Business

July 24, 2012

Rockwell Collins third quarter profit rises 5.1 percent

Rockwell Collins’ third-quarter net income rose 5 percent, but fell just short of Wall Street expectations after one of its big customers sought bankruptcy protection.

For the quarter ended June 30, the aviation and communications company earned $166 million, or $1.14 per share, up from $158 million, or $1.01 per share, in the same quarter last year.

The recent quarter’s results are based on about 145 million outstanding shares, while those of the year-ago period are based on about 155.9 million.

Sales edged up about a percent to $1.21 billion from $1.19 billion, as government systems sales rose 2 percent to $679 million and commercial systems sales edged up 1 percent to $526 million.

Analysts, on average, expected a profit of $1.15 per share on $1.23 billion in revenue, according to a FactSet poll.

Rockwell, based in Cedar Rapids, Iowa, said that a lower income tax rate boosted its results by 5 cents per share, while the effects of the recent bankruptcy protection filing at Hawker Beechcraft, a key customer, reduced its profit by 6 cents per share.

The company warned that the slowdown in the global economy’s recovery and Hawker Beechcraft’s situation continue to affect its expectations for business aviation growth.

As a result, the company lowered the high end of its previous 2012 profit prediction by 10 cents, resulting in a new range of $4.40 to $4.50 per share. The company also cut its full-year sales prediction to about $4.8 billion from about $4.85 billion.

Analysts polled by FactSet expect a profit of $4.41 per share on $4.84 billion in sales. AP




All of this week's top headlines to your email every Friday.


 
 

 
Raytheon photograph

Raytheon completes key Air, Missile Defense Radar reviews

Raytheon photograph Partially-populated, full-sized Air and Missile Defense Radar array. Raytheon has completed two critical program reviews for the new Air and Missile Defense Radar, the U.S. Navy’s next generation integ...
 
 
Insitu photograph

Insitu demonstrates long endurance capabilities of Integrator unmanned aircraft

Insitu photograph Insitu’s Integrator unmanned aircraft recovers via SkyHook; the aircraft recently completed a 24-hour endurance flight. Insitu announced July 22 the successful 24-hour flight of its Integrator unmanned a...
 
 

U.S. Navy selects Northrop Grumman for ship self-defense system

The U.S. Navy has awarded Northrop Grumman a $12 million task order for a full range of engineering services to continue modernizing the Ship Self-Defense System Mark 2. The contract has a potential value of $61 million over five years, if all options are exercised. SSDS MK2 is a combat system designed for anti-air defense...
 

 
Lockheed Martin photograph

Lockheed Martin selected for U.S. Air Force’s satellite hosted payload initiative

Lockheed Martin photograph Lockheed Martin has a long history of developing and integrating hosted payloads onto spacecraft. Since 2000, the company has delivered 84 payloads on 16 different types of satellites from multiple ma...
 
 
boeing-france

Boeing delivers upgraded French AWACS aircraft

Boeing on July 17 delivered on schedule the first of four upgraded French Airborne Warning and Control System aircraft. The upgraded aircraft will increase the fleet’s surveillance, communications and battle management ca...
 
 

Lockheed Martin demonstrates JAGM dual-mode guidance section in second flight test

Lockheed Martin recently demonstrated its Joint Air-to-Ground Missile dual-mode guidance section during a second internally funded flight test at Eglin Air Force Base, Fla. During the test, the rail-mounted JAGM flew 6.2 kilometers and initially acquired the target using its precision strike, semi-active laser. The dual-mode guidance section then engaged its millimeter wave radar, and...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>