Record Second Quarter Sales and Earnings
Second quarter sales were above guidance at $4.1 billion, up 5% organically and 4% on a reported basis year over year. Record adjusted earnings per share of $2.10, up 13% versus the prior year.
Strong Industrial Segment Performance
The industrial solutions segment saw 17% growth driven by a nearly 80% organic increase in digital data networks. Adjusted operating margins expanded 260 basis points to 17.9%.
Order Growth and Free Cash Flow
Orders increased to $4.25 billion, up 6% year-over-year and sequentially. Strong free cash flow of $1.1 billion in the first half of the year, with approximately $1 billion returned to shareholders.
Dividend Increase
Announced a 9% increase to the dividend, reinforcing a strong cash generation model.
Richards Acquisition
Closed on the Richards acquisition in the industrial segment, deploying $2.3 billion related to the acquisition.