Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from Daniel T. Binder - Jefferies & Company, Inc.
Daniel T. Binder - Jefferies & Company, Inc.
Emco was in the numbers for about a month. I’m figuring [inaudible] about 50 basis points to your growth rate but if I go to next quarter, it should contribute a bit more. I’m just trying to back into the organic growth that we’re running quarter-to-date. I’m coming up with -3. Does that sound right if you take into effect ORS and Emco?
Victoria J. Reich
A little bit better than that. About -2-ish.
Daniel T. Binder - Jefferies & Company, Inc.
On the extra day, what should we expect in Q4? Do we lose that day or is there a calendar shift at all?
Victoria J. Reich
No. In the fourth quarter we actually have the same number of days, so for the year we keep the day that we picked up in the third quarter. We’d love to have that every year but unfortunately going into next year we lose the day and that will happen in the first quarter.
Daniel T. Binder - Jefferies & Company, Inc.
Is there anything about the calendar that is unfavorable versus last year in terms of the holidays fall?
Victoria J. Reich
No. It’s just leap year this year and it’s the timing of when weekends fall and that sort of thing. Generally we have a movement of maximum one day year-over-year.
Daniel T. Binder - Jefferies & Company, Inc.
I know some years the way Christmas will fall can impact your business because of the way people vacation. Is there anything about the calendar this year that we should be concerned about?
Victoria J. Reich
No, I don’t think so.
Daniel T. Binder - Jefferies & Company, Inc.
What kind of inflation benefit would you expect to see in sales in Q4 given the price increases that you know about today? I think you said it was 3% in Q3. Is it going to be more than that in Q4?
Victoria J. Reich
It could move up modestly from there. We don’t know of all the price increases at this stage but those that we do know about I would say that we’re adding a bit more inflation versus the quarter that drops out in terms of the trailing 12-month impact. So it could move up slightly from the 3%.
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