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So now let's turn to Slide #3 where Denise will discuss our results.Denise L. Ramos Good morning, everyone. I appreciate you joining us as we announce our financial results for the second quarter of 2012. I'd like to take this opportunity to share with you my perspective on our business performance. We continued our record of growth by delivering solid results at both the top line and EPS levels, even in an extremely unpredictable economic environment. Organic revenue was up 6% to $568 million. This strength reflected our growth and the attractive end markets where we are focused such as mining, automotive and chemical. The U.S. grew an impressive 18% in the quarter and as Motion Technologies continued its journey to expand outside Europe, they delivered growth of 36% in emerging markets. Industrial Process grew 16%, and with $233 million in shipments set a third consecutive record. This growth reflects strength in global mining, chemical and general industry pumps. We're also pleased to report an adjusted EPS of $0.50 per share, which reflects our strong top line performance, operational execution and cost action. We achieved this performance while absorbing incremental post-spin stand-alone costs, managing the impacts of FX and continuing to invest for the long term. In addition, we delivered 171% adjusted free cash flow conversion, which facilitates our ongoing investments for future growth. In the second quarter, we continued our track record of balanced and effective capital deployment, with $38 million in gross share repurchases and our quarterly dividend of $0.091 per share. Returning capital to shareholders has been our largest use of capital year-to-date as we recognize the need to balance our excess capital with our robust pipeline of organic and inorganic investments. These results demonstrate our ability to execute consistently on our growth strategies even in the midst of an uncertain global economic environment.
Looking ahead, I remain confident in our second half, although we will remain vigilant and continue to closely monitor global economic conditions. We took several actions during the quarter to optimize our cost and organizational structure in our Interconnect Solutions and Control Technologies businesses. And we have additional actions identified should market conditions worsen significantly. So based on our year-to-date strength and the operational playbook we put in place, we are maintaining our adjusted EPS guidance range of $1.62 to $1.72 and our organic revenue guidance of 5% to 7%.During the second quarter, we made steady progress against our 6 profitable growth drivers. Today, given the environment that we're operating in, let me highlight our execution in 2 very specific areas, operational excellence and providing a premier customer experience. It's important to note that ITT is well positioned for optimizing our processes due to the approach that was taken to effect the spend quickly. We have aggressively identify the right actions to optimize our cost structure and processes. We're also planning additional leaning out of our operations. We are now able to move quickly to accelerate the implementation of those optimization and cost actions across all processes and all functions. We have also launched our plan around lean transformation across our facilities. We have invested in Korea and Wuxi, China and as these plants are built, we are implementing lean processes from the ground up to maximize capacity gain and add value for our customers. Because we are a more focused company, we can now drive lean processes further down into our organization to smaller facilities with $25 million to $75 million in revenue such as our Lancaster, Pennsylvania and Amory, Mississippi valves plant. This enables us to provide a premier customer experience by improving our total cycle time and productivity. As we accelerate our implementation of lean processes across 80% of our facilities over the next couple of years, we will be able to rebalance and optimize our cost structure, while improving the plant flow, increasing capacity and enhancing customer focus. Read the rest of this transcript for free on seekingalpha.com