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Rockwell Collins

Q2/2007 review

July 27, 2007: Rockwell Collins, Inc. (NYSE:COL) reported a 21% increase in its income (totaled $146 million) from sales of $1.113 billion, a 149 million increase over the last year's third quarter ended on June 30. The company raised its projections for the full fiscal year 2007 outlook promising, derived mainly on strong commercial aerospace market conditions and better than anticipated third quarter sales of commercial systems. In the government Government Systems, Rockwell Collins recorded sales of $568 million in the past quarter, an increase of $69 million, or 14%. Defense electronics systems sales generated $375 million. Defense communications sales increased $29 million (18%), to $193 million with accelerated work on JTRS radios and other networked communication.

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April 24, 2007: Rockwell Collins, Inc. (NYSE:COL) reported Earnings Per Share (EPS) of 82 cents for the second quarter of 2007, 17 cents above EPS of Q2/06 - a 26% improvement. This growth exceeded the growth rate in net income due to the favorable effect of the company’s share repurchase program. The company raised its expectation for sales in FY 2007 to about $4.3 billion (previously in the range of $4.25 billion to $4.3 billion) expecting EPS in the range of $3.30 to $3.40.

Second quarter fiscal year 2007 sales increased $126 million, or 13%, to $1.083 billion compared to sales of $957 million a year ago. The acquisition of Evans & Sutherland simulator visualization systems business in May 2006 contributed $17 million to the sales in this period.
“These results reinforce the benefits of our balanced exposure to both commercial and government markets, coupled with an efficient and integrated business model,” said Rockwell Collins Chairman, President and Chief Executive Officer Clay Jones. “We expect market conditions for both our businesses to remain robust. Second quarter Commercial Systems performance outpaced our expectations, and Government Systems generated earnings during the first half of the year at the high end of our projections. Accordingly, we raised our full year guidance for Commercial Systems sales, Commercial and Government Systems operating margins, and earnings per share.” Jones said.

Rockwell Collins' Commercial Systems, providing avionics systems to air transport, business and regional aircraft sold $542 million, an increase of $98 million, or 22% over Q2/06. Earnings from commercial operations increased $36 million, or 42%, to $122 million, delivering an operating margin of 22.5%.

Sales of the Government Systems totaled $541 million, demonstrating an increase of 5% over Q2/06. The division provides military avionics, communications, navigation and precision guidance for military platforms. Q2 operating earnings for the Government Systems’ totaled $107 million, resulting in an operating margin of 19.8% - representing an increase of 19.5%, over Q2/06. The company expects this margin to be increased to 20% for the whole year.

Defense electronics systems sales increased $7 million, or 2%, to $365 million principally due to higher sales from rotary wing aircraft electronics systems programs and incremental revenues of acquired businesses, which were almost entirely offset by lower sales from certain European programs that are essentially complete. Defense communications sales increased $21 million, or 14%, to $176 million primarily due to higher revenues from Joint Tactical Radio System (JTRS) and other networked communication development programs.

 


 

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