During the second quarter, our sales were $4.2 billion, an increase of over 8%, adjusting for currency and divestitures. This is a positive outcome and evidence of the increasing demand for TRW's technologies considering the decline in the European vehicle production and the negative impact of currency movements between the 2 periods.

Operating profit and margin before special items was $339 million and 8%, respectively. Included in our Q2 operating profit is an accrual for the fine to resolve the U.S. antitrust investigation. This accrual pertains not -- only to the Department of Justice investigation. At this point, the company cannot estimate the financial impact resulting from the European Commission's investigation. We will evaluate developments in this matter on a regular basis and will record an accrual as and when appropriate.

Net income was $221 million, and earnings per share were $1.72 on the same basis. This EPS outcome represents a 5% year-on-year increase compared to last year's pro forma adjusted results. Joe will walk you through this comparison in a few minutes.

And finally, also in line with company expectations, the company generated cash from operations of $191 million during the quarter.

I'll also point out that during the course of the quarter, the company continued to repurchase its common stock, reaching its authorized limit for the year at 2.3 million shares. Total cash of about $102 million was used in completing the repurchases this year. Joe will discuss our cash flow and the enhancements we continue to make in the capital structure in detail in a few minutes.

Combining TRW's solid second quarter performance with Q1 results provides the firm foundation for TRW to reach its full year goals as we head into the second half.

I will expand on the year-to-date results in just a few moments. First, just a few additional comments on the second quarter.

Read the rest of this transcript for free on seekingalpha.com

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