Rockwell Collins Reports Strong Quarterly Results

April 22, 2011
Aerospace/defense company raises guidance for full-year 2011.

Rockwell Collins Inc. said its year-over-year sales increased $81 million in fiscal-year 2011 second quarter, which ended March 31.

The company reported second-quarter sales of a $1.2 billion, up 7% from $1.1 billion for the same period a year ago.

The strong quarterly results prompted the Cedar Rapids, Iowa-based aerospace/defense manufacturer to boost its full-year earnings-per-share guidance to between $3.90 and $4.10, a 5-cent increase over the previous guidance.

"As expected, we were able to deliver solid growth across both our businesses with Commercial Systems leading the way," said Rockwell Collins Chairman, President and CEO Clay Jones. "Indicative of our operating leverage, Commercial Systems delivered operating earnings growth at almost three times the rate of sales while Government Systems demonstrated it could maintain an exceptionally high rate of profitability despite slower, albeit positive, growth."

The company's Commercial Systems unit, which provides aviation electronics systems, products and services to air-transport, business and regional aircraft manufacturers and airlines, achieved second-quarter sales of $507 million, a 13% increase over second-quarter 2010.

Overall, Rockwell Collins reported second-quarter net income of $150 million, a 1% increase over second-quarter 2010. Earnings per share for the quarter were 96 cents, a 3-cent increase over second-quarter 2010.

The company is projecting fiscal-year 2011 sales to be between $4.8 billion and $5 billion.

"Once again our balanced business model proved its resilience and ability to achieve strong performance in transitional markets," Jones said. "Halfway through our fiscal year, we see continued improving market conditions and sufficient reductions in areas of risk that we are again raising earnings guidance expectations."

Senior editor Josh Cable covers the automotive, aerospace, maritime and rail manufacturing sectors for IndustryWeek. Follow him on Twitter at @JCable_IW.

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