You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: On the call, in addition to myself, is Jim Loree, CEO; Don Allen, President and CFO; and Lee McChesney, Vice President of Corporate Finance and CFO of Tools & Storage.
Consistent with prior calls, we're going to be just 1 question per caller.
Such statements are based on assumptions of future events that may not prove to be accurate and as such, they involve risk and uncertainty.
Customer demand remained at robust levels across commercial and retail end markets.
and strong trends continued in homebuilding and remodeling, commercial construction, professional activity and global economic growth.
Innovation was also a positive, which is driving demand around electrification and other themes.
We're continuing to prioritize meeting this heightened customer demand while operating in an unusually complex supply chain environment.
Tools generated 13% organic growth in what we believe to be the strongest demand environment in our history, resulting from positive secular trends, robust professional activity and strong global markets.
Our brands such as DEWALT, CRAFTSMAN, Stanley and Black & Decker, among others, were fueled by a steady stream of innovation and a strong and resilient supply chain, which is putting great products in the hands of our loyal end users across the globe.
Industrial grew 1% organically, driven by continued double-digit growth and share gains in our general industrial and attachment tool businesses.
as these end markets remained solid.
Industrial growth was tempered, however, by lower auto production activity as OEMs continue to be impacted by electronic and other component shortages.
Aerospace also experienced trough conditions as the industry recovery while promising to be likely in the foreseeable future, has yet to occur.
Security delivered another strong quarter with 8% organic growth.
The security transformation to a data-enabled cloud-based technology provider is building significant momentum, and our team successfully converted this robust backlog into revenue growth.
Order rates were strong and we posted a third straight record quarter and backlog.
We're excited about the full potential of these opportunities to support elevated revenue growth in the fourth quarter and beyond.
The overall company adjusted operating margin rate was 12.2%, down from the prior year as growth investments and higher supply chain costs that accelerated in the quarter more than offset volume leverage, price mix benefits and margin resiliency.
Adjusted earnings per share for the quarter was $2.77, down 4% year-over-year.
And similar to most companies engaged in global trade, our supply chain costs were higher this quarter.
We have worked tirelessly to get components and finished products to where they need to be to serve this extraordinary customer demand.
Through data analytics, we now have visibility into every container on and off the water, and we utilize this visibility to prioritize and expedite the most critical items, often with premium freight.
To offset the additional expenses, we have deployed price increases, surcharges and productivity measures.
To be clear, we have made a conscious decision to incur temporarily higher expediting costs to serve our customers and meet demand as effectively as possible.
We have sized the pricing and productivity actions to ensure that we are well positioned to address the inflation and achieve margin accretion in 2022.
This implies that our actions will be sufficient to restore our margins to normalized levels as the actions catch up to the higher costs in 2022.
And further, we remain highly confident in our multiyear growth and margin expansion plans.
There are several positive secular demand trends that are benefiting our businesses, and we remain bullish on the resi and nonresi construction markets as well as the industrial recovery.
We have developed an array of growth drivers to position our businesses to capture this opportunity, and we are continuing to invest in innovation, manufacturing, automation, inventory and our supply chain to meet the strong demand in the near term and fuel sustainable growth over the medium and long terms.
And now I'll take a moment to review our recently announced MTD and Excel acquisitions.
The combination of these two high-quality complementary companies with our existing outdoor business creates a powerful growth engine with approximately $4 billion of revenue across all categories the $4 billion, we expect approximately $3 million of that in -- of the $4 billion to be a direct result of closing the two transactions in the coming weeks.
Even before that, we are starting from a position of strength with strong outdoor brands in DEWALT, CRAFTSMAN and Black & Decker as well as the fastest-growing franchise in cordless electric outdoor products.
Our legacy outdoor business is benefiting from the long-term trend of electrification, primarily now in handheld products and walk-behind mowers.
MTD is one of the leading players in U.S. retail with great brands such as Cub Cadet and Troy-Bilt and brings a relentless dedication to innovation.
Excel focuses on zero-turn mowers and offers a range of premier commercial grade and prosumer equipment, with Tier 1 niche pro brands such as Hustler and Big Dog.
Excel also brings us access to a strong and extensive professional dealer network.
These acquisitions are complementary to each other and fill gaps in our current presence in the outdoor space, which brings me to another major growth driver.
