UPDATE: Rockwell Collins Posts Higher FQ4 Sales

Rockwell Collins

reported a rise in its sales for the fiscal fourth quarter. The Cedar Rapids, Iowa-based company posted a quarterly profit of $167 million, or $1.23 per share, versus a year-ago profit of $175 million, or $1.28 per share. The recent quarter earnings included $80 million in income tax expense, versus a tax expense of $74 million in the year-ago period. Excluding non-recurring items, the company's adjusted earnings from continuing operations came in at $1.30 per share. Its sales gained 15% to $1.4 billion. However, analysts were estimating earnings of $1.27 per share on revenue of $1.36 billion. Sales of government systems declined 5% to $605 million, while commercial-systems sales climbed 12% to $639 million in the quarter. During the quarter, Rockwell Collins repurchased 1.3 million shares of common stock at a total cost of $100 million and paid a dividend on its common stock of $0.30 per share. “An excellent fourth quarter capped off a solid year of financial performance for Rockwell Collins,” said Rockwell Collins Chief Executive Officer and President, Kelly Ortberg. “These financial results, which included double digit sales and cash flow growth, met or exceeded our guidance ranges that we established at the beginning of the year and are on track with the long-term expectations we shared at our investor day last March. Not only do we see improving market conditions for our company, but the acquisition and integration of ARINC is exceeding our expectations and adds a growth engine to our portfolio.” Rockwell Collins expects full-year earnings of $4.90 to $5.10 per share on revenue of $5.2 billion to $5.3 billion. Analysts expected earnings of $5.01 per share on revenue of $5.27 billion. Rockwell Collins shares rose 0.81% to close at $82.91 yesterday.