First quarter net sales were flat and underlying sales were flat excluding unfavorable currency of 1 percent and a positive impact from acquisitions net of divestitures of 1 percent.
First quarter gross profit margin of 42.4 percent was approximately flat compared with the prior year.
Pretax margin of 10.2 percent and EBIT margin of 11.0 percent were down 4.0 and 4.3 percentage points, respectively.
Adjusted EBIT margin , which excludes restructuring and related charges, was 13.7 percent, down 1.8 percentage points.
GAAP earnings per share were $0.53 and adjusted earnings per share , which excludes $0.14 of restructuring and related charges ($110 million in total), were $0.67.
Operating cash flow was $424 million, up $101 million, and free cash flow was $310 million, up $142 million.
GAAP earnings per share guidance is $3.27 to $3.52.
Adjusted earnings per share, which excludes approximately $215 million of planned restructuring actions and $13 million of related costs for the year, is $3.55 to $3.80 compared to prior guidance of $3.48 to $3.72. This increase reflects the favorable impact of expected savings from the restructuring actions.
Our expectation for full year cash flow remains largely unchanged.