With these acquisitions, we have an ESG opportunity.
to lead large-format electrification and outdoor.
The customer adoption of electrified riders and zero-turn mowers is still in the early stages but the future potential is compelling.
In collaboration with MTD, we have been making great progress since 2019 in developing innovative electrified solutions that offer a compelling value proposition in terms of run time, price point, and environmental impact.
Additionally, MTD has semiautonomous and autonomous mowing technology, which we will commercialize in the coming years.
Outdoor will undoubtedly unleash an array of impressive innovation over the next few years.
Global channel development and professional branding are significant additional revenue synergies that we think as we think about ways to grow sales through our future outdoor activities, applying MTD's strong innovation with a leading professional brand like DEWALT presents an excellent opportunity to win the prouser with a full line of gas and electric options.
To fully realize this potential, we plan to build on our existing position in retail as well as expand our sales in the pro dealer network.
MTD has a strong presence in the retail channel with approximately 1,500 dealer locations.
Excel exclusively distributes through its 1,400 outlet dealer channel, which is largely geographically complementary to MTD's dealers.
The opportunities for brand, product and channel revenue synergies to expand sales and carry accretive margins are both meaningful and exciting.
And finally, on one more outdoor growth front, we have an opportunity in the $4 billion high-margin parts service segment as we build our presence and serve our customers.
The benefits from this growth will also come with margin expansion as we apply our SBD operating model and our global scale to execute on cost synergies, launch margin-accretive innovation and develop a vibrant professional franchise.
We expect these opportunities to provide a pathway to mid-teens or higher margins over the long term.
Both acquisitions are currently progressing through their respective regulatory processes.
And for MTD, we are happy to say that the United States HSR review is complete.
Additional reviews are underway in several other smaller countries.
We currently anticipate to close in late 2021 or early '22 for both transactions pending successful completion of the regulatory processes.
And as must be obvious, we're excited about the future of outdoor products at SBD.
The significant ESG growth and margin opportunities have the potential for excellent value creation in 2022 and beyond.
Extreme innovation is at the heart of SBD's culture.
It is 1 of our 3 strategic pillars: performance, innovation and social responsibility.
Innovation differentiates all our franchises and defines our brands.
Over the last couple of years, we have brought incredible innovation to the market from FLEXVOLT to Atomic and Extreme and now DEWALT power stack and Black & Decker Reviva, which I will cover in a few moments.
It is clear that our tools innovation machine has never been stronger.
Nonetheless, we are doubling down on our investments in innovation and new product commercialization.
These investments will support the largest pipeline we have ever had with new products across all our major categories and end users.
Over the last 12 months, we have added approximately 1,300 new employees with deep domain expertise and technical knowledge in critical areas, including sales, engineering, product management, brand, industrial design, e-commerce and end-user insights.
Our supply chain investments are also key innovation enablers moving closer to the customer, adding capacity, improves agility, customer responsiveness and speed to market as we develop and commercialize new products.
We have approximately $200 million of new innovation and growth investment projects in process which are included in our second half 2021 run rate.
These projects will allow us to effectively better serve the strong global product demand for tools and position us for sustained long-term growth.
Earlier this month, we announced our latest breakthrough innovation, the DEWALT POWERSTACK battery, a remarkable design and engineering achievement.
POWERSTACK is the world's first power tool battery to leverage lithium-ion pouch cell technology and introduces a new era of performance for DEWALT power tools.
POWERSTACK batteries will begin shipping in the fourth quarter of this year with annual growth potential measured in hundreds of millions.
This is another example of our leading-edge differentiated innovation, driving the revenue growth potential of our core business.
The POWERSTACK battery is 25% smaller, 15% lighter than our comparable DEWALT 20-volt 2 amp-hour battery and it delivers 5 0% more power with 2x the charge cycles, making this revolutionary design the lightest and most powerful and longest-lasting compact battery from DEWALT. And it is compatible with our DEWALT 20-volt system.
The combination of POWERSTACK and our proven capabilities to design and manufacture the best and most compact brushless motors in the industry, we have just unlocked a new dimension for smaller, lighter and more powerful tools with enormous runway ahead.
The importance of this innovation cannot be overstated.
More power, more compact, lighter, lasts longer, guaranteed tough.
We love it and so are the market.
