Communications and aviation electronics maker Rockwell Collins Inc.'s (COL) third-quarter 2013 net income declined to $164 million, from $166 million, while quarterly earnings per share rose 5% to $1.20, from last year's $1.14, which was helped by improved operating performance and the benefit of share buybacks. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $1.16 for the quarter. Analysts' estimates typically exclude one-time items.
For the third quarter of 2013, the company reported a 3% drop in total sales, to $1.17 billion, from $1.21 billion a year ago, with Commercial Systems sales increasing 7%, while Government Systems revenue was down 11%. Analysts estimated revenues of $1.17 billion for the quarter.
For fiscal 2013, the company now sees earnings per share between $4.55 and $4.60, versus its prior $4.45 - $4.65 range. Rockwell Collins has also updated its total sales forecast to about $4.65 billion, from its earlier range of $4.6 billion - $4.7 billion. Analysts project earnings of $4.58 per share, and revenues of $4.62 billion for the year.
by RTT Staff Writer
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