Management's ongoing productivity initiatives are compressing SG&A as a share of revenue while pass-through clauses shift energy-cost volatility to customers, enabling adjusted operating margins near 30% even during inflationary periods.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on · in our words, not the filing’s
Adjusted operating profit of $2,744 million, or 29.5% of sales, was 7% higher as compared to the prior year driven by higher pricing, currency translation and productivity initiatives, which more than offset adverse impacts from cost inflation