DEWALT is again asserting itself as the industry leader in professional power tools.
And now for something also very exciting, but quite different.
It's never been more important for companies to turn their attention to building a sustainable future for our global community.
The Black & Decker Reviva line is our latest customer offering and creating more sustainable products and driving innovation with purpose.
This line of consumer DIY tools features 5 0% post-consumer recycled content in the enclosures, which reduces virgin plastic use and supports closing the loop in a circular economy.
Partnering with Eastman to apply their Triton Renew material to our products has created the opportunity to reduce environmental impact, while continuing to develop the performance, durability and quality that our customers require.
We are delighted to have found a long-term partner in Eastman, a company that will support and accelerate our wider, broader commitment to becoming a force for good in society.
This product is a great example of how corporations can embrace ESG in a way that provides meaningful innovation to the consumer, reduces our impact on the environment and drives business performance.
The Black & Decker revitalization is a major growth opportunity for the company, and Reviva is just one great example of how we're making that happen.
In support of that, I want to spend a moment to share a few of the many actions we have taken to position our company for significant growth in 2022 and beyond.
Three areas I would like to highlight include our latest investments in expanded manufacturing capacity, strategic sourcing partnerships and the further acceleration of our factory automation initiatives.
Beginning with our manufacturing footprint.
We are aligning our new investments with our Make Where We Sell strategy as we expand capacity globally.
For example, in 2021, we are opening two new power tool plants and 1 new hand tool facility in North America.
These three new facilities will enable shorter lead times.
And once in place, our North American capacity will have tripled since 2016.
These new manufacturing plants will be accompanied by a parallel regional development of our local supply chain base over time, enhancing local market sourcing and speed to market.
As it relates to strategic sourcing, we have acted and continued to focus on securing sufficient supply of battery cells and electronic components using our power tools to support our long-term growth plans, which include the growing tailwind from electrification.
We have co-invested with key battery suppliers to secure dedicated capacity for the next several years.
In addition, we are adding new qualified suppliers to diversify our sourcing and working to increase our inventories for battery cells.
We made great progress in 2021 and are well positioned for significant supply increases related to battery cells.
As it relates to electronic components, we are following a very similar plan.
We have made progress in 2021 and are on our way to securing the chips and the throughput to support at least 25% growth in our electronic component supply for 2022.
This area is currently an intense pain point.
However, we see a road map for significant improvement by early spring of 2022.
Finally, we are leveraging our Industry 4.0 capabilities to drive manufacturing automation throughout many of our factories.
We are deploying multiple projects in our Charlotte manufacturing facility that have a payback of less than one year.
These flexible automation projects enable the labor efficiency and increased throughput required to deliver outsized productivity and enable our Make Where We Sell strategy.
In summary, we have positioned our business to have the capacity, supply and throughput to deliver significant growth in 2022 and beyond.
I will now take a deeper dive into our business segment results for the third quarter.
Tools & Storage delivered record revenues as we maintained our focus on ensuring we keep up with the existing market demands.
This resulted in 14% revenue growth with volume up 11%, price up 2% and currency contributing an additional point.
The operating margin rate for the segment was 15.7%, down from 21.5% in the third quarter of last year as volume, price, productivity and benefits from innovation were more than offset by accelerating transit costs incurred to meet the strong market demand.
Additionally, rising commodity inflation and new growth investments related to digital marketing and feet on the street offset those positive items I mentioned.
All regions delivered organic growth, with North America up 9%, Europe up 20% and emerging markets up 28%.
This performance was supported across all markets as the secular The strong professional-driven demand was also demonstrated in the commercial and industrial channels posting 15% growth versus the prior year.
Our thesis on demand is playing out as underlying construction activity remains strong and the Pro is driving growth, overcoming a robust growth performance in the comparable period last year and a little bit of moderation in the DIY category.
Further demonstrating the durability of these trends, our latest POS results showed mid-single-digit growth over the last four weeks, covering late September through mid-October, with the last measured week up double digits, a very good signal of the healthy backdrop in U. S. retail.
The European Tools business experienced growth across all major geographies.
along with the commercial, retail brick-and-mortar and e-commerce channels.
The region grew 17% organically with a standout e-commerce outperformance, up 43% versus the prior year.
In addition to a notable DEWALT brand strength performance, which achieved 27% growth.
