Divestiture ImpactThe sale of Kichler lighting business is viewed as a modest positive, as Decorative Architectural margins should improve, while dilution appears manageable and MAS focuses on key plumbing and paint franchises.
Margin ExpansionPlumbing margin expansion was the highlight, aided by International volume growth and cost saving initiatives.
Operational EfficiencyMargins were stronger than expectations at 19.9%, due to cost savings initiatives and higher volumes.