RE:headline numbers...
The report this am raised questions for me. No explanation for increase in expenses after the special items. Pro forma ebitda should be growing with over 20% increase in sales, though acquisitions accounted for an unknown portion of the growth.
After giving effect to the acquisitions growth, the US slowing considerably, but expenses as a percent of sales still rising. All this is to say its probably not just the thinness of the market.