Finally, in emerging markets, growth was pervasive across all regions and was led by trade solutions, cordless power tools and continued e-commerce momentum.
All markets are consistently contributing to share gains, including 36% organic growth in Latin America and 22% organic growth in Asia.
Finally, our enterprisewide e-commerce strategic growth initiative continues to deliver strong results with third quarter global e-commerce revenue up nearly 20% versus 2020.
Now let's turn to the Tools & Storage SBUs.
Power Tools delivered 11% organic growth, which was supported by the new and innovative product launches across CRAFTSMAN, DEWALT and Stanley FatMax.
Two great examples of these innovations are, one, Stanley 20-volt product line launch with improved battery technology; and two, several new offerings across both the Extreme and Atomic platforms.
Moving on to the Outdoor business.
All regions contributed to an 11% organic growth performance.
This was driven by new listings and cordless innovations under the Black & Decker, CRAFTSMAN and DEWALT brands.
Notably, global sales were up over 50% year-to-date as compared to 2020.
We delivered industry-leading growth, rolling out new offerings in mowers and handheld products in 2021.
Looking ahead, we are encouraged by the results of our 2022 line reviews where we gained significant listings with all our major retailers, supporting our belief that outdoor electrification has the potential to be a major growth catalyst for the company.
Finally, hand tools, accessories and storage grew 16% organically, fueled by a robust market demand and new product introductions across our key construction, auto and industrial markets.
A few highlights include the 20-volt spot laser and the Elite circular saw blade within the construction space.
Within the automotive aftermarket, CRAFTSMAN unveiled a new set of V-Series mechanics tools that are designed to professional specifications.
We also launched a Lennox Gentech carbide band saw for our industrial customers.
A lot of wonderful innovation in the third quarter.
Also during the quarter, the Tools & Storage team was awarded 46 Pro Tool Innovation Awards, representing best-in-class products in the construction industry.
Well done, Tools team.
Demand in tools remains robust, lapping strong 2020 growth comps and Q3 saw strong mid-20s percentile growth as compared to 2019.
Now shifting to Industrial.
Segment revenue expanded by 1%, as two points of price and 1 point of currency was partially offset by one point of volume and one point from an oil and gas product line divestiture.
Operating margin was 7.9%, down versus 12.3% in the third quarter of last year as the benefits from price and productivity were more than offset by commodity inflation, growth investments and volume declines in higher-margin automotive and aerospace fasteners.
Looking further within this segment, Engineered Fastening organic revenues were down 1% as strong general industrial growth of 23% was offset by market-driven aerospace declines and lower automotive OEM production, resulting from the global semiconductor shortage.
Our auto fastener growth outperformed light vehicle production by approximately 15 points for the quarter and year-to-date periods.
This shows our value-add business model is generating share gains despite the OEM production schedule fluctuations.
Infrastructure organic revenues were up 7%, as 16% growth in attachment tools was partially offset by lower pipeline project activity in oil and gas.
Momentum continues to build in the attachment tools markets with strong backlogs and order rates at our OEM and independent dealer customers.
As we look forward into 2022 and beyond, we are prepared to serve the cyclical growth recovery across many of our industrial end markets.
Now shifting to Security.
Total revenue was up 5%, with 7% volume and 1 point contributions from price, currency and acquisitions, which was partially offset by a five point decline related to the international divestitures completed in the third quarter of last year.
North America was up 12% organically, driven by strong backlog conversion in commercial electronic security and solid growth within automatic doors and healthcare.
Europe was positive organically led by data-driven product solutions in France, which is one of our most mature businesses and activating the new health and safety growth opportunities that we have outlined in the past.
Our security business transformation is consistently driving top line momentum.
Order rates globally grew 14% in the third quarter, resulting in the third consecutive record quarter end backlog.
Overall Security segment profit rate, excluding charges, was 9.2%, down versus the prior year rate of 11% as price and volume gains were more than offset by costs, pandemic-related inefficiencies and growth investments such as SaaS solutions, touchless door technology and other health and safety options.
We now have broad customer access, but new safety protocols are extending installation time lines.
We are implementing price actions for these new realities while we continue to invest to fuel top line momentum.
Moving to slide 11, let's review free cash flow performance.
Third quarter free cash flow was a use of cash of $125 million, which brings our year-to-date results to a use of cash of $31 million.
