"Third quarter results were impacted by significantly higher operational costs in the quarter, as we took additional downtime for maintenance work and to manage global inventories. While the top line reflected normal seasonal slowing in the back half of the year, we continued to grow in our targeted, defensible markets of transportation filtration, premium packaging and digital transfer media," says John O'Donnell, chief executive officer. "Inflationary pressures in 2018 have been unprecedented, with rapid increases in both input and freight costs. Our business teams have responded admirably with market pricing activities and have stepped up cost reduction efforts. These actions, along with initiatives to improve our asset footprint and increase filtration sales in North America, will help restore profitability and margins in 2019."