Rockwell Collins 1Q profit falls, beats Wall St.
CEDAR RAPIDS, Iowa—Aviation and government communications provider Rockwell Collins Inc. said Thursday that its fiscal first-quarter net income fell 14 percent compared to a year-ago quarter that was boosted by a tax gain.
The results still beat Wall Street's expectations and the company kept its earnings forecast for the year.
Rockwell Collins, based in Cedar Rapids, Iowa, earned $130 million, or 86 cents per share, compared with $151 million, or 96 cents per share, a year ago. Last year's results included a gain of $21 million, or 13 cents per share, related to a federal tax credit.
Revenue slipped 1 percent to $1.09 billion from $1.1 billion in the last fiscal first quarter. Rockwell Collins said its government systems revenue fell 10 percent, but was nearly offset in the quarter by growth in its commercial systems segment.
Analysts polled by FactSet expected net income of 84 cents per share on $1.08 billion in sales.
For its fiscal year, which ends in September, Rockwell Collins still expects total sales around $5 billion and earnings of $4.40 to $4.60 per share. Analysts, on average, expect $4.46 per share.