Now let's move to our second quarter results. We were very pleased with our strong second quarter operating performance despite end markets slowing in a variety of international end markets and the significant currency headwinds we faced in the quarter. Thanks our differentiated 80/20 operational focus, our business has produced very strong operating margin improvement in the second quarter due to excellent management of input and overhead costs. We also continued to return significant levels of cash our shareholders through our share repurchase program, as well as our strong dividend payout.

Looking ahead to the second half 2012. We lowered our EPS forecast range, given the ongoing negative impact of currency translation and the expected continuing sluggish demand in the international end markets, as well as additional restructuring expenditures that will now total over $100 million for the year. Ron will cover our forecast in detail later in the call.

Now let me hand it over to Ron, who will talk about the strong second quarter performance. Ron?

Ronald D. Kropp

Thank you, David, and good morning, everyone. Here are the highlights for the second quarter. Revenues increased 0.9% due to higher base in acquisition revenues offset by the unfavorable impact from currency. Operating income was $770 million, which was higher than last year by $59 million, representing income growth of 8%. Operating margins of 16.5% were 110 basis points higher compared to last year. Diluted income per share for continuing operations was $1.11, which was close to the midpoint of our range. Finally, free operating cash flow is $409 million for the quarter.

Now let's go to the components of our operating results. Our 0.9% revenue increase was primarily due to the following factors. Base revenues were up 2.3%, with North American base revenues increasing 5.3% and mixed international base revenues that overall were down slightly year-over-year. John will discuss the geographic mix in more detail later in the call. Acquisitions net of divestitures added 3% to revenue growth and currency translation decreased revenues by 4.5%, largely due to a weaker euro.

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