimize to and European costs we initiatives. perspective our structure from legal previous First, $X.X
order in understanding fees obtain and a and to customer professional help deeper other our much incurred guide other should development which product also investments. country new product, We profitability, future our of
expect fourth in to the We this quarter. complete review
$X.X to item fruition. special that efforts incurred other acquisition to the of cost acquisition second million for not costs acquisition related come The Direct Backflow of and did
in quarterly share So, margin, setting earnings third to adjusted reiterate operating highs adjusted the continuing performance, solid future. Bob's per to while invest quarter comments, for a new and sales,
and organic growth by of the up a products. plumbing drains, price valves, and regions the volume to was basis. on Sales Now, increases quarter. $XXX and let's approximately organic were realization The slide driven review Americas both on results reported million quality for five, in water X%,
heating water products in competitive and timing and pricing. Growth was offset partially continued from delays by hot project softness
of Also, As first the ahead expected, a contributor sales growth July pre-buy increases the second by in previously quarter. price about was Americas X smaller quarter third X% half. growth the to the negatively price compared during announced to the the as impacted
summarize, primarily Adjusted increased in the Americas a and was million, XXX growth driven Americas. investments inflation. for To more profit productivity, operating and year-over-year. which incremental to operating $XX.X XX.X%, than good quarter offset the margin points increase price a basis by X% Adjusted
X% $XXX Sales slide to X% reported turn six. down please Europe, to were million organically. of a on basis Moving up and
driven in platform headwind sales million Fluid extent, platform. or our within solid was the was and HVAC quarter. euro, the about mainly in exchange, core to a products growth $X The organic Solutions increase of X% lesser growth within and, by a Foreign drains the plumbing
plumbing in geography, we strong. Marine Germany By and by were and into product be Nordic continued and Germany the France our stronger both drains down and increases Italy were Sales saw were saw in core U.K. to softness applications to drains was Scandinavia growth sales as and We both the Drain in France, within lines. products in strength driven soft. products. Italy regions. plumbing due plumbing
Brexit uncertainties Finally, the was the down U.K. market. in amid
price timing including profit quarter for points productivity, operating were X% Europe decreased incremental basis incremental of offset the and than margin savings, million, the of of investments certain a quarter The Adjusted third decrease XX.X% to year. the XX and was versus benefits approximately costs. restructuring compared year. $XX by last Operating of last as more in
operating steady with lower top for performance. line growth So, a slightly Europe, margin
expand expect quarter. in the margin should fourth adjusted operating We
were On review In quarter, of million the $XX.X a sales results. on X% reported organically. slide down APMEA's seven, let's X% up and basis
up continuation APMEA's half especially double-digits by the Sales China was driven of delayed. strong and outside China performance offsetting projects first the in East Middle decreased a be third in double-digits other were quarter China in mainly by valves. Sales organically, with continue where to Korea. growth Middle to due The regions, weakness commercial East,
only are sales volume, and adjusted partially a operating productivity decrease by additional additional margin profit by sales were investments, operating significantly mix country which and unfavorable intercompany Adjusted offset savings. affected in
sister to growth product higher primarily year, purchased East the returned Chinese last project Americas the profits China, tariffs. affected by were the that companies of timing. in and additional Recall but our intercompany growth APMEA In unfavorable anticipation solid negatively Middle summary, from volume continuing with in quarter during
approximately third increase like fourth the we quarter. X%. quarter should consolidated while to be of Americas rates sequentially the few the turning basis, organic I'd On slide compared in growth Growth APMEA, consistent Europe's growth eight, on fairly Finally, a should quarter the make to to a as third from sales expect comments fourth and year-over-year quarter.
growth, expand the execution the versus year, in our continued restructuring by partially productivity should Adjusted volume of initiatives, inflation. operating offset margin prior fourth and price, quarter by supported
quarter $X We in $X million million fourth expect year. versus investments incremental the growth to of last
million $X Excluding million special total savings we the restructuring in million in to $XX costs corporate items, expected be and $XX Europe. are quarter anticipate to
the XX range margin year full during outlook. at end to February basis the expect high our We provided we of should that point expansion adjusted operating be XX
XX.X% fourth quarter. should negative approximate should last the rate to as quarter FX fourth tax impact compared be the effective adjusted Our year. in The
expectation Our last this the quarter current for average is of X.XX, our year. euro X.XX year exchange rate fourth was
past in expecting strong cash with are over fourth performance generation flow the our consistent several quarter, the years. We
We million for estimate approximate year. capital spending the will $XX
$X $X Finally, we including million earlier. costs cost to the quarter to project of additional in finalize I European discussed fourth incremental anticipate million the
costs We will as items. special highlight these
I'll over that, before turn call Q&A. Bob With Bob? to we back begin the
