COL 1QFY11 EPS Well Ahead Of Oppenheimer Estimate

Rockwell Collins, Inc. COL reported 1QFY11 EPS of $0.96, “well ahead of our $0.83 (consensus $0.87),” Oppenheimer reports. “Excluding the retroactive effects of recent tax legislation, EPS were $0.87, in line with consensus,” Oppenheimer writes. “The difference vs. our model was mostly on tax. Sales were about in line at $1.1B, as was total operating margin at 19.4%. The company raised full-year guidance $0.10 to $3.85-4.05 vs. our $4.12 (prior $4.00). “The quarter was solid, but about as expected. Aside from the tax benefit, commercial added ~$0.01 as did lower shares, vs. our model, bolstered by the company's 2.5M share repo in the quarter. We continue to view COL as one of the highest quality ways to gain exposure to the commercial aerospace recovery.” Rockwell Collins closed Thursday at $62.84.