“Within commercial aftermarket, we now expect sales to grow low double digits across the company this year, up from our prior expectation of high single digits, driven by the strength at Pratt that I mentioned earlier.”

In context

“Neil Mitchill : All right. Thank you. I'm on Slide 5. In the second quarter, adjusted sales of $24.7 billion were up 14% on an adjusted basis and 16% organically year-over-year. This strong organic growth was driven by all 3 channels with commercial OE up 9%, commercial aftermarket up 18% and defense up 16%. Adjusted segment operating profit of $3.2 billion was up 18% year-over-year, primarily driven by the drop-through on higher volume. And segment margins expanded 40 basis points in the quarter with contributions from all 3 segments. Adjusted earnings per share of $1.89 was up 21% from the prior year, driven by the strong segment operating profit growth I just mentioned. On a GAAP basis, earnings per share from continuing operations was $1.57 and included $0.27 of acquisition accounting adjustments and $0.05 of restructuring and all other nonrecurring items. We generated $2.9 billion of free cash flow in the quarter, driven by segment profit growth, increased engine deliveries at Pratt and advanced payments from international customers at Raytheon. And powder metal-related compensation was approximately $150 million. Lastly, we entered into an agreement to sell Raytheon's Blue Canyon Technologies business for $620 million as we continue to focus on our core capabilities. So overall, I'm pleased with our strong financial performance through the first half of the year and our continued execution across the business. Okay. Let's turn to Slide 6, and I'll take you through our updated outlook for the full year. As Chris said upfront, we are updating our full year outlook based on our first half performance and our strong backlog position. On the top line, we're raising our full year adjusted sales outlook by $2.5 billion to a new range of $95 billion to $96 billion, up from our prior range of $92.5 billion to $93.5 billion. The majority of the sales increase is driven by the performance we're seeing in our defense channel across the company, primarily at Raytheon as well as higher GTF aftermarket volume at Pratt. Additionally, we're seeing strength in commercial OE at Collins, which is also reflected in this increased top line outlook. This translates to full year RTX organic sales growth of between 8% and 9%, up from our prior range of between 5% and 6%. Breaking this down further, we now expect commercial OE sales to grow mid- to high single digits, up from the prior expectation of mid-single digits, primarily attributable to the production ramp at Collins. Within commercial aftermarket, we now expect sales to grow low double digits across the company this year, up from our prior expectation of high single digits, driven by the strength at Pratt that I mentioned earlier. And with respect to defense sales, we now see growth of high single digits, which is at the higher end of our prior range of mid- to high single digits. This improvement is principally driven by the first half performance and continued execution at Raytheon. On the bottom line, we're increasing our outlook for adjusted earnings per share by $0.40 on the low end and $0.35 on the high end. We now see adjusted EPS of between $7.10 and $7.25 for the full year, up from our prior range of $6.70 to $6.90. At the midpoint of our updated outlook, this increase is driven by approximately $0.26 of higher segment operating profit, principally from the net drop-through on the higher volume across the segments as well as favorable defense mix and improved productivity, primarily at Raytheon. We're also seeing improvement in some below-the-line items, and we've provided an updated outlook for these items in the appendix of our webcast. Finally, we now expect free cash flow to be between $8.5 billion and $8.75 billion for the full year, up from our prior range of $8.25 billion to $8.75 billion, primarily driven by higher segment operating profit. With that, I'll hand it over to Nathan to take you through the segments in more detail. Nathan?”