Operator: Good day ladies and gentlemen, and welcome to Honeywell's Second Quarter 2013 Earnings Conference Call. At this time, all participants have been placed in a listen-only mode and the floor will be opened for your questions following the presentation. As a reminder, this conference call is being recorded.
I would now like to introduce your host for today's conference, Elena Doom, Vice President of Investor Relations.
Elena Doom - VP, IR: Good morning. Thank you, Zack. Welcome to Honeywell's second quarter 2013 earnings conference call. Here with me today are Chairman and CEO, Dave Cote and Senior Vice President and CFO, Dave Anderson. Today's call and webcast including any non-GAAP reconciliations are available on our website at honeywell.com/investor. Note that elements of today's presentation contain forward-looking statements that are based on our best view of the world and of our businesses as we see them today. Those elements can change, and we would ask that you interpret them in that light. We do identify the principal risks and uncertainties that affect our performance in our Form 10-K and other SEC filings.
This morning we will review our financial results for the second quarter and share with you our outlook for the third quarter and full year and of course, leave time for your questions.
So, with that, I'll turn the call over to Dave Cote.
David M. Cote - Chairman and CEO: Thanks Elena. Good morning, everyone. As I'm sure you've seen by now, Honeywell had a good second quarter, capping off a strong first half, which puts us well on our way to achieving the full year guidance that we set back in December. Normalizing for tax, EPS was $1.22, up 8% year-over-year on an adjusted basis and in line with our guidance of $1.18 to $1.23. Sales of $9.7 billion were near the high end of guidance and if you exclude Defense where the headwinds are well-known and as we expected them, we saw a sales growth in each of the four businesses. We also continue to benefit from margin expansion, up 30 basis points to 16.1%. Primary driver has been the savings from the proactive repositioning actions we've taken in prior periods. As we continue to face an uncertain macro outlook, we think it's prudent to keep that pipeline full.
So we funded over $60 million of incremental restructuring this quarter, more than offsetting an OPEB curtailment gain and bringing us to approximately $100 million of repositioning actions funded this year. Dave is going to take you into more detail on that later.
However, while investing for the productivity is important, it sure is a lot easier to expand margins when sales are growing. So even in this tough environment, we're planting the seeds that will drive future top line growth.
Some of the lowest-risk, highest-return projects available to us are organic. So, we continue to invest in R&D, new product introductions and capacity expansions. Our long-cycle businesses, including Commercial Aerospace, Process Solutions and UOP, continue to benefit from a strong backlog which ended the quarter at roughly $15.5 billion. The businesses are also winning in the marketplace. And some examples; in Aerospace, we announced the new version of our HTF7000 series engine, the HTF7350, will power the new Challenger 350 super midsize business jet.