We exceeded all of our financial objectives for the year, achieving record sales, earnings, and cash flow, despite a very challenging global economic climate that developed particularly late in the year. Worldwide, we succeeded in driving growth through geographic expansion, leveraging the momentum of our existing businesses while concurrently pursuing selected new business development opportunities and exonerating our investment in research and development to its highest level in the company’s history.
Adjusted EPS at $0.91 exceeded guidance for the quarter and increased 20% versus the prior year. Full-year adjusted EPS at $3.38 per share increased 21%, and exceeded our original full-year EPS guidance range of $3.10 to $3.18 per share.
Sales growth for the quarter, excluding FX, was robust, increasing 9%, which clearly reinforces the value and strength of our diversified business model and illustrates the solid fundamentals underpinning our portfolio. I’m also particularly encouraged with the consistency of our improving margins. Adjusted growth margins in the fourth quarter and full-year was approximately 51%, a historic level for the company.
Adjusted operating income as a percentage of sales was 22.6% in the fourth quarter and approximately 22% for the full-year, which represents an improvement of over 100 basis points versus 2007
