Communication and aviation electronic solutions provider, Rockwell Collins Inc. (COL) Thursday, reported that its first-quarter net income decreased from the previous year quarter.
Rockwell recorded net income of $121.0 million or $0.76 per share, compared to $151.0 million or $0.95 per share in the previous year quarter.
On average, 15 analysts polled by Thomson Reuters expected the company to report a profit of $0.73 per share for the quarter. Analysts' estimates typically exclude special items.
The company recorded total sales of $1.03 billion, down 3% from $1.06 billion last year. Analysts expected revenues of $1.03 billion for the quarter.
The company stated that incremental sales from the acquisitions of DataPath, Inc. and SEOS Group Ltd. contributed $69 million of revenue growth, and noted that the organic revenue decline of $100 million was due to continued weakness in business jet OEM revenues, lower commercial aerospace aftermarket revenues and a decline in sales within Government Systems.
Government Systems segment achieved first quarter sales of $616 million, an increase of 7% from $574 million for the same period last year. Incremental sales from the acquisitions of DataPath and SEOS Group contributed a total of $65 million.
Airborne solutions sales increased 2% to $410 million. Incremental sales from the acquisition of SEOS Group contributed $5 million to Airborne solutions revenue growth.
Surface solutions sales increased 20% to $206 million. Incremental sales from the acquisition of DataPath contributed $60 million to Surface solutions' revenue growth.
Commercial Systems recorded first quarter sales of $411 million, a decrease of 15% from $484 million for the same period last year.
Sales related to aircraft OEMs decreased 18% to $201 million, and Aftermarket sales decreased 12% to $192 million. Wide-body in-flight entertainment products and systems sales decreased 14% to $18 million.
Looking ahead, the company said it expects fiscal 2010 total sales to be in the range of $4.6 billion to $4.8 billion. Earnings per share is expected to be in the range of $3.35 to $3.55.
Analysts currently expect the company to post earnings of $3.46 per share on revenues of $4.65 billion for the full year.
Total segment operating margins were 19.7% for the first quarter of 2010 compared to 22.4% for the first quarter of 2009.
COL is traded at $52.99 down $0.65 or 1.21% on the NYSE.
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