“Lastly, we’re maintaining our free cash flow guidance at or above $6.2 billion and remained committed to $4 billion of share repurchases with $2.7 billion in the back half of the year.”

In context

“arlier than previously anticipated, and segment operating profit is up $45 million at the midpoint to $7.35 billion. At the business area level, we’ve increased Arrow’s outlook for sales by $250 million, with profit of $25 million based on higher volume on F-35, sustainment and classified work at Skunk Works. As we’ve mentioned previously, we expect minimal impact to our cost throughput in 2023 as a result of the lower F-35 aircraft deliveries. And while we expect there to be some pressure on cash collections we are driving offset opportunities to make up any shortfalls. At space, we’re raising the sales midpoint by $750 million on higher development volume and the profit midpoint by $20 million, as the benefit from higher sales is partially offset by a lower ULA earning earnings outlook. Lastly, we’re maintaining our free cash flow guidance at or above $6.2 billion and remained committed to $4 billion of share repurchases with $2.7 billion in the back half of the year. We continue to expect that these repurchases along with dividends will generate a return more than 100% of our free cash flow to shareholders for the year. Looking at the 2023 earnings per share expectation changes on page 12 we’ve increased the EPS midpoint by $0.35, with the largest portion $0.14 coming from improved business area profit. We expect $0.11 benefit from a lower share count and we also expect the $0.06 benefit from a lower tax rate to 15% of or about 20 basis points. The remaining $0.04 comes from mix of miscellaneous offsetting items. Finally on page 13, and to summarize and close out our comments. Our first half [Ph] results were strong driving our return to growth a year earlier than anticipated, and leading to the increased outlook for sales, profit and EPS. Our backlog”