Our book-to-bill ratio was actually quite high at 1.05%. Our gross margins reached 54.9% in the quarter and our operating margin was really quite spectacular, it came up 130 basis points to 24.7%. If you look at the incremental OP and the incremental sales, our operating leverage in the quarter was 59%. And there is no smoke and mirrors in that, it’s just 59%.
Our EBITDA was up $214 million – sorry, was $214 million and our EBITDA margin reached 29.5%. Operating cash flow in the quarter was $119 million, slightly lower than we would expect in the second quarter, but we had a higher cash tax rate and that would happen again in the rest of the year. Our first half operating cash flow was $261 million and we’ll project what we believe will be for the full year later this morning. Our diluted earnings per share were $1.15 versus a $1.03 last year, that $1.15 would have been $0.01 higher based on our guidance if it weren’t for the currency scenario, and the $1.03 is the number that we use with the re-measurement gain last year, you might remember, was about $0.05 a share, so on GAAP, it would have been $1.08, but was really adjusted at $1.03.
Net earnings were up 13%. We’re very happy with the performance, because we had about a $30 million headwind between our scientific camera business and Gaz de France and some European activity coming into the quarter and we were able to really blow through that, very solid revenue throughout the world with the exception in Europe, which was down about 18%. Record performance really in an uncertain economic environment.
Next slide, in the Q2 income statement, you’ll see orders over $763 million, up 7% organically. Revenue, book-to-bill came in at 1.05%, gross profit was up 100 basis points to 54.9% from 53.9% a year ago and our operating income was an amazing 24.7%, up 130 basis points for a year ago. Our interest expense about flat, tax rate was consistent with the guidance we established for the quarter came in at 29.6%. And net earnings were $115 million versus $102 last year, up 13%.Read the rest of this transcript for free on seekingalpha.com
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts