I want to call your attention to our Safe Harbor provision for forward-looking statements that can be found at the end of our press release. The Safe Harbor provision identifies risk factors that may cause actual results to differ materially from the content of our forward-looking statements. Our current Form 10-K report and other periodic filings on file with the SEC provide further details about the risk factors related to our business.During this call, we may refer to adjusted operating income and adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation, amortization, plant rationalizations and other items. These non-GAAP company-defined measures are being provided because management believes they are useful in analyzing the operating performance and cash flow before the impact of various charges. A reconciliation of adjusted operating income and EBITDA to GAAP net income is available on the Investor Relations section of our website at generalcable.com. The format of today's call will first be some discussion by Greg Kenny about the current business environment. Secondly, Brian Robinson will provide some financial details about the second quarter. And finally, Greg will provide some comments on the company's third quarter 2011 outlook and business trends, followed by a question-and-answer period. With that, I'll turn the call over to Greg. Gregory Kenny Thank you, Len, and good morning. I'm pleased and encouraged to report a solid second quarter, building on the strong momentum generated in the early part of the year. In the second quarter, we benefited from sequentially better operating results in North America and Rest of World. Results in our Europe and Mediterranean region were sequentially weaker and continue to lag our other businesses. Our results reflect the importance and positive impact of our long-term strategy centered on product and geographic diversity. Our fundamental long-term view of the business remains intact.
Our reported revenues of $1.53 billion were slightly below our earlier communication, principally as a result of sequentially flat global buying. Our reported adjusted earnings per share of $0.77 was within our range of expectation as better operating results in North America and ROW, help to offset the impact of $0.05 per share of foreign currency translation losses as well as a slightly higher than expected effective tax rate, which was equivalent to about $0.02 of earnings per share.Our earlier indication assumed no foreign currency transaction gains or losses and an effective tax rate of just under 30%. Overall, we are encouraged by the momentum we continue to experience in our global business, as volume measured in metal pounds sold increased year-over-year for the fourth consecutive quarter. Equally encouraging are the contacts -- are the contracts we are recently awarded in our Project Systems business in Europe and the Mediterranean and the progress of our investments and strategic locations around the world in ROW. Brian will take you through the details of the financials in a bit. I thought I would spend some time talking about how I currently see our global business environment. During the second quarter in North America, we benefited from seasonally higher demand in our Electric Utility and telecommunication businesses. In addition, we continue to benefit from stable demand and steady momentum on pricing for products tied to information technology, natural resource extraction and electrical infrastructure. Excluding transmission products, demand for the company's electric utility products in North America improved 4%, compared to the second quarter of 2010, and was up 11% sequentially as compared to the first quarter. The sequential improvement in volume is principally due to seasonal demand for our low and medium voltage products used in the distribution grid. Our data communication team continues to be a source of strength as we leverage the successful commercialization of 17 FREE, a line of halogen-free jacket designs for certain of our data communication fiber optic and electronic cables. Natural resource extraction remains an important driver of demand for our specialty cables, including those products used in mining and oil and gas applications. Read the rest of this transcript for free on seekingalpha.com