As you heard from Jim, we are focused on serving our customers and have invested in inventory to serve the robust demand environment here in 2021 and in '22 and beyond, which is a major item that explains the year-over-year performance.
There's also a normal seasonality pattern to our working capital that typically results in a significant amount of our cash flow generation occurring in the fourth quarter.
We expect 2021 will follow that pattern and are planning for strong fourth quarter cash performance, while ensuring that we make the all of our exciting growth initiatives.
Let's now move to page 12 and dive into the supply chain.
The environment certainly remains dynamic as we serve the robust demand across the markets.
During the third quarter, we experienced accelerated input cost inflation and higher cost to serve demand.
We've initiated a comprehensive set of pricing and productivity actions in response.
I'll now outline our latest expectations for inflation and our game plan for price recovery.
Compared to our July guidance, key commodity inputs such as steel, resins and purchase components accelerated throughout the third quarter, contributing an incremental $100 million in costs.
In addition, container and transportation costs, which largely drive our cost to serve, experienced a dramatic increase during the quarter.
Average container spot prices are now nearly seven x what we were paying earlier this year.
Average transit time from Asian suppliers to the North American manufacturing facilities and distribution centers have increased more than twofold from approximately 40 days to 85.
Combined, these container and transit cost impacts added an additional $130 million of cost pressure.
These underlying assumptions raise our full year commodity and supply chain headwinds to an estimate of approximately $690 million.
Assuming the known impacts continue, we also are forecasting approximately $600 million to $650 million of carryover cost headwinds for 2022.
Now if you shift to the right side of the page, teams across the globe are actively engaged to fully address these headwinds with robust productivity actions to further boost their operational efficiency.
We've also completed the price increases that we discussed with you in July and have recently taken further actions, which include communicating a new 5% surcharge in our North America Tools and Outdoor business, and further price increases across all of our businesses and regions during the fourth quarter.
The combination of our market-leading brands, when coupled with a robust pipeline for innovation, provide a setup for volume and price-driven growth in 2022.
And then finally, we continue to advance our margin resiliency initiatives and anticipate $100 million to $150 million of opportunity in 2022, which we can leverage to offset incremental headwinds, further invest in the business or contribute to margin outperformance.
Within a complex environment, we believe that we've sized the productivity and pricing actions to exceed the anticipated 2022 headwinds, and we are taking the appropriate actions to position the business for margin improvement in the coming quarters.
I will now outline the full year organic growth and margin rate assumptions overall and by segment.
Our updated full year 2021 guidance calls for organic revenue growth of 16% to 17%.
And at the midpoint, adjusted earnings per share expansion of 22% versus the prior year and 31% versus 2019.
Tools & Storage and Security organic growth expectations are consistent with our prior guidance, in the low 20s and the high single digits, respectively.
The teams will continue to leverage price and cost actions in addition to operational productivity to counteract the extremely dynamic supply chain cost pressures.
We are anticipating a relatively consistent level of revenue for Tools & Storage across Q3 and Q4, which both represent total growth in the mid- to high 20s versus the comparable periods in 2019.
Across all the segments, margin rates will be down year-over-year, largely due to the accelerated inflation impacts, which are partially mitigated by the incremental pricing actions that were or will be implemented during the third and fourth quarter.
On a GAAP basis, we expect the earnings per share range to be $10.20 up to $10.45, inclusive of various onetime charges related to facility moves, deal and integration costs and functional transformation initiatives.
On an adjusted basis, we are moderating the earnings per share outlook to $10.90 up to $11.10 from the previous range of $11.35 to $11.65.
The key assumption changes to the company's prior earnings per share outlook includes the following 4 items: one, an incremental $230 million in commodity, transit and labor inflation, which is approximately $1.25 reduction to EPS; two, recent currency movements have resulted in a $0.
15 negative earnings per share for 2021; three, these pressures will be partially mitigated by our incremental pricing actions and other actions, which add an incremental $0.30 to EPS; and then four, the benefit of a lower full year tax rate and other below-the-line assumption will contribute approximately $0.6 0 of improvement to EPS.
We have also disclosed several key full year assumptions and our expectation for pre-tax M&A and other charges to assist you with your modeling.
Lastly, the company expects free cash flow to be approximately $1.1 billion to $1.3 billion, which contemplates capex investment levels to be between 3% to 3.5% of revenue.
This updated guidance reflects our desire to maintain temporarily higher levels of inventory to serve the strong demand and improve customer fill rates.
That, combined with our supply chain investments, will set us up strong or very strong performance in 2022.
So in summary, our revised guidance calls for consistent revenue expectations, generating organic growth of 16% to 17% and approximately 22% adjusted earnings per share expansion for the company in 2021.
Considering the volatility in the operating environment that we all continue to navigate, this is an excellent top line performance with significant year-over-year earnings per share expansion.
Moving to the right side of the page, I'll now outline some initial thoughts on 2022.
While the environment remains dynamic, we have strong conviction that we can grow our core earnings base in addition to the MTD and Excel accretion.
We have been investing in our supply chain and in a powerful set of organic growth initiatives that could fuel mid-single-digit organic volume growth in 2022.
In addition, we have cost productivity to help us fund investments and enable healthy operating leverage.
We are also actively addressing the inflationary environment with pricing actions that should result in 3.5 to 4 points of price next year and will allow us to move -- to more than fully recover the carryover impacts from inflation experienced in the second half of 2021.
We believe this price and inflation dynamic can be a positive carryover benefit of approximately $0.20 of earnings per share in 2022.
These factors added together should generate approximately $0.90 to $1.
10 of earnings per share accretion.
Additionally, MTD and Excel is expected to generate $0.50 of earnings per share and combined with the prior factors can result in significant double-digit earnings per share growth from operations.
Below the line, we are assuming a $0.50 headwind, primarily from the tax benefit in 2021 which will not repeat next year.
So to summarize, with the current inflation and demand environment, we are programming the business to deliver $1 of earnings per share growth versus our 2021 guidance.
Tools & Security global markets continue to demonstrate strong demand and our customers have an optimistic view for 2022.
Industrial will begin to see a cyclical recovery in 2022, most likely at a moderate pace.
We have a clear plan for 2022 growth assuming that conditions we are experiencing today continue.
These initial thoughts on what is possible in 2022 will be refined with our guidance to be issued in January once we have a clearer picture of various external inputs.
That being said, the market demand environment remains very strong and supportive.
We have a phenomenal set of growth catalysts across the businesses, and we are actively addressing the supply and inflation environment, which has not worsened from what we have experienced in Q3.
We remain well positioned to deliver above-market organic growth with operating leverage, resulting in strong free cash flow generation that will drive top quartile shareholder returns over the long term.
It may not be obvious without stepping back from all this condensed information is this.
When we deliver the organic growth in 2022 that Don discussed and when we closed the outdoor transactions, in combination, we will have added $6 billion of growth in the 2021, 2022 time period against a 2020 base of $14 billion.
That is over 40% growth.
So in summary, we continue to execute on the strong demand trends and deliver exceptional organic growth despite the temporarily challenging supply chain environment.
We are enjoying positive secular trends, vibrant markets and a strong array of growth catalysts, and we expect this to continue.
I am more than pleased with our team's efforts, and I'm excited about the enormous potential as we close out this year and look forward to continuing top and bottom line growth to drive shareholder value creation in the coming months and years.
And finally, I am excited about all the cultural advancements we have made in recent times to attract, inspire and engage talent in the 2020s requires an acute awareness and commitment to deliver what that talent is looking for in their company's employee value proposition.
We are a purpose-driven company with an authentic commitment to diversity and inclusion.
We are a company that cares about its stakeholders and is doing its share to be a force for good in society.
This is an exciting place for people to thrive and live their purpose.
So far, it is working.
Our ability to attract world-class diverse talent has never been stronger, and our passion for and conviction in differentiated performance, becoming known as one of the world's most innovative companies and elevating our commitment to corporate social responsibility inspires us and motivates us every day.
We are for those who make the world.
And with that, we are now ready for Q&A.
Shannon, we can now open the call to Q&A, please.

user
stanley black & decker q3 revenue up 11% to $4.3 bln.
q3 revenue rose 11 percent to $4.3 billion.
revising 2021 diluted gaap earnings per share guidance range to $10.20 - $10.45.
revising 2021 adjusted earnings per share to $10.90 - $11.10.
qtrly adjusted earnings per share $ 2.77.

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